Having access to quick, affordable cash when it’s needed most is crucial for many American consumers. Recent studies show that the majority of adults in the United States would experience financial hardship if an unexpected bill arrived costing more than $400.
Part of the concern over large, unanticipated expenses is the fact that most consumers do not have enough set aside in savings to cover the financial need. Instead, they turn to debt to ensure the bill is covered and repay that amount over the course of several months or several years.
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Credit cards are one option for some consumers, while personal loans provide a solution for others.
Personal loans are often the go-to for individuals who have relatively strong credit history and scores, a stable income, and the ability to repay the loan balance plus interest each month over time. As an alternative to double-digit interest rates on credit cards, personal loans often provide a method to finance a major purchase or expense with a lower cost and a set repayment schedule.
Personal loans in South Carolina are offered by a variety of lenders, from online providers to traditional banks and credit unions. Residents have countless options for securing a personal loan that can help them through a financial emergency or other large need. Here are some of the lenders offering personal loans in South Carolina, along with some resources for ensuring they choose a legitimate lender.
Online Personal Loans for Residents of South Carolina
Compare Fixed Rate Personal Loans
Loans from $5,000 to $100,000 – Rate Beat Program
- Fixed rate loans from 4.99% APR
- Funds available as soon as the same day
Borrow what you need – as little as $5,000 or as much as $100,000
- Rates starting at 5.74% APR
- No origination fees or pre-payment penalties
Loans up to $4,000 – No credit check required
- Get your cash as soon as the next business day
- Affordable payments and personal service
Companies That Offer Personal Loans in South Carolina
Up to $10,000
NetCredit is one of the nation’s leading online personal loan providers that offers a variety of loan options to borrowers with bad to excellent credit. Headquartered in Illinois, NetCredit has expanded its operations to also serve residents of South Carolina through its all-online platform.
The consumer lender focuses on providing loans to individuals based on more than their credit score, including attributes like employment history, income stability, and other assets on hand. NetCredit also provides a large resource library to borrowers so that they can take charge of their financial circumstances through education and understanding of personal loans and other financial tools.
Personal loans in South Carolina offered by NetCredit are available to borrowers up to $10,000. Loans come with a fixed interest rate and predictable monthly payments to help borrowers manage repayment over time easily. Repayment can be as short as six months or extend as long as 60 months, depending on the needs of the borrower.
Anyone interested in a personal loan from NetCredit can check their eligibility through the lender’s online platform and then personalize the offer once the application has been submitted. Loans are funded within a matter of days after approval, and repayment is made directly to NetCredit each month as an automatic debit from a bank account or via check. NetCredit does not charge application or origination fees for its personal loans in South Carolina.
$1,000 – $25,000
Secured & Unsecured
Online & In-Person
Founded in 2002, Mariner Finance is a licensed consumer lender offering personal loans in South Carolina. The personal loan provider has branch locations in Columbia, Florence, Myrtle Beach, Lugoff, Sumter, Rock Hill, Spartanburg, Charleston, Lancaster, and Beaufort, where individuals may apply for or make payments on a personal loan.
Mariner Finance personal loans have a fixed interest rate along with a set monthly payment for several months up to several years. Borrowers have the option to utilize an unsecured personal loan, a secured personal loan, or have a cosigner secure financing for their specific needs.
Mariner Finance personal loans may be used for home improvements, weddings or vacations, debt consolidation, or an unexpected financial emergency. Each personal loan offered by Mariner Finance must be applied for in a branch location, and applicants must have valid photo identification, proof of residence and income, and a recent tax return if self-employed.
Loan proceeds may be available the same day as an application is submitted, in amounts ranging from $1,000 up to $25,000. Payment for a personal loan through Mariner Finance is done either in person at a branch location or via automatic payments from an active bank account. There are no prepayment penalties for a personal loan from Mariner Finance.
$100 – $3,000
As a small-dollar personal loan provider, Sunset Finance helps many consumers in the state of South Carolina fund their needs through fixed personal loan options. The consumer loan lender is licensed in the state to provide secured personal loans, even for borrowers with less than perfect credit. Sunset Finance operates 45 branch locations throughout South Carolina and Georgia, and it has been in operation since 2001.
Personal loans in South Carolina offered by Sunset Finance are available to borrowers on a secured basis, with loan amounts ranging from $100 to $3,000. Each personal loan comes with a fixed interest rate and a set monthly payment for the life of the loan. The consumer lender allows personal loans to be used for a variety of financial needs, including starter loans, vacation expenses, medical or dental emergencies, vehicle repair, back to school costs, home repair, and other unexpected expenses.
Because personal loans are secured, Sunset Finance can offer financing solutions to borrowers with bad credit at a relatively low cost. Applications must be submitted in a branch location, and payment is made in person.
1st Franklin Financial Corporation
$300 – $15,000
Another consumer lending option for South Carolina residents is 1st Franklin Financial Corporation. The company was founded in 1941, and currently, it serves the financial needs of those living in South Carolina and surrounding states.
The lender offers installment loans in South Carolina to qualified borrowers with fixed interest rates and a set monthly payment schedule to help with a variety of financing needs. 1st Franklin Financial operates several branch locations in South Carolina, including offices in Manning, Camden, Columbia, and Winnsboro.
Personal installment loans offered by 1st Franklin Financial Corporation are unsecured and approval is based on an individual’s credit history, score, income, and ability to repay each month. The lender makes loans for as little as $300, and repayment terms can span several months to help suit the borrower’s budgeting needs.
Loans may be used for debt consolidation, lifestyle needs like a wedding or vacation, unexpected expenses, and home improvement. 1st Franklin Financial allows applicants to start the process of applying for a personal loan online, but all finalized loans must be completed in a branch location.
Verifying the Legitimacy of a Consumer Lender in South Carolina
South Carolina has made it simple to know when a consumer lender is operating a legitimate business. Each lender offering personal loans in the state must be licensed with the South Carolina Consumer Finance Division of the State Board of Financial Institutions.
Consumer lenders must submit an application to offer personal installment loans directly to consumers, whether those loans are provided on a secured or unsecured basis. The application for licensure includes a review of financial responsibility and capability of the lender, character and fitness of the applicant, and the advantage presented to the community in which the consumer lender will be or is located.
Licensing information can be found on a consumer lender’s website, typically at the bottom of any page offering information about personal installment loans. Consumers may also ask a lender for their license information if a website is not provided. Any consumer lender that does not offer a South Carolina lender’s license number to a borrower may not be operating properly.
What to Do If You Have Concerns With a Lender in South Carolina
While personal loans in South Carolina can be beneficial to consumers during a time of financial crisis, there are instances when borrowing and paying back the loan creates unfortunate circumstances or experiences. Any borrower who has felt misled by a consumer lender offering a personal loan is protected under federal regulations. He or she may file a complaint with several organizations to help get a resolution to the problem.
Here are a few resources that allow consumer complaints against legitimate or illegitimate consumer loan lenders.
South Carolina Department of Consumer Affairs
The Department of Consumer Affairs in South Carolina, also known as DCA, is the state’s consumer protection organization. It is tasked with ensuring businesses throughout the state act both ethically and fairly to consumers through regulatory actions.
The agency also provides a wealth of information to help educate consumers in South Carolina about honest business practices, including those involving consumer lenders and financial institutions. Consumers can file a complaint against a consumer lender by visiting the Department of Consumer Affairs’ website.
Office of the Commissioner of Banking
Consumers who interact with conventional banking institutions to receive a personal installment loan may reach out to the Office of the Commissioner of Banking to file a complaint. The Office is meant to regulate financial institutions and ensure each is operating in a fair manner for consumers.
This simple online form located on the Office of the Commissioner of Banking’s website can be used to file a complaint after the consumer has tried to remedy the situation with the financial institution directly.
Better Business Bureau South Carolina
The Better Business Bureau is one of the leading rating organizations for businesses throughout the United States. South Carolina residents can both search for and read reviews of consumer lenders operating in the state – and file a complaint if needed. The Better Business Bureau allows complaints to be filed here.
Consumer Financial Protection Bureau
As a national regulator, the Consumer Financial Protection Bureau, or CFPB, also offers remedies for South Carolina residents. Anyone who has a complaint against a consumer lender regarding a personal loan can file directly with the CFPB, which will then work with the company and the consumer to reach a resolution.
Author: Jeff Gitlen
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