Personal Loans in South Carolina Briefly Defined
A personal loan can be unsecured or secured.
Unsecured personal loans don’t require collateral, while secured personal loans require borrowers to provide collateral before their loan can be accepted.
Can You Get Personal Loans With Bad Credit
Yes, you can still get approved for a personal loan with bad credit. Lenders who provide bad credit loans will focus more on your ability to repay.
However, borrowers may face stricter terms, especially with unsecured personal loans.
These include things like lower loan amounts, higher interest rates, and shorter loan terms. They might also ask for collateral.
How Third-Party Lenders Can Help You Get Personal Loans
We can help you find the right lender for your needs. Simply answer our inquiry form and let us handle the rest.
Your request will be forwarded to third-party lenders who will review your request.
After pre-approval, a lender will contact you directly with an offer, but you won’t be obligated to accept it if you don’t think it meets your needs.
Ask the lender to explain any terms you don’t understand before accepting their offer.
Personal Loan Laws in South Carolina
Personal loan laws in South Carolina fall under the South Carolina Consumer Protection Code.
Loans with amounts of up to $15,000 should have a maximum interest rate of 18% per year. There should also be a cooling-off period that lets borrowers cancel certain loans within three business days.
Lenders are required to provide clear and complete loan terms, including all associated fees and charges, before asking the borrower to sign the contract.
Conclusion
Personal loans can help you pay for big expenses without hampering your current cash flow. Prospective borrowers can repay the money through monthly payments over several months or years.
If you want to start looking for a lender, answer our inquiry form and let us help you find the right loan.
FAQs
Do you have more questions on personal loans? We’ve answered a few below.
There is no specific legal limit as to how many personal loans you can simultaneously have in South Carolina. However, there’s also no guarantee that borrowers can get several loans at the same time.
That’s because lenders will still assess the borrower’s debt-to-income ratio, credit history, and ability to repay before approving additional loans.
Personal loans can positively affect your credit by increasing your credit mix, proving you make timely payments, and lowering your credit utilization rate (if it’s used for debt consolidation.)
However, these loans can also hurt your credit if you don’t pay on time and incur too many hard inquiries from lenders and banks.
Generally, personal loans can be used for anything, such as:
Debt consolidation
Medical bills
Car repairs
Unexpected expenses
Home renovations
