Bad Credit Loans in South Carolina: A Full Guide

Do you need cash for medical care, overdue rent, tuition fees, unexpected business expenses, or any other financial emergency? Is your low credit score stopping you from getting approved?

There is always a credit option in South Carolina that we can find for you!

All it takes is to fill out an online form to get started!

What Is a Bad Credit Loan?

They're just like any other loan in South Carolina. But unlike traditional loans, they have little to no minimum credit score requirements to accept your application.

These loan products are specifically designed to cater to the needs of borrowers with bad credit history.

Most lending companies also speed up your loan process so you can receive your money QUICKLY!

There are a few bad credit loans, varying greatly from the loan amount you can take out, the loan terms, payment terms, and even the loan term duration.

You're sure to find one that suits your money needs!

How Do Bad Credit Loans Work?

All you need to do is fill out an online application form, and all the work will be done for you!

You'll find the kind of loans suitable for your needs and situation, and then you'll be connected to available online lenders.

What Are the Types of Online Bad Credit Loans, South Carolina?

Let's look at your bad credit loan options:

1. Personal Loans/Installment Loans

Personal loans for bad credit borrowers work the same way as traditional installment loans banks offer.

The only difference is that while most personal loans in South Carolina have a high minimum credit score requirement, this kind of personal loan does not.

Some of them even offer NO credit check installment loans.

You are given a lump sum. Then you are expected to be making on-time payments every month until your loan amount has been paid off.

Installment loans usually take up to a year or more to pay back.

It's a good option if you need to borrow a large amount of money and can only pay it back through a long-term installment loan.

2. Co-Signer Installment Loan

This is the easiest way to borrow money when you have bad credit scores.

If you know someone (with good credit history) who is willing to take out a personal loan and co-sign it with you, then you can take out this installment loan.

It also works just like your traditional installment loans.

But since a borrower with perfect credit is signing it with you, the installment loan approval process is FASTER and SMOOTHER.

You also get the benefits of regular installment loans, where you only pay in small, equal installments every month over a year or more.d

Most of all, the interest rate for co-signer installment loans won't be as high as bad credit installment loans, all thanks to the high credit score of your co-signer.

3. Payday Loans

If what you're looking for is just a small loan, payday loans might be the one for you. Payday loans in South Carolina are best used for small expenses in between paychecks.

Payday lenders will only lend you an amount that your next paycheck can cover, and they also expect you to settle your payday loan amounts by the time you get paid.

A payday loan can only loan you a small amount because your payday lender will not ask for collateral.

Check out the next loan option if you need to loan a larger amount and are willing to put up collateral.

4. Car Title Loans

Not to be confused with auto loans, car title loans are short-term loans where you hand over your car title to your auto title lenders in exchange for loan money.

Since it's a secured loan, you borrow money against your car's value. And because of this, you can loan a larger amount than what a payday loan can give you.

Car title loans are not installments loans. Like payday loans, you are expected to repay the loan on a set date (15, 30, 0r 60 days after) in one lump sum.

Lastly, car title loans and title loans charge a high-interest rate, and expensive lender's fees, on top of a variety of other fees. It's the most expensive form of a credit on this list.

5. Credit Card Cash Advance

If you have a credit card, a cash advance on it is another option. You go to an ATM and withdraw cash, just like how debit cards work.

But, you borrow against the credit limit instead of funds on your existing savings, and the advance is charged with a higher APR.

Most of the time, there are also additional transaction fees.

The good part about this kind of credit is that you get your cash the same business day!

6. Home Equity Line

Also known as a second mortgage, this allows you to borrow money against the value of your property.

Depending on your lender, the interest rate may be fixed or varied. And like installment loans, you get to make payments in fixed, small amounts regularly over a few years.

Who Are Bad Credit Loans For?

It's basically for any borrower who can not apply for a traditional loan from banks, credit unions, and any other financial institution just because they can not meet the minimum credit score requirements.

These loans exist for this reason. They are specifically created to help with the financial needs of borrowers with low credit report scores.

How to Apply for a Bad Credit Loan in South Carolina

We'll guide you all the way through!

Requirements:

First, you need to gather the documents that your direct lenders will ask for:

1) Income proof

Since you either have a bad or no credit score on your credit report, your direct lender will have to rely on your verifiable income to assess your ability to repay the loan.

Some of them will also have minimum income requirements.

Depending on your employment status, you may be asked to submit a recent pay slip or proof of your business income.

Alternative forms of income are also accepted, like proof of social security, retirement benefits, or any other document that will prove that you have a steady income stream.

2) Government-Issued ID

Your direct lenders must see a government-issued identification document to prove your identity.You can submit any government ID or even your birth certificate.

3) Proof of Residence in South Carolina

Only South Carolina residents can apply for these loans, so you must prove your residency when applying.

You will need to submit any of your utility bills, your mortgage agreement, or your lease contract for this requirement.

4) Bank Account

This is where you will receive your cash and sometimes pay off your debt.

It will depend on your lender whether they require savings or a checking account in North Charleston, South Carolina.

5) Other Additional Information

You might also need to submit your social security number and other important personal information.

This is for your direct lenders to be able to conduct a credit check on you.

Step 1: Apply Online

First, locate the loan application form and answer a few questions. Just fill them out completely and click submit.

Then just sit back and wait!

Once your loan application is received, your profile and application will be assessed and connected to potential lenders that fit your case.

Your potential direct lenders in South Carolina will review your profile and decide whether to offer you a bad credit loan.

Step 2: Receive an Offer From a Direct Lender

Once they decide to offer you a loan, you receive their offers.

Now, you can choose which lender in South Carolina to go forward with.

Step 3: Sign Your Loan Agreement in South Carolina

After you have chosen your lender, all that's left is to sign your contract with them. They will inform you when you can receive your money through your bank account.

Then you can use your much-needed cash for whatever financial need you have!

The Benefits of Bad Credit Loans in South Carolina

Let's look at why you should take out a bad credit loan:

Fast Credit Loan

From the application process taking only a few minutes to find you and multiple lenders, the entire process only takes a few business days.

We also offer you different credit options, from installment loans to short-term loans.

Secure

Don't worry; your personal loan information won't be leaked or shared with others. Your details will be kept safe and secure!

Build Your Credit Score

Did you know that if you make consistent, on-time payments on your installment loans, they will get reported to the credit bureaus, and your credit score will start to rise?

These kinds of loans in South Carolina don't just help you secure cash when you need it. It also gives you a chance to rebuild your credit score for the future!

Things to Keep in Mind When Applying for Bad Credit Loans in South Carolina

Here are a few tips for you:

Choose Your Lender Wisely

When you receive multiple offers for loans, look for these factors:

1. NO hidden fees
2. NO penalties for early payments
3. Low-interest rate
4. Good reviews from previous customers

Treat Your Debt Like a Savings Account

If you have extra cash before your due date arrives, you might want to set that aside and put it towards paying your debt in South Carolina.

Try to do this more often, making multiple early payments whenever you can.

This way, you get to lower your total debt amount and reduce the chances of not being able to pay off your debt when the due date comes. You also get to avoid the late fee.

And who knows, if you make enough early payments, you might even be able to pay it all off before it's due!

Frequently Asked Questions

More questions? We've got you!

Are Bad Credit Loans Legal and Safe in South Carolina?

Yes. All loan companies in South Carolina are legal and regulated by the state.

Can I Get a Loan With a 550 Credit Score?

Yes. Bad credit loans are created for this very reason. Lenders look at more than just your credit scores. They assess other factors, like your ability to pay back the loan.

What Kind of Loan Does Not Check Credit?

Almost all loan services do a credit check when reviewing your application, except maybe pawn shop loans.

Even if a loan service specifically caters to bad credit borrowers, they still look at your credit report. But don't worry, you can still get approved.

Most of the time, it's only to determine what interest rate they should charge you.

What Is the Easiest Loan to Get Approved For?

Co-signer installment loans are the easiest to get approved for if you have someone willing to take out an installment loan with you.

If you can't get approved for installment loans, try other short-term loans like payday, auto title, and pawnshop loans.

These are the easiest and fastest to get approved for. And you can usually get your money on the same business day you apply!

Conclusion

There are multiple credit options available for you in South Carolina. You're sure to find one that suits your needs!

Apply online today and start receiving offers from lenders!