Fair to Bad Credit Loans in SC
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Home > How To Apply > South Carolina
Last updated January 9th 2022
Commentary is for informational purposes only. See legal disclaimers here.Money Trouble in South Carolina?
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South Carolina Usury and Regulations
Summary of South Carolina Usury Law(s) /
Quote: "Legal: 6% or 8.75% -
South Carolina legal rate is 8.75% when term "legal rate"
is used in contract, judgment or document / Contract: Any rate or
as per the Consumer Protection Code /
Judgment: 7.25% / Corporate: Rate not specific"
(WeFindLenders.com endeavors
to include the most up to date legal data for South Carolina, but
no guarantee or warranty of any kind is expressed or implied as to
the accuracy of said data. This data is not intended to be legal advice.
For legal help speak with a lawyer in South Carolina, and/or contact
the South Carolina State government's division of banking and finance
- legal
statutes researched by FindLaw.com & American Lawyers Quarterly
- see
credits)
South Carolina Usury Law Information: As per South Carolina Legal Code 34-31-20
Legal Maximum Interest Rates: Quote: "8.75% (§34-31-20)"
Usury Penalties:
Quote: "Usury penalty laws repealed June 25, 1982,
but old law may apply to transactions before then (formerly §34-31-50)"
Judgment Interest Rates: Quote: "12%
(§34-31-20)"
Legal Exceptions: See South
Carolina Consumer Protection Code (§37-1-101 et seq.)
South Carolina Lenders By City
Charleston SC / Columbia SC / North Charleston SC / Mount Pleasant SC / Rock Hill SC / Greenville SC / Myrtle Beach SC
Complaints to:
South
Carolina Board of Financial Institutions
/ South
Carolina Complaint Process / South
Carolina Complaint Portal
Physical Address: PO Box 5757, 2221 Devine Street, Suite 200, Columbia SC 29250-5757 / Phone: 800.922.1594 Fax: 803.734.4286 / Mail Complaint to: SCDCA Attn: Consumer Services / PO Box 5757 Columbia, SC 29250-5757
South Carolina Lender Service Areas Map
Click
or tap map image above for interactive version.
Lenders contact
us for listing removal or amendment.
Latitude 32 Credit Union
1845 Sam Rittenberg Blvd
Charleston, SC 29407
www.latitude32.org
843.556.4809
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
South Carolina FCU
140 Bee St, Charleston
SC 29401 - 843.797.8300
www.scfederal.org
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
C O Federal Credit Union
117 Spring St #C, Charleston
SC 29403 - 843.722.7656
cofederalcreditunion.com
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Heritage Trust FFCU
2030 Sam Rittenberg Blvd
Charleston, SC 29407
www.heritagetrust.org
843.832.2600
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Founders Federal Credit Union
2166 Boyce Street, Columbia
SC 29207 - www.foundersfcu.com
800.845.1614
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Palmetto Health Credit Union
1333 Taylor St #5b, Columbia
SC 29201 - 803.978.2101
palmettohealthcu.org
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
AllSouth Federal Credit Union
7471 Garners Ferry Rd, Columbia
SC 29209 - www.allsouth.org
803.736.3110
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC State Credit Union
800 Huger St, Columbia
SC 29201 - www.scscu.com
803.343.0300
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Santee Cooper Credit Union
1232 Farrow Pkwy, Myrtle Beach
SC 29577 - 843.839.2225
santeecoopercreditunion.com
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Carolina Trust FCU
876 Howard Ave Myrtle Beach
SC 29577 - carolinatrust.org
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Bad Credit Loan Form for South Carolina
Bad Credit Loan Example In SC
Lara got behind on her payments to the IRS for her income taxes. They quickly placed a lien on her bank account and recovered the funds she owed them.
Unfortunately, this left her without enough money to pay her rent and some of her utilities. The net result was a report to the credit rating agencies which lowered her credit score into the bad credit area.
She needs a bad credit loan of only $2500 to help her get back on track with her landlord and also the utility companies. She knows that she will likely have to pay a higher interest rate than someone with a good credit rating.
Nancy would like to have a term of two years to keep the monthly payments low enough for her to afford to meet the payments each month.
She also would like to make one or two extra payments during the two year term to reduce the total interest paid as well as pay the loan back more quickly.
Nancy works full time and has a good job providing her with sufficient income to afford this loan. She completed her income taxes and sent them in on time, but did not remit her income taxes that she owed.
After several reminders, the IRS had no choice but to go after the money from her account.
A $2500 loan with a two year term and 9.5% interest rate for Lara would cost her the following per month:
• Loan Amount (principal) = $2500
• Interest Rate = 9.5%
• Term Length =2 year
• Monthly Payment = $114.79
• Total Paid Back = $2754.87
• Total Interest = $254.87
Nancy learned the hard way that you just cannot get away with not paying what you owe to the IRS. Unfortunately, this lack of action had consequences beyond what Nancy ever thought could be.
She never expected her credit rating to suffer and certainly not make it difficult to find someone to process and approve a loan for her.
Bottom line for anyone reading this post is, “Always pay all of your debts, including your income taxes on time”. If you do not there is a really good chance that your credit score is going to decline and you will have trouble borrowing money in the future.
That is the simple truth.
It will be difficult to borrow money and if you are approved for a loan, expect to pay higher interest rates compared to other consumers with good scores. Low credit score consumers are perceived as being a higher risk client and are charged accordingly.
Never miss a payment.
Nancy is slowly recovering from her mishap and has been able to catch up on all her overdue bills. It will be a few years before her credit score recovers, but she is ok with that.
She plans to repay this loan in a shorter time span that the contracted two year term and then begin setting aside funds for emergencies. Above all she is going to pay her income taxes in advance and never have to deal with late payments again to the IRS or anyone.
If you live in the State of South Carolina and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.
Sincerely,
Chris Somerset
Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.
Debt Consolidation Loans in SC
Last 5 debt service loans approved in the State of South Carolina. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.
Debt Consolidation Providers In SC
Click
or tap map image above for interactive version. A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Debt Hero Charleston - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Heritage Trust FCU - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - South Carolina FCU - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Pee Dee Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Palmetto First Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Nucor Employees Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - South Carolina residents with good or
fairly good credit can consider the list of lenders above. Bad credit
applicants can use the WFL lender pool by using the application form. Before you consider consolidating, take
a full inventory of your incomimg funds and outgoing funds. Then track
your spending for a month closely so you can find out exactly what your
outgoing is. Only then will you have a clear path to getting your personal
finances in order. John would like to borrow $1800 to help
pay for a transmission repair and to consolidate a $500 balance on his
credit card. John has a $500 limit on his credit card balance and it is
fully charged to the maximum. Unless he pays the balance in a few days,
he will be charged interest on the overdue balance. He plans to pay the
minimum monthly charge at the moment to avoid any late payment issues,
but this will trigger interest charges. He does not have a great credit score
and is trying to rebuild it, but so far he is not having a great deal
of success. He has an estimate for both solutions
and he is really hoping that rebuilding the transmission is going to work.
He has been told to stop driving the truck
if he wants to avoid further damage which could mean a brand new transmission
instead of rebuilding it. The repair shop is ready to get started
on the repairs now, they are just waiting for him to give the go ahead
and provide a 25% deposit on the repairs. They want to make sure they are going
to get paid. Even though he does not have a great credit
rating, his only debt is the credit card. The truck is paid for and he
rents a small apartment at the present time and does not have very much
in terms of expenses. He needs to pay his loan each month on
time until the loan is fully paid off. If he can meet these terms it will
demonstrate that he can be counted on to pay his debts and his credit
score should also improve. You just do not know until it is removed
and examined. Hopefully there will be no surprises and this debt consolidation
loan will be sufficient to cover the repairs and his credit card debt.
If you live in the State of South Carolina
and you're trying to get approved for a debt consolidation loan, we hope
our website helps you find a good lender regardless of your credit rating. Andy Somerset Andy
Somerset is the son of Lance Somerset who founded the We
Find Lenders Pool. He writes for WeFindLenders.com whenever he's not
working hard on his degree in finance. Click
or tap map image above for interactive version. - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Consumer Credit Counseling Services - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Credit Lady 777 LLC - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Consumer Credit Services - - - - - - - - - - - - - - - -
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Lenders contact
us for listing removal or amendment.
Easley SC 29640 - 864.855.1558
Anderson, SC 29621 - 864.224.5242
North Charleston, SC 29406
843.572.5924
Debt Consolidation Counseling
1156 Bowman Rd
Mt Pleasant, SC 29464
844.861.7292
Simpsonville, SC 29681
864.963.9602
814 N Jefferies Blvd
Walterboro, SC 29488
www.heritagetrust.org
843.832.2600
1000 N Main St, Summerville
SC 29483 - 843.797.8300
scfederal.org
305 W Pine St, Florence
SC 29501 - www.pdfcu.org
843.669.0461
108 Pamplico Hwy, Florence
SC 29505 - 843.664.0935
www.palmettofirst.com
1202 N Cashua Dr, Florence
SC 29501 - nucorcu.org
843.665.4668 South Carolina
Debt Consolidation Form
About Consolidation Loans
In SC
Consolidation
Example in South Carolina
He could probably deal with the credit card issue by itself, however the
transmission on his truck is on its last legs. It needs to be rebuilt
or replaced.
John does not have the money for the cost of rebuilding the transmission.
He wants the loan to help him pay for it and also pay the credit card
balance.
A $1800 loan with a 2 year term 9.75% interest rate for John would cost
him the following per month:
• Loan Amount (principal) = $1800
• Interest Rate = 9.75%
• Term Length = `2 year
• Monthly Payment = $82.85
• Total Paid Back = $1988.48
• Total Interest = $188.48
John needs his truck to get back and forth to work. He is either depending
on friends or riding his bicycle back and forth. He likes the exercise,
but not in bad weather.
With this small loan he can also improve his credit rating as well provided
that he pays off the credit card and also meets the terms of the loan.
He makes sufficient income to cover this loan. Although he does not make
that much, he can handle a small loan of this size. John is really counting
on his transmission being repaired for the estimate he has been given.
Sincerely,
Debt
Counseling Services In SC
Counselors contact
us for listing removal or amendment.
69 Robert Smalls Pkwy #202 Beaufort
SC 29906 - www.cccssavannah.org
678.961.0085
521 Meeting St, West Columbia
SC 29169 - creditlady777.com
803.764.5035
810 Broad St # 2, Sumter
SC 29150 - 803.883.4694
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