Getting a personal loan can be an excellent option when you need money. But if you don’t have perfect credit, you may have heard that getting anything other than a cash advance could be next to impossible. Fortunately, that’s not the case in Spartanburg. We’re going to take a look at the best personal loans Spartanburg, SC, has to offer and show you how to determine which of those personal loans are a good fit for you.

Spartanburg, SC: The Basics

Spartanburg is an American city located in South Carolina. It is the 11th largest city in the state, with a population of about 38,000. Spartanburg was founded in 1785. It was named for the Spartan Regiment, a local band of soldiers who were veterans of the American Revolution. The town grew into a major regional city in the late 19th century, earning the nickname “The Hub” for the railroad lines that intersected there. Along with the cities of Anderson and Greenville, Spartanburg is made up of the economic center of The Upstate, South Carolina’s northwestern corner. Major employers in the metro area include the healthcare, retail, and education industries.

If you’re looking for a way out of a financial hole in Spartanburg, you need to know the ins and outs of your lending options. And fortunately, your past with money doesn’t have to affect your future. Let’s look at what they are and how they fit into your life.

Personal Loans: Spartanburg, SC

Your lender gives you a personal loan in a lump sum. You repay the loan in fixed monthly payments or installments until your loan balance is zero. You can get a personal installment loan from providers like banks, credit unions, and private lenders.

Personal Loan Costs

With a personal loan, you will repay more than you borrow. The added costs come in various ways; every lender has different structures for their fees. However, there are some charges that you will find with almost every loan:


Interest is the basic cost of borrowing a loan. Personal loan interest is a percentage of the principal or the amount you borrow. Lenders express their interest in an annual percentage rate (APR) that will show you how much interest will be applied over a year. Interest can be a fixed rate that never changes, or you can have a variable interest rate that depends on the current state of the market. Most personal installment loans have fixed APRs, which means your monthly payments will stay the same.

Origination Fees

In addition to interest, some personal loans will also carry origination fees. These are fees to cover the administrative and clerical costs of your loan. You can commonly find origination fees in mortgage loans and other large loans; many big purchases involve specific registrations and legal costs. Origination fees are arbitrary; loan companies decide if and how they add them.

Pre-payment Fees

Let’s say you get a $400 loan from a lender with loan terms for two years. But, at the end of the first year, you find a better-paying job and make enough money to pay off the rest of the debt. With some lenders, you will have to deal with pre-payment fees—costs that attempt to recoup some of the lender’s expected income from the rest of your interest payments. This fee is a percentage of the loan’s remaining Balance in most cases. Like origination fees, pre-payment fees are charged or applied differently from lender to lender.

Reasons for a Personal Loan

Personal loans are tools that can cover one or multiple expenses. Their versatility makes them solutions for many problems. Here are some of the most popular ways people use personal loans:

Debt Consolidation Loan

A debt consolidation loan pays off multiple pieces of debt. Instead of paying multiple bills every month, a consolidation loan takes you down to a single monthly installment. Consolidation loans are ideal for tackling credit card debt.


Unexpected expenses like car repairs or injuries can throw your budget plans out of whack. A personal loan can get those “surprise bills”  handled so that you can get back to your “normal” ASAP. And with a monthly installment plan, your finances will recover, too.

Big Purchases

Sometimes in life, you just have to go big. With the proper financial planning and tools, of course. And when it’s time to take that island vacation or finally build the extra room on the house, a personal loan can finance your dreams.

Unsecured Personal Loans: Spartanburg, SC

A personal loan can be secured or unsecured. If a loan is secured, it requires collateral. Collateral is something a borrower gives to their lender to guarantee or “secure” their loan. If you don’t repay a secured loan, you won’t get your collateral back. And when you think about what your collateral would be (home, car, savings account), many secured loans might not be worth the risk.

Unsecured loans are a better option for people who can’t risk collateral. Instead of your property, it’s your financial reputation that determines your loan approval. Lenders that deal with unsecured loans look at your past and current activity to consider how likely you are to pay them back. The information potential lenders review lives on your credit report.

Why Your Credit Report Matters

A credit report is the story of your relationship with your debt. The creditors and lenders you’ve worked with send information about you to data collection companies called credit bureaus. Credit bureaus create credit reports that monitor behavior in the five following areas:

Payment History

Your payment history is an essential part of your credit report. It can tell lenders what kind of borrower you are and whether you will pay a loan. Many lenders ignore the rest of your credit report and focus on your payment history and other things that reflect current behavior. That’s why it is important always to pay your bills on time.

Credit Utilization

Your credit utilization is essentially your credit card debt. If you have a balance of $200 on a credit card with a $1,000 limit, your credit utilization is 20%. When you keep your utilization below 30%, your credit score stabilizes. This move will also keep most of your credit available for unexpected expenses and other purchases.

Credit History

Credit history, or credit age, is the “birthday” of your oldest active credit account. A long credit history shows your experience with debt. If you want to keep an impressive history of helping your credit score, pay down your credit cards, but don’t cancel them.

New Credit

If you have ever rented an apartment or bought a car, you have probably had a hard inquiry made into your credit report. These inquiries are lenders looking for more information about you and your finances. Every hard inquiry can hurt your credit score, so try not to apply for any other credit cards or financing while applying for your loan.

Credit Mix

Your credit mix reviews the types of credit accounts you have. For example, a good credit mix would be a car loan and a credit card. Managing different credit types can be beneficial, but only a little. The credit mix has the slightest effect on your credit score.

Your Credit Score

The major credit bureaus in America are Experian, TransUnion, and Equifax. Each bureau reviews your credit report information and calculates your credit score. A credit score is a rating of your overall ability to behave responsibly with debt. Your credit score is a three-digit number, ranging from 300 to 850:

Excellent: 800-850
Very good: 740-799
Good: 670-739
Fair: 580-669
Poor/Bad: 300-579

Can I Get a Bad Credit Personal Loan in Spartanburg, SC?

People with good to excellent credit scores have shown a high level of financial responsibility, so lenders are more likely to do business with these customers. A borrower with a low credit score will have different options that require some navigating. While some outstanding loans for bad credit are available, any bad credit loan you choose must allow you to make payments you can manage.

What About Payday Loans?

Payday loans are one of the oldest—and most expensive—cash advance options around. These high-risk financial products are supposed to be short-term loans that get repaid with your next paycheck. But payday loans have high-interest rates and fees that make them very difficult to get off your plate. When you can’t repay by the due date, the payday loan becomes a new loan with more interest and fees tacked on. When you’re already borrowing money on a short-term basis, finding more cash to pay fees is tough. It’s not uncommon for borrowers to take years to pay off payday loans.

Online payday loans have made access to these financial headaches even easier to get into. With promises of fast approval and no credit checks, a borrower with a low credit score can now get through an application in minutes. But, payday loans aren’t the only way to get fast cash. Private lenders offer personal loans that can reach people who may not have great lending resources in their hometown. And with the right lender, people like you in Spartanburg have a chance to get out of debt with ease.

CreditNinja Personal Loans: Spartanburg, SC’s Best Financial Solution

It can be challenging to overcome personal financial challenges. And when you have bad credit, you might think no one will give you a personal loan. Before jumping on the debt cycle of payday loans, consider the advantages of a personal installment loan with CreditNinja. Every one our loans give you:

Simple Application, Fast Results

Your search for a loan doesn’t have to take forever. After all, who has time to stand around in a payday loan store or the local branch, waiting for help? CreiditNinja offers an entirely online loan process that only requires a few bits of information and a few minutes. And when we approve loans, they go straight to our customer’s bank account.

No Pre-payment Penalties

You’re working on getting out of debt to get rid of excessive finance charges. So you shouldn’t be charged more of them for getting better with your money. That’s why CreditNinja doesn’t charge you pre-payment penalties on any of our personal installment loans.

Customer Service That Actually Serves Customers!

Our Customer Care Team can guide you every step of the way on your lending journey. Even with the smallest, most straightforward personal loans, you’re going to have some questions. So we’re here to make sure your questions about your loan process get answered.

CreditNinja has the personal loans Spartanburg SC needs to get faulty finances back on track. You don’t need a perfect credit score; just a little time to find out how our loans are designed with you in mind. Apply now, or contact us for more information.


  1. About Spartanburg | OneSpartanburg, Inc.
  2. Getting a Loan with Bad Credit: Where to Start |