South Carolina, the eighth state to ratify the United States constitution, is known for its bustling tourism and manufacturing industries. Myrtle Beach, a popular tourist destination, receives over 19 million visitors every year. But as fun as a day at the beach in South Carolina may be, there are still residents of this southern state that struggle financially on a daily basis. For these people, getting a safe and affordable loan may seem difficult, or even impossible. But luckily, there are solutions available to the residents of South Carolina.
South Carolina’s economic history includes several chapters. In the first part of the 20th century the state economy relied heavily on agriculture. Over time that has shifted to the manufacturing and service industries. The tourists that visit South Carolina hot spots every year help to fuel the growing service industry, and provide jobs for many. But despite these jobs, South Carolina still has a large percentage of citizens living below the poverty level.
Twenty-two percent of South Carolina families are currently living below the poverty line, with 42% of single-parent households also living in poverty. Even as South Carolina’s economy has grown, the poverty level has remained an issue.
For families struggling to make ends meet, and wondering how they’ll provide basic necessities for themselves and their children, personal loans may seem like a simple solution. But it’s important to do your research before taking out a loan. South Carolina has its fair share of predatory lenders waiting to take advantage of families in need.
If you live in South Carolina and you’re in need of a personal loan, there are safe and affordable solutions available to you.
Choosing the right personal loan may feel like a daunting task. After all, there are so many to choose from, all with their own specific terms, conditions, and costs. You may even be wondering what a personal loan is, and how it’s different from other types of loans and credit products.
A personal loan is any loan that’s taken out by an individual, to be used for personal purposes. They can be used for unexpected medical bills, repairs to your home or vehicle, or even children’s school costs. Many people use personal loans if they’re struggling to make it to their next payday.
Personal loans in South Carolina come in many forms, which is why it’s so important to do your homework before choosing the right one for you. Remember that all personal loans will likely have different terms and conditions. Make sure you know what they are, and most importantly, make sure you know the annual percentage rate. Check out all of the personal loan options below to see which one sounds like a good fit.
Payday Loans in South Carolina
A payday loan is a small-dollar, usually high-interest loan that lasts only a couple of weeks. A borrower takes out a payday loan with the understanding that they will owe the full amount plus interest by their next payday. Because of the short-term nature of the loan, they usually carry higher APRs.
If you’re struggling financially in South Carolina, there may be more affordable borrowing options available outside of payday loans. Since the length of the loan term is so short, many people end up needing to extend or “rollover” their loan into a new term. This is why it’s so important to make sure you’re able to pay it off before you sign for one.
Title Loans in South Carolina
Title loans are another example of a short-term loan product that many subprime borrowers use. This is similar to a payday loan when it comes to cost, but with a title loan you risk losing your vehicle if you can’t repay the loan.
In order to get a title loan the borrower must first offer up the title to their vehicle as collateral. The lender will then offer the borrower a loan amount that is a fraction of the value of the vehicle. Once the loan term is up and the borrower repays the loan and interest, they will get their title back. However, if they aren’t able to repay the loan, the lender is legally allowed to repossess the vehicle and sell it to recoup their losses.
Just like with payday loans, it’s crucial to do your research before opting for a title loan. Ask questions, find out the APR, and make sure you’re fully capable of repaying the loan.
Personal installment loans are another option if you’re looking for a loan in South Carolina. These are widely considered a safer and more affordable option than payday or title loans. This is due to the increased amount of time borrowers have to repay them, and their lower interest rates.
Getting a personal installment loan usually depends on several factors. While your credit score may not be the determining factor, it still plays a part in the approval process. It’s likely that the lender will also look at whether you’re employed or have regular income, your current debt, and your credit history.
Many people find personal installment loans to be more beneficial than payday or title loans because they usually carry lower APRs and longer repayment periods. A repayment term for a personal installment loan can be anywhere from a couple of months to a couple of years. This allows the borrower to spread their payments out over time, which can allow for lower and more manageable payments.
There could be many reasons why you need a personal loan. Maybe you’re in a temporary period of unemployment, or you need to fix your car to take your kids to school. No matter what the reason is, there are solutions that can provide relief.
South Carolina offers all of the loans listed above, whether you live in a coastal beach town, or a more rural area. Here are the top ten cities in South Carolina (based on population) where you’ll likely find the most variety in types of loans and lenders:
These cities will likely have a wide variety of options for your situation. But no matter which lender or type of loan you choose, it’s important to evaluate your situation beforehand. Check your credit score, create a budget by listing all your expenses and your income, and use an online loan calculator to see how much a loan might cost and whether it fits into that budget.
CreditNinja is here to help if you need a personal installment loan in South Carolina. Our priority is to help you get your finances back on track. We do that by offering lower rates and longer repayment terms than your average payday or title loan.
You’ll see the difference right away when you apply with CreditNinja. Our online application can be accessed twenty-four hours a day, seven days a week from the comfort of your home. Just log on to CreditNinja.com from your phone or computer and fill out our simple application. If approved, the funds will likely be deposited directly into your account by the next business day.¹
Skip the hassle of storefront lenders. Get the cash you need at ninja speed, at CreditNinja.com.