Looking for an Unsecured Personal Loan in South Carolina?
Were you short on cash and concerned about paying your bills on time? No big deal; we all have been there at some point or other. How you handled it, though, maybe the concern. When you found yourself in a bind, where did you turn? If you turned to a payday lender, you probably quickly realized your mistake when you went to pay it off then discovered you don’t have enough money to make it to the next payday; so you had to take out another payday loan. You should’ve used our Loan Discovery Program to get you the money you needed without getting trapped in the cycle of debt payday lenders create.
Although you can’t go back in time to stop your past self from using that payday lender, you can learn the lesson the situation developed and not repeat the past. Instead of getting caught up in the constant borrowing, repaying, and reborrowing, you can receive an unsecured personal loan to get you out of this new situation you may currently find yourself in. This will allow you to repay the loan in the span of years, not two weeks. The interest rates on these loans will be much lower than the oftentimes 400 – 500% payday lenders charge! A much better option for your wallet!
Unsecured Loans for People with Bad or No Credit
Not only will you have more time to pay the money you borrow back, and do so without it costing you a lot of money, a personal loan has other benefits to it — benefits payday lenders are not willing to offer, and traditional loan providers cannot offer. For the full details, see our How it Works page, but some of the other ways Loans Now helps you with your money needs are as follows:
- Gives you a fast process; 60 seconds to complete our discovery questionnaire, 5 minutes on average to receive your options
- Gets you the money you need fast; in as little as 24 hours.
- Using our service is completely free!
- Provide you with amounts between $500 and $70,000; enough to get you out of your time of struggle
- Protects your credit score by not running an initial credit check
- Works with credit scores as low as 450
That’s right! Even people with bad credit can benefit from our services. We work with a network of lenders to find you an unsecured personal loan that fits your situation. Check your credit score to confirm we are able to help you, then take just 1 minute to fill out the loan discovery survey mentioned above. This will get the process started so we can find the best option for you, and to save you from getting involved with another payday lender.
South Carolinians Suffer Financially
South Carolina, as a state, struggles with several issues. Firstly, the quality of education in the state is one of the worst in the nation. It has very low reading and math scores, meaning children in primary schools are not being set up for success in life. South Carolina suffers from low high school graduation rates as well as a low quality of higher education. Without an education, the younger generation of South Carolinians is going to find it hard to obtain jobs that will allow them to support their responsibilities and their future families.
South Carolina also suffers from a lower-than-the-national-average household income; nearly a $10,000 difference between the two. The poverty rate is also higher than the national average, sitting at 15.5% as opposed to 14% for the country as a whole. This disparity has led many people to rely on payday lenders to make up for their financial shortfalls. In 2017, South Carolinians paid over $245 million in fees to title loans and payday lenders. If any of these issues describes you, and you live in the State of South Carolina, don’t turn to a payday lender; you will just get caught in a cycle of debt meant to take advantage of your situation. Instead, an unsecured personal loan from Loans Now can help you get through your current situation.
South Carolina Laws and Regulations for Bad Credit Personal Loans
South Carolina has set in its Code of Laws that the legal rate of interest allowed on a bad credit personal loan is 8.75% (34-31-20). This seems to be in the case of loans without terms of the loan presented in a contract. It is stated in the South Carolina Consumer Protection Code (§ 37-3-201) that any consumer loan of any amount is allowed to have a finance charge of up to a maximum rate of 18% interest on the principal amounts per year. This would mean that, for loans with the terms in writing, a lender could not charge anything more than this 18%.
Surprisingly, South Carolina repealed it usury penalty laws in 1982. § 34-31-50 once established the penalty for usurious lending as follows: 1) the lender would forfeit all interest for the remainder of the loan’s life; 2) the lender would be required to pay all legal costs involved with bringing the issue to court; and 3) the lender must refund an amount double the amount of interest already received. However, there is some protection from usury wherein a licensed lender loaning less than $7,500 shall have the loan voided if they are found to be conducting illegal practices (§ 34-29-20 (d)). The lender will also be fined an amount between $100 and $1,000, and/or imprisonment for up to 6 months (§ 34-29-20 (e)).
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
South Carolina Personal Loan for Bad Credit Lending Regulator
The Board of Financial Institutions is responsible for overseeing all aspects of the banking and lending industries within South Carolina. There are two divisions of the board that focus on different types of organizations in the industry. The Banking Division is responsible for regulating state-chartered banks and credit unions. The Consumer Finance Division monitors those non-depository businesses operating in the money-lending sector.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K