A payday loan can be a good option when you are seeking to solve short-term financial difficulties. In South Carolina, you can easily get a suitable loan from the various lenders in the state. Besides having an easy application process with no credit check, most lenders are flexible in their requirements and you are free to use the money as you wish. However, it is your responsibility to ensure the funds are well utilized.
Trusted Bad Credit Installment Loans in SC
An bad credit installment loan is what comes to mind when most residents are in a financial hardship. Although they are viewed as normal short-term loans, they have the advantage of flexibility. In contrast with most traditional cash advances, you are given a higher amount with a friendly repayment plan. In South Carolina, as long as you have a stable income it’s easy to have some quick funds.
How it works
Lenders in the short-term loans industry are known to process applications and loan proceeds faster than traditional lenders. Residents of SC can choose from either online personal loan lenders and physical stores lenders licensed to operate in the state.
With the high number of lenders available, you may feel overwhelmed by the process of deciding who to work with. At Nation 21, our chief objective is to ensure that our clients get the best loan at their hour of need. Because we understand the urgency and importance of short-term loans, we do our best to get you the loan that suits you.
Lending laws in South Carolina
Lenders can legally offer short-term loans in South Carolina. However, the law requires all bad credit lenders to get a license for each location they are operating in. these licenses are renewed annually.
The maximum amount you can borrow through a payday loan is limited to $550 excluding the applicable fees. The loan term cannot exceed 31 days and there are no rollovers or renewals allowed. Lenders are restricted from charging fees that are more than 15% of the total principal amount. In effect, residents are supposed to pay $15 on a $100 loan with a 14-day term which translates to an APR of 390%.
In addition, the law prohibits residents from having more than one outstanding debt at any given time. Therefore, you can’t use another loan to pay a previous outstanding loan.
If you take eight loans in the same year, the law requires a two-day cooling off period before applying for another loan. And since rollovers are illegal, residents are entitled to a payment plan with four equal installments. However, the plan is available once per year.
The average credit score
The average credit score in South Carolina is 655.
Population and demographics
Recent statistical estimates by the United States Census Bureau show that the current population is around 4.9 million. In South Carolina, White-Americans are the majority residents comprising at least 68.4% of the population. African-Americans closely follow with 27.6% of the total population while Asians and Natives comprise the remaining proportion.
The economic indicators in South Carolina
The gross state product is estimated to be $153 billion with a per capita gross product of $28,894. The major economic drivers for the economy are agriculture, manufacturing, and tourism. However, the state’s economy relies heavily on the service industry and it contributes almost 84% of the total economy.
The unemployment rate in the state is estimated to be 8.9% and it is a right-to-work state. Several large corporations have successfully moved their facilities to this state due to the appealing labor force. With low wages and low maintenance costs, these corporations enjoy an affordable option with temporary employees.
The state is also a beneficiary of foreign direct investments and it has one Fortune 500 company.