SouthState Bank offers personal loans with a convenient fixed monthly payment, ensuring stability and ease in budgeting. Whether it's for a major purchase, debt consolidation, or unforeseen expenses, their personal loans provide quick approval to meet your financial needs. Managing the loan is hassle-free, with options to handle it through Online or Mobile Banking. For added convenience, borrowers can set up automatic payments directly from their checking or savings accounts, making repayment seamless. With SouthState Bank's personal loans, you can achieve your financial goals with confidence and efficiency.

Features

• Online Application. Customers can conveniently apply for a personal loan through SouthState Bank's online platform. This streamlines the application process, making getting the funds they need easier and quicker.

• Mobile Banking. With mobile banking capabilities, borrowers can manage their personal loan directly from their smartphones or tablets. This allows them to monitor their loan status, make payments, and access account information on the go.

• Flexible Loan Amounts. SouthState Bank offers a minimum loan amount of $3,000, ensuring that borrowers can access the funds they need for various financial purposes. The maximum loan amount of $50,000 provides flexibility for larger expenses.

• Flexible Term Length. Borrowers have the option to choose a term length of up to 84months or even longer. This enables them to customize their repayment schedule based on their financial situation and comfort level.

• Attractive Rates. While specific rates are not entirely disclosed, SouthState Bank offers competitive rates for their personal loans. As an indication of their favorable rates, their auto loans are available for as low as 2.49% APR, which suggests that their personal loan rates may also be competitive.

SouthState Bank Personal Loan Options

1. Secured Personal Loans. Secured personal loans are backed by collateral, such as a savings account, certificate of deposit (CD), or other valuable assets. Banks can often access larger loan amounts and secure more favorable interest rates by providing collateral. If a borrower defaults on the loan, the bank can claim the collateral to recover the outstanding amount. Secured personal loans can be an excellent option for individuals who want to borrow larger sums of money and have valuable assets to offer as security.

2. Unsecured Personal Loans. Unsecured personal loans do not require any collateral. They are based solely on the borrower's creditworthiness and ability to repay the loan. While unsecured loans may have higher interest rates than secured ones, they offer the advantage of not putting any assets at risk. These loans are suitable for individuals who do not have valuable assets to pledge as collateral or those who prefer not to risk their assets.

Pros and Cons

How to Apply for a SouthState Bank Personal Loan?

1. Apply for the Loan Online or In-Person. You have two options to start the application process. The first option is to apply online, where you can complete the application in a few easy steps from the comfort of your home. Alternatively, you can visit a SouthState branch to begin the application process in person. The bank's representatives will guide you through the necessary steps and assist with any questions you may have.

2. Gather Required Documents. During the application process, you may need to provide certain documents to support your loan application. Typical documents may include identification, proof of income, bank statements, and other financial information. Having these documents ready to expedite the process is a good idea.

3. Await Loan Approval. Once you've submitted your application and the required documents, the bank will review your application and assess your creditworthiness. The approval process typically involves verifying your financial information and credit history to determine your eligibility for the loan.

4. Sign the Loan Documents. If your personal loan application is approved, you will need to sign the loan documents to finalize the agreement. This step is crucial as it outlines the terms and conditions of the loan, including the loan amount, interest rate, repayment schedule, and any other relevant terms. The loan documents can be signed at your nearest SouthState branch, where a representative will guide you through the process and address any remaining queries you may have.

5. Schedule the Signing. Once you've been notified of your loan approval, you can coordinate with SouthState Bank to arrange a convenient time for signing the loan documents. This ensures that you have enough time to review the details and clarify any concerns before signing the agreement.

Best places to borrow a loan with bad credit

Upgrade

Upgrade is a prominent online lender that offers personal loans to borrowers with bad credit. They provide loan amounts ranging from $1,000 to $50,000, making them suitable for various financial needs. The minimum credit score required by Upgrade is relatively low, typically around 580. This makes it accessible to individuals with a less-than-stellar credit history. One notable advantage of Upgrade is its flexible repayment terms, which can extend up to five years. This longer repayment period allows borrowers to manage their monthly payments more effectively. However, it's worth noting that Upgrade charges origination fees ranging from 2.9% to 8%. Additionally, while they do not have any prepayment penalties, borrowers should be aware of the interest rates, which can be relatively high for individuals with bad credit.

Upstart

Upstart is another online lender that specializes in providing loans to borrowers with bad credit. Their loan amounts range from $1,000 to $50,000, allowing borrowers to access the funds they need for various purposes. Upstart utilizes a unique underwriting model that takes into account factors beyond just credit scores, making it more inclusive for individuals with limited credit history or low credit scores. The minimum credit score required by Upstart is typically around 580. One of the significant advantages of Upstart is its soft credit check, which means that applying for a loan does not negatively impact your credit score. Repayment terms offered by Upstart range from three to five years, providing borrowers with flexibility. While they do charge origination fees of up to 8%, it's important to note that they don't impose any prepayment penalties. However, borrowers with bad credit should expect higher interest rates.

LendingPoint

LendingPoint is a bad credit lender that offers personal loans ranging from $2,000 to $36,500. They consider borrowers with credit scores as low as 585, making them accessible to individuals with bad credit. LendingPoint prides itself on providing fast funding, often disbursing funds within one business day. Their repayment terms typically range from two to four years, allowing borrowers to tailor their loan duration according to their needs. It's important to note that LendingPoint does charge origination fees that can be up to 6%. They also have a slightly higher interest rate compared to traditional lenders, which is to be expected when borrowing with bad credit. However, they do not impose any prepayment penalties, enabling borrowers to pay off their loans early if they desire.

Universal Credit

Universal Credit is an online lender that specializes in bad credit loans, offering loan amounts ranging from $500 to $15,000. Their minimum credit score requirement is relatively low, typically around 550, making them accessible to borrowers with poor credit. Universal Credit offers repayment terms ranging from six months to five years, allowing borrowers to choose a duration that aligns with their financial situation. While they charge origination fees, the amount may vary based on the borrower's creditworthiness. One notable advantage of Universal Credit is its willingness to consider applicants who have previously filed for bankruptcy. However, borrowers should be aware that the interest rates associated with bad credit loans from Universal Credit may be higher compared to traditional lenders.

OneMain Financial

OneMain Financial is a well-established lender that specializes in bad credit loans. They offer loan amounts ranging from $1,500 to $20,000, making them suitable for various financial needs. OneMain Financial requires a minimum credit score of 600, slightly higher than some of the other lenders in this category. However, they have a reputation for considering other factors beyond credit scores when evaluating loan applications. OneMain Financial provides repayment terms that range from two to five years, allowing borrowers to select a term that fits their budget. It's important to note that OneMain Financial charges origination fees, which can vary depending on your residence state. While they do not disclose their interest rates upfront, borrowers with bad credit should expect higher rates.

Avant

Avant is an online lender that specializes in offering personal loans to individuals with bad credit. They provide loan amounts ranging from $2,000 to $35,000, catering to various financial needs. Avant has a minimum credit score requirement of 580, making them accessible to borrowers with less-than-ideal credit histories. Repayment terms offered by Avant typically range from two to five years, giving borrowers flexibility in managing their monthly payments. While Avant charges origination fees up to 4.75%, they do not impose any prepayment penalties. It's important to note that Avant's interest rates can be relatively high for borrowers with bad credit. However, they provide a transparent prequalification process that allows borrowers to check their potential loan offers without affecting their credit scores.

Requirements

1. Age and Residency. You must be at least 18 years old and a U.S. citizen or a permanent resident to be eligible for a personal loan.

2. Creditworthiness. SouthState Bank will assess your creditworthiness to determine your eligibility for the loan. A good credit score is typically preferred to qualify for more favorable loan terms and lower interest rates. However, SouthState Bank may offer options for borrowers with varying credit histories.

3. Income Verification. You'll need to demonstrate a stable source of income to show that you can afford the loan payments. Be prepared to provide proof of income, such as recent pay stubs, tax returns, or other supporting documents.

4. Debt-to-Income (DTI) Ratio. Your DTI ratio will be evaluated, which compares your monthly debt payments to your monthly income. A lower DTI ratio indicates better financial stability and may increase your chances of approval.

5. Valid Identification. You'll need to provide a valid government-issued identification, such as a driver's license or passport, to verify your identity.

6. Collateral (for Secured Loans). If you're applying for a secured personal loan, you'll need to offer collateral, such as a savings account, certificate of deposit (CD), or other valuable assets, to secure the loan.

Ways to Receive the Money

If the borrower has an existing account with SouthState Bank, the borrowed amount can be directly deposited. This is a fast and convenient way to receive the funds, as they become available immediately.

In some cases, especially if the borrower doesn't have an account with SouthState Bank, the bank may issue a check for the borrowed amount. The borrower can deposit the check into their bank account or cash it at a SouthState Bank branch.

The bank may provide the borrowed amount in cash for smaller loan amounts or specific circumstances. This is typically done at a SouthState Bank branch; the borrower must visit the branch to receive the funds.

How to Pay Off a SouthState Bank Personal Loan?

1. Know Your Loan Details. Gather all the necessary information about your personal loan, including the loan amount, interest rate, and remaining balance. This information can usually be found in your loan agreement or by logging into your online banking account.

2. Create a Repayment Plan. Determine how you want to pay off the loan. You can choose to make regular monthly payments, pay more than the minimum amount, or even consider paying off the loan in a lump sum if you have the means to do so.

3. Set Up Automatic Payments. If you prefer to make regular monthly payments, consider setting up automatic payments from your SouthState Bank checking or savings account. This ensures that your payments are made on time and helps you avoid any late fees.

4. Make Extra Payments. Consider making extra payments towards your loan to pay it off faster if possible. Paying more than the minimum amount each month reduces the principal balance, saving you money on interest and shortening the loan term.

5. Check for Prepayment Penalties. Review your loan agreement to see if there are any prepayment penalties. Some loans may charge a fee for paying off the loan early. If there are no penalties or if they are minimal, paying off the loan early can be a financially smart decision.

6. Monitor Your Progress. Keep track of your loan payments and monitor your progress as you pay off the loan. This will help you stay motivated and focused on your debt-free goal.

Things to Consider

1. Loan Options. SouthState Bank offers both secured and unsecured personal loans. Consider which type of loan aligns with your needs and financial situation. Secured loans may offer lower interest rates but require collateral, while unsecured loans do not require collateral but may have slightly higher rates.

2. Interest Rates. While SouthState Bank offers competitive rates, it's essential to understand the specific interest rates applicable to the personal loan you're considering. Factors such as credit score, loan amount, and loan term can influence the interest rate offered to you.

3. Loan Amount and Term. Assess your financial needs and repayment capabilities. Determine the loan amount required and choose a suitable loan term based on your budget and financial goals. Longer terms may result in lower monthly payments but may lead to more interest paid over time.

4. Fees and Penalties. Check for any origination fees, application fees, or prepayment penalties associated with the personal loan. Understanding these costs upfront can help you make an informed decision and avoid unexpected expenses later.

5. Creditworthiness. Your creditworthiness plays a significant role in loan approval and interest rate determination. If your credit score is not ideal, consider improving it before applying for a personal loan to potentially secure better terms.

Alternatives

Credit Cards

Credit cards are revolving credit lines that allow you to make purchases up to a certain credit limit. You can choose to pay off the balance in full each month or make minimum payments and carry a balance subject to interest charges. Companies: Chase, American Express, Citi, Discover, Capital One, etc.

Home Equity Loans/HELOCs

Home equity loans and Home Equity Lines of Credit (HELOCs) use the equity in your home as collateral. Home equity loans offer a lump-sum payout, while HELOCs provide a revolving credit line based on the value of your home. Companies: Wells Fargo, Bank of America, U.S. Bank, etc.

Peer-to-Peer Lending

Peer-to-peer lending platforms connect individual borrowers with investors willing to lend money. These loans often have competitive rates and flexible terms. Companies: LendingClub, Prosper, SoLo Funds, etc.

Payday Alternative Loans (PALs)

PALs are small, short-term loans some credit unions offer as an alternative to payday loans. They typically have lower interest rates and more favorable terms. Companies: Navy Federal Credit Union, PenFed Credit Union, State Employees' Credit Union, etc.

Personal Lines of Credit

Personal lines of credit function similarly to credit cards but with higher credit limits and potentially lower interest rates. You can borrow from the line of credit as needed, repay, and borrow again. Companies: TD Bank, Regions Bank, SunTrust (now Truist), etc.

Editorial Opinion

Important

How to Choose a Lender

1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

3. Carefully review all the terms and conditions of your payday loan contract.

4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Additional Resources

• What Credit Score Do You Need for a Personal Loan?
• How to Get a Personal Loan in 7 Steps
• Personal Loan Pre-Approval
• How to Apply for a Personal Loan
• Personal Loan vs Personal Line of Credit

Sources

• SouthState Bank. Personal loan28.08.2023
• WalletHub. SouthState Bank 28.08.2023
• Bankrate. SouthState Bank Review 2025 28.08.2023