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Unveiling SouthState Bank's Loan Solutions

SouthState Bank has etched its mark in the financial world, offering a broad range of lending solutions tailored to both individual needs and business ventures. This article delves deep into the bank's varied loan offerings, shedding light on their features, advantages, and how they stack against competitors. Whether you're seeking a home mortgage, a personal loan, or business financing, SouthState Bank provides promising avenues to consider.
Offers: 2
Updated:
02.02.2024
15:38
Best Personal Loan Today 27.02.2024*
Finanso
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
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Effective interest rate on the product

6.34 – 35.89 %
Term
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Loan term for the financial product

2 months – 72 months
Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

SouthState Bank
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $50,000
Rate
i

Effective interest rate on the product

from 2.49%
Term
i

Loan term for the financial product

up to 84 months
SouthState Bank Loan Calculator

Use our loan calculator to get data on possible loan amounts, interest rates and repayment schedules. It is an indispensable tool for your lending needs.

Loan amount
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Select the desired loan amount

USD
USD
1000 $
100000 $
Loan term
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Specify the loan term for the calculation

months
days
1
72
Interest rate
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Choose the interest rate on the loan

5 %
30 %
The Legal Status of Personal Loans in the USA

In the USA, personal loans are legal and typically used for non-business needs. They must be repaid according to the loan agreement, which includes interest and a repayment timeline. Various laws regulate these loans, including the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Truth in Lending. These laws protect both the lender's interests and the borrower's rights, ensuring fairness and transparency in the lending process.

Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review

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 84 months 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

Pros

Versatility. SouthState Bank offers a variety of personal loan options, including both secured and unsecured loans, to meet the different financial needs and preferences of borrowers.

Customizable Repayment Terms. With term lengths of up to 84 months or more, borrowers can tailor their repayment schedule to fit their financial situation, making it easier to manage the loan and budget effectively.

Quick Application Process. The availability of an online application streamlines the loan application process, saving time and effort for borrowers who can apply conveniently from their own homes.

Mobile Banking Convenience. SouthState Bank's mobile banking services enable borrowers to manage their loans on the go, making payments, and accessing account information from their smartphones or tablets.

Cons

Rate Transparency. The lack of specific rate information in the provided details may make it challenging for potential borrowers to compare rates or understand the full cost of borrowing until they apply and receive a personalized offer.

Collateral Requirement for Secured Loans. Borrowers considering secured loans must be willing to provide valuable assets as collateral. This may not be an ideal option for individuals who do not have suitable collateral or are hesitant to put assets at risk.

Creditworthiness Criteria. Unsecured loans heavily rely on the borrower's creditworthiness. Applicants with less-than-stellar credit may encounter challenges in qualifying for unsecured loans or may be subject to higher interest rates.

Limited Information. The provided information about SouthState Bank's personal loans is relatively concise, which may leave some borrowers with unanswered questions or seeking more detailed terms and conditions.

How to Apply for a SouthState Bank Personal Loan?

Apply For a 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.

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

Apply For a Loan

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.Chase

Home Equity Loans/HELOCs

Apply For a Loan

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.Wells Fargo

Peer-to-Peer Lending

Apply For a Loan

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.LendingClub

Payday Alternative Loans (PALs)

Apply For a Loan

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.Navy Federal Credit Union

Personal Lines of Credit

Apply For a Loan

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.TD Bank

Editorial Opinion

SouthState Bank's personal loan offers customers a valuable financial tool that addresses various needs and circumstances. With its range of loan options, the bank is committed to serving a diverse customer base and understanding the unique requirements of individuals seeking financial assistance. Moreover, SouthState Bank's personal loans showcase flexibility in loan amounts and repayment terms. The bank acknowledges that each borrower's financial situation is different by providing loans ranging from $3,000 to $50,000 and accommodating term lengths of up to 84 months or more. This flexibility allows borrowers to choose loan amounts that meet their specific needs while also customizing repayment schedules that align with their budgets. The bank's focus on mobile banking services further enhances the convenience factor for borrowers. The ability to manage loans using Online or Mobile Banking ensures that customers can stay on top of their payments, monitor their loan details, and access account information on the go. The option to set up automatic payments from their checking or savings accounts fosters financial discipline and helps borrowers avoid late fees, ensuring a smooth repayment process. However, transparency in disclosing interest rates would further enhance the appeal of SouthState Bank's personal loans. Clear communication of rates upfront helps borrowers make informed decisions and confidently compare loan offerings.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

To learn more about personal loans and best practices, check out some of the following resources:

Sources

FAQ

What credit score do you need for a South State Bank personal loan?

Lenders, including South State Bank, typically consider credit scores as a key factor in determining loan eligibility. A higher credit score generally indicates a lower credit risk, making it more likely to qualify for a loan and potentially secure more favorable terms and lower interest rates. A good to excellent credit score, generally around 670 or higher, may be preferred for personal loans, but some lenders may offer loans to individuals with lower scores.

How fast does South State Bank approve loans?

The time taken to approve a loan can vary depending on several factors, including the completeness of the application, the borrower's creditworthiness, the loan amount, and the bank's internal processes. Online applications can often receive a preliminary decision within minutes, but the final approval may take a few business days.

Does South State Bank verify income?

Lenders often verify income to assess the borrower's ability to repay the loan. This verification ensures that the borrower's debt-to-income ratio is acceptable, indicating that they can comfortably manage loan repayments. Various methods may be used for income verification, such as pay stubs, tax returns, bank statements, or direct communication with the borrower's employer.