Line of Credit in South Carolina
When looking to apply for a line of credit, you’ll want to shop around to find the best rates, a high limit and easy eligibility requirements. You’ll also want to consider the length of the draw period and how long you’re expected to start paying after it ends. These are some of the considerations that make Minute Loan Center a sought-after credit lender in South Carolina.
Minute Loan Center offers a personal line of credit in South Carolina with a credit limit of up to $5,000 and competitive APRs. We work harder to say YES to your application, and you’re more likely to qualify, given our 97% approval rate.
Lower Payments
Apply Once
Always Available
Flexible
Quick Access
What is a Line of Credit?
A line of credit is an agreement between a lender and a borrower to make available a predetermined amount for borrowing within a predefined period. You can access the money as often as needed up to a predefined limit and pay back the amount and the interest accrued. A line of credit is better than a loan because it gives you better financial flexibility and liquidity.
Securing a line of credit in South Carolina would be GREAT for:
- The safety and security of quick access to funds.
- Securing credit at low interest rates.
- Managing what you owe.
- Flexibility of holding funds you may need in the future.
- Financial cushion against unexpected household expenses.
What Do I Need to Apply?
Although Minute Loan Center is the most accommodating credit lender in South Carolina, our approval process is thorough. Our team of experts goes through the information you provide to ascertain our customer’s identity, for their protection against identity theft.
Our underwriting requirements are that you must be 18 years or older, with a valid government ID and an active checking account or debit card. You must also live in South Carolina, be earning a regular income, and have a valid email to receive electronic disclosures. We also ask that you agree to the terms and conditions of our underwriting.
How It Works
With Minute Loan Center’s line of credit in South Carolina, you don’t need to go through underwriting every time you need credit. Once we approve you for a particular amount, that money is available to you for borrowing within the specified period.
You may choose to draw down the entire amount, a portion of it, or none of it just yet. The billing period starts 5-19 days after your first withdrawal and you pay interest only on the money you borrow, not the entire credit limit amount.
You can use your personal line of credit in South Carolina to pay for:
- Emergency household expenses like medical bills, unexpected car maintenance, etc.
- Home improvement projects like buying appliances, furniture, decor, etc.
- Expensive purchases like cruises, weddings, etc.
- Debt consolidation.
- Protection against an overdraft
- Improve cash flow for irregular income earners.
Enjoy special life events and make your payments without worrying about money by getting a line of credit from Minute Loan Center, the most reliable credit lender in South Carolina. Apply today!
Frequently Asked Questions
How does my credit limit work?
A credit limit works as a ceiling for the amount of money available to you for credit. Minute Loan Center sets a limit of up to $5,000 for a predefined period during which you can draw down and repay funds, up to your credit limit. Our line of credit in South Carolina is a fast, super‐convenient way to know you have access to funds when you need them.
What Is My Annual Percentage Rate (APR)?
Your APR will be indicated in your contract. Since each borrowing agreement is personalized, the APR too is customized. However, based on your original underwriting, the APR can vary with each advance you draw out. Nevertheless, we aim to be the most affordable credit lender in South Carolina and we strive to offer affordable APRs.
Can I Choose a Billing Period?
Your billing period begins after your first withdrawal. You may choose to schedule automatic payments on your statement due date or deposit the money yourself. Your billing cycle depends on your Primary Income Pay Cycle, in that your statement due date matches your pay date, except for Weekly paid customers who we move to a Bi-Weekly schedule.
The Minute Loan Center Pay Date Option is designed to help our VIP Members to manage their budget and fulfill their financial obligations
When is My First Billing Period?
Your first billing period starts 5 to 19 days after the first advance draw. However, the exact date should match your pay date.
How Can I Receive My Statements?
You can access your statements from your account page. But, for a fee, we can also send the statements to you by mail.
Why Does My Minimum Payment Vary?
The minimum payment for a line of credit in South Carolina varies because of the formulation used to calculate it. The formulation is designed to get to the minimum payment, focusing on paying down the principle first. Therefore, as long as you are paying off the amount borrowed, the minimum payment will vary.
The Minimum Payment Amount is calculated based on the following formulas:
Monthly Customers
((Unpaid Fees + Unpaid Principal) * 0.13) + Unpaid Interest
All Other Cycles
((Unpaid Fees + Unpaid Principal) * 0.07) + Unpaid Interest