We support your financial goals with flexible personal loan options and personal access lines of credit.
Do you need financing for a major purchase? Are you looking to consolidate high-interest debt or build your credit? South Carolina Federal Credit Union provides flexible personal loans with competitive rates for every financial goal, from funding big plans to rebuilding credit.
- Competitive low rates that fit your budget
- No pre-payment penalty for early payoff
- Provides overdraft protection for your checking account
- Borrow up to $25,000 for any personal expense
- Fixed interest rate means predictable monthly payments
- Auto-pay available, so you never have to worry about missing a payment
| Loan Amount | APR* |
|---|---|
| $500 - $25,000 | As low as 12.00% |
For all loan requests you will be asked to provide personal information:
- Name of each applicant
- Physical address (P.O. Box does not apply)
- Length of time at address
- Phone number
- E-mail address
- Social Security number
- Date of birth
- Income information
- Name of current employer
- Employer's address and phone number
- Length of employment
- Salary
- Position held
- Other applicable income (for example, retirement and/or pension)
- Current mortgage or rent obligations
- Name and phone number of nearest relative not living with you
- Reason for loan application
Learn more about the loans we offer for more information and check out our Electronic Consent Agreement. Visit a local financial center or contact us.
Loan payment due dates are generally 30-45 days from the loan closing date. The payment due date is notated in your loan documents and agreed upon before disbursement of your loan. Due dates and loan payment amounts can also be viewed through Online Banking, Mobile Banking6All of our Digital Banking products require an Online Banking login, and in some cases, enrollment into Bill Pay. Terms and conditions are available through Online Banking and must be agreed to before use. Mobile Banking products also require a data plan with a wireless provider. South Carolina Federal Credit Union provides Mobile Banking as a free service. Consult your provider for any fees associated with your mobile web service, such as message and data rates., or statements.
A payoff quote is available for all loans and will include accrued interest and the daily per diem.
To obtain today's payoff or a 10 business day payoff quote for auto, boat, recreational vehicle, credit cards, or personal loans, visit a financial center or contact us. Any overage of your payoff will be deposited into your savings account or returned to you in an overpayment check.
For first mortgages, please contact Dovenmuehle at (877) 636-9534.
For second mortgages/HELOCs, please visit a financial center or fax your payoff request to our Fulfillment Operations Team at (843) 737-7400. The request must include:
- Member name
- Member Social Security number
- Account number
- Payoff (good through) date
- Return fax number
- Copy of a signed authorization of release form from member requesting this information.
Once payoff is given, personal access line of credit loans and HELOCs will be locked and no advances can be taken.
Our loans are calculated with simple interest, the calculation of daily accrued interest on your principal loan balance.
Simple interest is calculated and assessed by multiplying the account’s current principal amount (and only the principal) by the interest rate. But as you pay down your principal with each monthly on-time payment, that principal decreases, lessening the interest assessed. If you pay more than the minimum required payment, the principal will decrease even more.
For example, a $25,000 loan at a 7% interest rate would be calculated using the formula (Principal Balance x rate)/ 365 days:
- $25,000 x 7% = $1,750
- $1,750/365 days = $4.80 per day