Personal loans in Colleton County, SC: what to know before you borrow

Local snapshot

These are Census Bureau estimates (ACS, 2020 to 2024) for Colleton County, South Carolina. A place average is context, while your finances are what a lender reads.

How people in Colleton County earn a living

By industry, the largest groups of Colleton County workers are in education and health care (20%), manufacturing (13%) and construction (13%). The sector where Colleton County stands furthest from the typical place in our set is construction (13% here, 8% at the median). Gig and contract earners should keep a running record of deposits, because lenders usually average several months.

Households in Colleton County are spread across the income scale: 36% earn under $35,000, 40% earn between $35,000 and $100,000, and 24% earn $100,000 or more. That is 3 points below the Carolina county median on six-figure households and 7 above it on households under $35,000. A Gini reading of 0.47 sums up how unevenly income is spread in Colleton County.

People and housing stock in Colleton County

On education and age, Colleton County shows 17% of adults 25 and older with a bachelor's degree or higher and a median age of 42.0. Relative to our Carolina county medians: -0.2 years on age, -6 points on degrees. These are context, not predictions: scores come from payment history, balances and length of credit, not from where you live.

Of every 100 homes in Colleton County, about 56 are detached houses and 4 sit in larger apartment buildings. Detached homes run 12 points below the typical place in our set.

A median Colleton County budget

Try the arithmetic at the median. $51,114 a year is about $4,260 a month before taxes in Colleton County. Median rent of $949 is 22% of it, and the usual 30% yardstick would be about $1,278. About $1,533 a month is what 36% of median gross income comes to here, a rough ceiling many lenders use for all debts combined. Home prices sit near 3.2x the median household's annual income. A household with roommates, a second earner or a rent-controlled lease will look different from these medians.

Loan lessons from the Colleton County figures

Colleton County commutes run long (36% at 45 minutes or more). Long commutes mean gas, tires and repairs are a standing line in the budget, and a surprise vehicle bill is a common reason to look for a loan.

Colleton County's ACS unemployment rate, 9.9%, is high for our Carolina county set. If work is uncertain, borrow less and read the lender's hardship terms.

55% of renter households in Colleton County spend 30 percent or more of their income on rent, a share in the upper third of the 146 Carolina county places we cover. Any loan payment on top of rent deserves a stress test: what happens if a paycheck is a week late?

Where Colleton County ranks

Among the 146 Carolina county places we track, Colleton County posts a median household income of $51,114 (rank 112 of 146), a median gross rent of $949 (rank 67 of 146), and a median home value of $162,500 (rank 106 of 146). Ranks like these are a snapshot that changes each release.

Nearby in size, and also in South Carolina, are Newberry County ($61,780 income, $872 rent), where Colleton County runs 17% below on income and 9% above on rent and Chesterfield County ($49,235 income, $762 rent), where Colleton County runs 4% above on income and 25% above on rent. Size any payment to your own budget rather than to a neighbor's.

Local background

Largest communities in Colleton County, by 2020 to 2024 population: Walterboro, Cottageville, Edisto Beach, Jacksonboro (8 Census places in all). Residents of Walterboro or anywhere else in Colleton County who do not see a city guide can use this page.

Checklist for Colleton County borrowers

• Verify before you share details with the South Carolina Commissioner of Consumer Finance; complaints go here.
• Check the payment against Colleton County rent or mortgage in the DTI calculator before applying anywhere.
• Line up three offers for Colleton County and compare APR, fees and total repayment in the side-by-side calculator.
• Plan for a bad month: if hours drop or the car breaks, could the payment still go out?
• Keep every document in one folder: disclosure, agreement, payment confirmations.

Colleton County communities by size

Here is how Colleton County's 38,783 residents divide among its 8 Census places. Edisto Beach has the priciest homes at the median ($719,200); Cottageville the least expensive ($164,700).

Houses, apartments and mobile homes in Colleton County

36% of homes in Colleton County are mobile homes (14% statewide), and 4% are in buildings of five or more units. South Carolina averages 65% detached houses; the gap in Colleton County shapes what local repair and moving costs look like.

Eight income bands for Colleton County

The most common income step in Colleton County is $50,000 to $74,999, which holds 18% of households. At the bottom, 12% earn under $15,000; at the top, 9% earn $150,000 or more. 12.4% of Colleton County households sit at $35,000 to $49,999 and 14.3% at $100,000 to $149,999; the same loan payment means very different things at each.

Neighbors of Colleton County: people and schooling

Five neighbors within 36 miles, compared on age, schooling and poverty rather than money alone. The most educated is Beaufort County at 46% with a bachelor's degree.

Ranking Colleton County against other South Carolina counties

Out of 46 South Carolina counties, Colleton County's most unusual ranks are on long commutes, uninsured residents, unemployment, mobile homes.

• Colleton County: 36% for long commutes, #1 of 46 in South Carolina. Car repairs are a frequent emergency here.
• Uninsured residents puts Colleton County at #2 of 46 among South Carolina counties (15.0%). Ask providers about charity care before borrowing.
• On unemployment (9.9%), Colleton County ranks #3 of 46 statewide, against 4.9% for the middle Carolina county. Gather income records before applying.
• On mobile homes (35.8%), Colleton County ranks #4 of 46 statewide, against 19.0% for the middle Carolina county. Manufactured homes often rule out equity loans.