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Spc

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St. Petersburg College is a public community and state college offering 300+ degree and certificate programs, not a payday alternative lender. This is a miscategorization.

Data compiled from public sources

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Spc Review

St. Petersburg College (SPC) is a public institution of higher education located in the Tampa Bay area of Florida. It is a fully accredited state college offering associate degrees, bachelor's degrees, certificates, and workforce training programs. The college was incorrectly categorized as a payday alternative lender, which is entirely inaccurate—SPC is an academic institution, not a financial services provider.

SPC offers over 300 academic programs including 22 bachelor's degrees, numerous associate degree programs, certificates, and short-term workforce training. The college provides both in-person and online educational options. They serve over 1,000 student veterans and offer listed support through their Veterans Services department, including GI Bill administration and benefits counseling. The college is ranked No. 1 in Tampa Bay for Best Online Bachelor's Programs for Veterans according to U.S. News & World Report.

What distinguishes SPC is its focus on affordability and workforce preparation. The college charges 50% less per credit hour than state universities while maintaining full accreditation. They report that 92% of Associate in Science graduates find employment in their fields or continue their education. SPC also serves as an economic engine, generating $3.5 billion annually for the Tampa Bay economy. Special support includes the Promise Scholarship program and tuition waivers for active duty military members and Purple Heart recipients.

This is fundamentally a post-secondary educational institution, not a consumer finance product. It should not appear in any financial services database or lending category. The categorization as a "payday alternative" lender is a critical error that reflects either a data entry mistake or database contamination. Educational institutions operate under entirely different regulatory frameworks (accreditation, FERPA, Title IV) than financial services companies.

As a financial institution, this lender competes with both traditional banks and newer fintech personal loan lenders in the consumer lending space. Borrowers seeking personal loans for bad credit may find more flexible terms through online lenders, while those focused on simplifying payments may benefit from debt consolidation loans with fixed rates. Credit union installment loans and CDFI products typically offer APRs well below payday rates, with structured repayment over several months.

Services & Features

Academic advising and course registration
Associate degree programs in 300+ areas of study
Bachelor's degree programs (22 programs available)
Career services and job placement support
Financial aid counseling and federal student aid processing
Learning resources and tutoring support
Online bachelor's and associate degree options
Promise Scholarship program
Purple Heart and active duty military tuition waivers
Transcript services
Veterans Services and GI Bill administration
Workforce certification and short-term training courses

Feature Checklist

Mobile App
Online Portal
Score Tracking
Credit Education
Personal Advisor
Identity Theft Protection

Pros & Cons

Pros

  • 300+ accredited degree, certificate, and training programs including 22 bachelor's degrees
  • 50% lower cost per credit hour compared to state universities
  • 92% of Associate in Science graduates employed in their field or continuing education
  • Comprehensive Veterans Services with GI Bill experience context; ranked #1 in Tampa Bay for veterans
  • Online and in-person learning options with flexible scheduling
  • listed support programs including Promise Scholarship and tuition waivers for military
  • Generates $3.5 billion economic impact for Tampa Bay region

Cons

  • This is an educational institution, not a financial services provider—fundamental categorization error
  • As a public college, enrollment and program availability may vary by admission requirements
  • Not applicable to this institution: financial services concerns do not apply

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Bad Credit Loan Guide Payday Alternatives

Mortgage Lending Transparency

Spc processed 45 mortgage applications in 2023, with 46.7% recorded as approved across 1 states.

45

Applications

46.7%

Approval Rate

$121K

Avg Loan

1

States Served

Approval Rate by Applicant Income

Under $50K
9.1%
$50K–$100K
52%
$100K–$200K
75%
Over $200K
100%

Based on 45 applications. Income in thousands (reported by applicant).

States With Recorded Applications

South Carolina 24 apps · 79.2%

Source: CFPB Home Mortgage Disclosure Act (HMDA) Data, 2023. Applications include originated, approved, and denied loans.

Frequently Asked Questions

What services does Spc offer?

Spc offers 12 services including Associate degree programs in 300+ areas of study, Bachelor's degree programs (22 programs available), Online bachelor's and associate degree options, Workforce certification and short-term training courses, Veterans Services and GI Bill administration, and 7 more.

What profile signals are listed for Spc?

Spc has profile signals associated with Students seeking affordable post-secondary education with low tuition costs, Military veterans and active duty members seeking GI Bill benefits and listed support, Career changers seeking short-term workforce training and certificates.

What are the strengths and weaknesses of Spc?

Key strengths: 300+ accredited degree, certificate, and training programs including 22 bachelor's degrees; 50% lower cost per credit hour compared to state universities; 92% of Associate in Science graduates employed in their field or continuing education. Areas to consider: This is an educational institution, not a financial services provider—fundamental categorization error; As a public college, enrollment and program availability may vary by admission requirements.

How does Spc compare to similar companies?

In the Payday Alternatives category, comparable providers include BMG Money, Business Consortium Fund, Kashable. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.

Quick Facts

Founded
1949
Headquarters
,
BBB Accredited
No
Certifications
NCUA Insured Charter #60686
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CreditDoc Profile Note

Research Note on Spc

St. Petersburg College is a public, accredited educational institution offering degree programs and workforce training—not a financial services company. This listing should be removed from any consumer finance or lending database immediately, as the categorization as a 'payday alternative' lender is factually incorrect and creates serious data integrity issues.

Profile Signals

  • Students seeking affordable post-secondary education with low tuition costs
  • Military veterans and active duty members seeking GI Bill benefits and listed support
  • Career changers seeking short-term workforce training and certificates
Updated 2026-05-08

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BMG Money logo

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Google rating from 4,841 reviews

BBB: A+

Profile signals: Government employees, hospital workers, and school district staff whose employers partner with BMG Money for payroll deduction loans, Federal employees and retirees seeking allotment-based loans with automatic repayment

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Business Consortium Fund

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Kashable logo

Kashable

Kashable offers employer-sponsored short-term loans integrated with payroll systems, providing low-cost credit to employees as a voluntary workplace benefit.

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Quick Summary

  • Spc is listed as a Payday Alternatives provider on CreditDoc.
  • Use this page to check contact details, location, listed services, review signals, FAQs, and similar providers before deciding what to do next.
  • If you need a loan, account, installment option, credit help, or debt support, start with the fit quiz and compare alternatives before contacting a provider.
  • For broader context, continue into the free Credit Fundamentals course or a relevant financial wellness guide.

Next Steps

Find contact or location Check phone, address, map, and website availability. Check specific services See whether the provider lists the help you need. Review fit context Use the quiz to compare category, service, and public-rating fields. Compare alternatives Review similar providers before making contact. Improve your position What Is a Good Credit Score and Why Your Tier Matters (2026) Learn the basics Start the free Credit Fundamentals course.

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Financial Terms Explained (10 terms)

New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.

Interest & Rates

APR — Annual Percentage Rate

The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.

Why it matters

Lenders are required to show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the lower-cost loan.

Example

You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.

Compound Interest

Interest calculated on both the original amount borrowed AND the interest that's already been added. It's 'interest on interest' — and it makes debt grow faster than you'd expect.

Why it matters

Credit cards and many loans use compound interest. If you only make minimum payments, compound interest is why a $3,000 balance can take 15 years to pay off.

Example

You owe $1,000 at 20% annual interest compounded monthly. After month 1 you owe $1,016.67. Month 2, interest is charged on $1,016.67 (not $1,000), so you owe $1,033.61. After 1 year without payments: $1,219.

MAPR — Military Annual Percentage Rate

A special APR calculation used for military servicemembers that includes ALL costs — fees, insurance, and add-ons — capped at 36% by federal law.

Why it matters

The Military Lending Act protects active-duty servicemembers and their families from high-cost lending. Any lender charging above 36% MAPR to military is breaking federal law.

Example

A payday lender charges a $15 fee per $100 borrowed for 2 weeks. For civilians, that's technically legal in some states. For military: that works out to 391% MAPR — illegal under the MLA.

Usury Rate — Usury Rate (Interest Rate Cap)

The maximum interest rate a lender can legally charge in a particular state. Charging above this rate is called 'usury' and is illegal.

Why it matters

Usury laws are your main legal protection against predatory interest rates. But beware: some states have weak or no usury caps, and federal banks can sometimes override state limits.

Example

New York caps interest at 16% for most consumer loans (25% is criminal usury). If a lender tries to charge you 30% in NY, that loan is unenforceable — you could fight it in court.

How Loans Work

Collateral — Loan Collateral

An asset you pledge to the lender as security for a loan. If you stop paying, the lender can seize and sell that asset to recover their money.

Why it matters

Secured loans (with collateral) have lower interest rates because the lender has less risk. But you could lose your home, car, or savings if you default.

Example

A mortgage uses your house as collateral. A car loan uses your vehicle. A title loan uses your car title. If you miss payments, the lender can foreclose or repossess.

Fees & Costs

Late Fee — Late Payment Fee

A charge added to your account when you miss a payment deadline. Most credit cards charge $29-$41 per late payment, and many loans have similar penalties.

Why it matters

The fee itself hurts, but the real damage is to your credit score. A payment 30+ days late stays on your credit report for 7 years and can drop your score 60-110 points.

Example

Your credit card payment of $150 is due March 1. You pay on March 18. The bank charges a $39 late fee. If it's 30+ days late, it gets reported to credit bureaus and your 760 score drops to 670.

NSF Fee — Non-Sufficient Funds Fee

A fee your bank charges when a payment bounces because there isn't enough money in your account. Also called a 'bounced check fee' or 'returned payment fee.'

Why it matters

NSF fees hit you twice — your bank charges you AND the company you were trying to pay may charge their own returned payment fee. That's $50-70 for one missed payment.

Example

Your auto-pay tries to pull $350 for rent, but you only have $280 in checking. Your bank charges $35 NSF fee. Your landlord charges $25 returned payment fee. Total damage: $60 in fees.

Legal Terms

Usury — Usury (Illegal Interest)

The practice of charging interest rates higher than what the law allows. Usury laws set state-specific caps on how much lenders can charge.

Why it matters

If a lender charges usurious rates, the loan may be void, penalties can be reduced, or you may be entitled to damages. Know your state's limits.

Example

Your state caps consumer loans at 24% APR. An online lender charges you 36%. That loan may be unenforceable, and you may only be required to repay the principal — no interest or fees.

Credit Cards

Cash Advance — Credit Card Cash Advance

Using your credit card to get cash from an ATM or bank. It's one of the most expensive ways to borrow — higher interest rate, immediate interest accrual (no grace period), and an upfront fee.

Why it matters

Cash advances are a repeat-borrowing risk: 25-30% APR with no grace period plus a 3-5% fee. Interest starts the second you withdraw, not at the end of the billing cycle.

Example

You take a $500 cash advance. Fee: $25 (5%). Interest: 28% APR starting immediately. After 30 days, you owe $536.67. After 6 months of minimum payments, you've paid $85 in interest on $500.

Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.

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