Payday loans are legal in South Carolina. They can be given for a period no longer than 31 days; no extensions are allowed.
The maximum loan amount is $550. You can have one loan at a time. The maximum finance charges are 15% of the amount advanced. Criminal actions against borrowers are prohibited.
There is a cooling-off period of 1 day between payday loans in SC.
Bad credit loans in SC are regulated by S.C. Code Ann. 34-39-110 et seq., or “South Carolina Deferred Presentment Services Act“.
All payday loan companies in SC (Columbia, Spartanburg, Greenville, etc.) must have a license from the State Board of Financial Institutions. The contract between the lender and the borrower should disclose all the loan details including the name of the lender, the due date, all rates and fees.
NSF fees should not exceed $10 for a check.
If a borrower is not able to pay a deferred presentment transaction he or she must get an extended payment plan for a 12-month period.
Real APR for online loans in SC can reach 391%.
|Minimum Loan Amount||Not Specified|
|Maximum Loan Amount||$550|
|Interest Rate (APR)||391% APR|
|Minimum Loan Term||
|Maximum Loan Term||31 days|
|Finance Charges||15% of the amount advanced|
|Number of Rollovers Allowed||0|