How to get a loan if you’re short between paychecks in Charleston, SC.
If your budget has taken a hit because of an unexpected bill and you find yourself not quite making it to your next paycheck, a payday loan could be a possible solution. These are short-term loans designed to bridge the gap between checks, but you’ll want to know the laws in place to protect you from predatory lenders before you borrow.
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- Min. Loan Amount: $500
- Max. Loan Amount: $10,000
- Loan Term: 90 days to 72 months
- Turnaround Time: As early as 1 business day
- Requirements: Must have a monthly income of $1,000+ after taxes and valid checking account.
How does payday lending in Charleston work?
All payday lenders operating in Charleston are required to follow South Carolina Code §§ 34-39-110 et seq. Under these laws, you can take out a loan for up to $550 fo 31 days or less, and lenders can charge no more than 15% of the principal amount as interest.
Whether you apply online or in-store, you’re limited to the laws of the state.
Here is a selection of loans you might consider applying for
3 features to consider when taking out a payday loan in Charleston
- Limited loan amount. You can only have up to $550 borrowed in payday loans out at any one time.
- Borrower protection. You can’t repay an existing payday loan by using the proceeds from a new one, and you can’t renew or extend a payday loan in South Carolina. This prevents you from getting trapped in a cycle of debt that can be difficult to escape from.
- Easy process. Payday lenders usually have a simple application process that takes you through what you’ll need to fill out step-by-step. If you need help, storefronts will have employees to guid you through the process, and many lender websites have live chats to answer any of your questions.
How to apply for a Charleston payday loan
You can apply in-store or online, but you’ll need to give the lender personal information about yourself in order to confirm your identity and your income. This includes
- Your name, address, email and phone number
- Your date of birth and Social Security number
- Details from a valid form of ID
- Your employer’s name, address and phone number
- Your gross monthly income and pay schedule
- If you’re applying online, details about your bank account
How much will a payday loan cost me?
How much a payday loan costs depends on how much you borrow and your financing fee. South Carolina caps the financing fee at 15%. This means that when you borrow $100, you’ll end up paying back $115. Likewise, if you take out the maximum of $550, you’ll need to pay back $632.50–that’s a total fee of $82.50.
The best way to avoid spending too much in fees and other charges is to only take out as much as you need. This prevents the charges from piling up and keeps you out of a cycle of debt.
Payday loan locations in Charleston, South Carolina
Find a payday loan store near you
Emergency flight moneyImagine this scenario: Albert’s father grew sick one month, and Albert wanted to go see him as soon as possible. Unfortunately, he didn’t have enough money to afford a plane ticket. Waiting for a credit card or personal loan would have taken too long, so he opted to take out a payday loan despite knowing the high costs.
He took all the required documents to a payday lender’s store near his home and filled out the application. Within a few hours, he was approved for the $400 he requested to make the trip and had enough to buy a plane ticket.
The lender charged him loan fees worth 15% of the borrowed money, which was $60. At the end of the loan term, his check was cashed for the full amount of $460 and Albert didn’t have to worry about any collection fees.