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South Carolina has a few regulations in place to protect residents of Charleston. When you’re looking for a payday loan — or any other short-term loan — take a moment to compare your options. But remember: Payday loans can be pricey, and you won’t have much time to repay what you borrow.
Yes. All payday lenders operating in Charleston are required to follow South Carolina Code §§ 34-39-110 et seq. Under these laws, you can borrow a loan of up to $550 for 31 days or less. Lenders won’t be able to charge more than 15% of the principal amount as interest.
The total cost of a loan will depend on your lender and the amount you borrow. If you choose to borrow the maximum loan amount, you’ll repay $632.50 — that’s $82.50 in interest and the principal of $550. This can be difficult, especially if your loan term is less than 31 days, so make sure your budget can handle the high cost of a payday loan before you sign any loan agreements.
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 may include:
Lenders will also typically require that you meet a few basic minimums: You must have a regular source of income, you must be a US citizen or permanent resident and you must be at least 18 years old in order to qualify.
Payday lenders in Charleston are legally required to limit your loan term to 31 days or less. That means you’ll likely have less than a month to repay your loan, which can lead to financial struggles down the road if you don’t budget carefully.
When you borrow, keep a few tips in mind: Only take out as much as you need, and if you know you won’t be able to repay your loan on the due date, contact your lender. Fortunately, lenders aren’t allowed to charge any returned check fee in South Carolina. That being said, it may be worth your time to look into some short-term loan alternatives before you borrow.
Because payday loans are so limited, you may want to consider two other top options when you’re looking for a loan.
Payday loans are available in Charleston, but it’s still up to you to make sure your lender follows all of South Carolina’s state regulations. And when you’re looking to borrow, be sure to balance the cost of the loan against your need.
You should also take the time to learn more about payday loans so you can be sure you’re making the right financial decision.
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