Learn the laws of your state and find out where you can go to borrow a short-term loan.
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.
Can I get a payday loan in Charleston, South Carolina?
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.
Compare lenders offering payday loans in Charleston
What do I need to apply?
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:
- 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.
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.
Where to find short-term loan locations in Charleston
Short-term loan locations near me in Charleston, SC
Must read: Be cautious of restricted loan term
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.
What are my other short-term loan options in Charleston?
Because payday loans are so limited, you may want to consider two other top options when you’re looking for a loan.
- Installment loans. South Carolina doesn’t have specific limits on installment loans, which give you more time to repay what you borrow. However, there are still some regulations lenders must abide by. You can borrow no more than $7,500 from an installment loan provider, and the amount you pay in interest will vary by loan amount.
- Auto title loans. Auto title loans allow you to use your car’s title as collateral. In order to avoid the short-term loan restrictions, many auto title loan lenders only offer loans of $2,500 or more — which means you might not be able to find one if your car isn’t worth much or if you can’t afford the high fees of borrowing such a large amount.
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.