Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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When you’re stuck in a difficult financial situation and need to pay bills with money you don’t have, a payday loan could be the solution to your problem. These are short-term options, and although they’re more expensive than traditional loans, you might be able to get one even if you have bad credit.
Our page outlines what you’ll need to know about payday lending in Columbia, SC.
Whether the lender is located in the state or online, it will have to abide by the laws in South Carolina under the code §§ 34-39-110 et seq. This means you can only borrow up to $550. Loan terms are limited to 31 days or less, and lenders are allowed to charge a financing fee of 15%.
Be sure to check the website of your lender to confirm it operates in South Carolina.
If you’re a resident of Columbia, what you’ll have to pay is based off of South Carolina’s laws. The state caps the financing fee at 15%. This means you’ll pay back $115 when you borrow $100. If you borrow the maximum of $550, you’ll need to pay back $632.50. Some lenders may not charge you the maximum financing fee, but it’s best to be prepared when you’re determing how much you want to borrow.
Always read your loan contract over carefully. Lenders are required to tell you exactly how much you’ll end up paying, so work this into your budget.
Imagine this scenario: Stephanie’s dog needed surgery. Although Stephanie had a regular job, she still needed a little extra money to afford the cost of the vet bill. She decided to apply for a payday loan because she knew her low credit score would prevent her from being approved for a personal loan or credit card.
Her local online payday lender took her income and employment into consideration and approved her application for a $300 loan. The loan contract clearly stated that the lender would charge 15% of the advanced amount in loan fees, so Stephanie had to make sure $345 would be available on the loan due date in three weeks.
She took on an extra shift at her work every week to make sure she had enough money, and by the end of the loan period, Stephanie was able to pay off her loan without incurring any extra fees.
You’ll need to be at least 18 years old, have a regular source of income and be a citizen or permanent resident of the US. Provided you meet these qualifications, you can apply to any of the lenders listed on our comparison table or on the map below.
When you do, you’ll need to fill out the application with your name, date of birth, Social Security number and any other personal details the lender asks for. This is to confirm your identity and make sure you’re able to pay back the loan. Many lenders often require you fill out information about your employment and income as well so they can be sure you won’t be taking out a loan you can’t afford.
If you’re applying online, you may also need to give the lender access to your bank account so it can deposit your loan funds and debit the payment when it’s due.
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