Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Payday loans can help out as a last resort, but they’re regulated differently by state. South Carolina allows payday loans, but you’ll be limited in how much you can borrow. Be sure to check the website of the lender you’re interested in to confirm it operates in South Carolina.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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%.
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.
Get fixed- and variable-rate options in a HELOC, if you qualify for membership.
Find insight on VA home loans from experts. Learn what to do if you are denied and the data behind VA loan denials.
Find out which states have the most and the least deadly car accidents per vehicle miles driven.
Find a $40,000 business loan for your business and calculate the cost before you apply.
Find $50,000 loans for all purposes, even if you’re a startup or have bad credit.
Is a vending machine business a low-cost, easy-start business idea? Find out what’s involved with a vending machine business and how you might finance it.
Find out how to increase your borrowing power and get approved for a mortgage even if you have a car loan.
Learn what an ACH loan is and weigh the pros and cons before you compare lenders.
Expect high interest rates with this invitation-only lender.
Flexible funding for minor expenses — but some important details aren’t available online.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.