South Carolina has a few laws that restrict how much you can borrow and how much a lender can charge, but it can still be expensive. When you’re thinking of borrowing, consider the cost and your alternatives before signing a loan agreement.
Are payday loans legal in South Carolina?
Yes, payday loans are legal under South Carolina Code §§ 34-39-110 et seq., the South Carolina Deferred Presentment Services Act. In order to lend in South Carolina, a lender must obtain a separate license for each of its locations, and each license must be renewed annually.
You can borrow up to $550, and loan terms must be 31 days or less. Lenders are able to charge 15% of the principal as a financing fee, which means a 14-day $100 loan has an APR of 390% and costs $115.
If you fail to repay your loan on time, your lender may charge you a non-sufficient funds (NSF) fee.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
While every lender has different criteria for its borrowers, nearly every one will require that you meet some basic criteria:
Regular source of income
U.S. citizen or permanent resident
At least 18 years old
What will I need to fill out an application?
It varies by lender, but you’re typically required to provide some basic information about yourself, including:
Your name, date of birth, Social Security number and a valid form of ID
Your residential address, email address and phone number
Your employment status and income
Your bank account details or a post-dated check
Are there other options beside payday loans?
If you’re struggling with your finances, a payday loan may not be the best solution. South Carolina has a few public assistance programs that may be able to help.
Temporary Assistance for Needy Families (TANF)
Supplemental Nutrition Assistance Program (SNAP)
SC Voucher Program
Food and Nutrition Programs
You may also want to consider a payday loan alternative if you need some short-term relief. But remember: Some options may still be expensive, so review your options carefully before making a final decision.
Bottom line
A payday loan may be able to provide quick money when you’re facing an emergency, but the high cost in South Carolina may make it difficult to pay back. Be sure to learn more about payday loans so you know exactly how the process works and how much you can expect to repay.
Frequently asked questions
You should contact the South Carolina State Board of Financial Institutions.
South Carolina only allows borrowers to have one outstanding loan at a time. However, there is no set limit on the amount of payday loans you can have in a year.
Yes. You must wait two days after your eighth loan in a calendar (12-month) year.
You are allowed one repayment plan once every twelve months. Lenders must allow you to pay back your outstanding balance in four equal installments at no additional cost to you.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).
If I had a pay day loan with a lender and paid off using a payment plan can I obtain a new loan with a new lender and use a payment plan with them? Or is it only one payment plan with all lenders every 12 months?
According to South Carolina’s law on payday loans, you can only have one outstanding loan at a time. So as long as you have paid your payday loan in full, you can take out a new one with another lender. After getting a loan for the eight time in a calendar (12-month) year, you need to wait 2 days before you can get a new one.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
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.
If I had a pay day loan with a lender and paid off using a payment plan can I obtain a new loan with a new lender and use a payment plan with them? Or is it only one payment plan with all lenders every 12 months?
Hi Sarak,
Thanks for reaching out to finder.
According to South Carolina’s law on payday loans, you can only have one outstanding loan at a time. So as long as you have paid your payday loan in full, you can take out a new one with another lender. After getting a loan for the eight time in a calendar (12-month) year, you need to wait 2 days before you can get a new one.
I hope this helps.
Cheers,
Charisse