If you’re in need of quick cash, a payday loan might be a solution
When you’re facing an unexpected bill or expense, you might be looking for a payday loan. Before you apply, be sure your lender follows the laws in South Carolina to avoid predatory lending practices.
This guide will help you determine if a payday loan is the best option for you.
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- Min. Loan Amount: $500
- Max. Loan Amount: $10,000
- Loan Term: 90 days to 72 months
- Turnaround Time: As early as 1 business day
- Requirements: Monthly income of $1,000+ after taxes and valid checking account.
What are South Carolina’s payday loan laws?
South Carolina Code §§ 34-39-110 et seq. regulates payday lenders and loans in the state. A lender must obtain a separate license for each of its locations. These licenses expire annually so lenders must renew each year to maintain lending privileges.
You can borrow up to $550 for 31 days or less and may only have one loan at any given time. In addition to paying back the principal, lenders may charge up to 15% of the princpal as a financing fee. This means a 14-day $100 loan has an APR of 390% and costs $115.
If you fail to repay your loan on time, a lender may charge you a non-sufficient funds fee.
Consider these lenders for a short-term loan in South Carolina
Check the websites of any providers you’re interested in to confirm they operate in South Carolina.
How can I qualify for a payday loan?
All lenders will require that you have a regular source of income, be a US citizen or permanent resident and be at least 18 years old. If you meet these basic qualifications, you can start the application process.
Here are the common things you’ll need to have to fill out an application:
- Your name, date of birth, Social Security number and a valid form of ID
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Other options to consider
Payday loans can be a good way to get by between paychecks, but if you find yourself facing more long-term problems, you may want to consider applying for some of the programs offered by South Carolina. Two options are the Family Independence Program and the Supplemental Nutrition Assistance Program (SNAP). These can help you manage your daily bills while you pay down your debt.
There are also some other options before taking out a loan
Bottom line
When you’re dealing with an unexpected bill or payment and need a little extra help, a payday loan may be a good idea. You can apply for one online or in-store, but be sure you read the terms of your loan carefully before you apply to be sure your lender is abiding by South Carolina law.
