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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.
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.
While every lender has different criteria for its borrowers, nearly every one will require that you meet some basic criteria:
It varies by lender, but you’re typically required to provide some basic information about yourself, including:
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.
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.
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.
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