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Compare your loan options in South Carolina

It may be legal, but the financing fee could make it difficult to repay.

Editor's choice: OppLoans Installment Loans

OppLoans Installment Loans logo
  • APR starting at 4.66%
  • Funding as soon as the next business day
  • Accepts fair credit
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When you have unplanned expenses and are on a tight budget, a payday loan could be helpful. Payday loans, a type of short-term loan, give you quick access to money when you need it. Read on to find out about the laws in South Carolina and everything else you should know about how payday advances work.

Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
$500 to $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Monevo Installment Loans
$500 to $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
BadCreditLoans.com
$500 to $10,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
 Brigit
Up to $250
Same business day to 2 business days
Have an active checking account
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
OppLoans Installment Loans
$500 to $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Monevo Installment Loans
$500 to $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
BadCreditLoans.com
$500 to $10,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
 Brigit
Up to $250
Same business day to 2 business days
Have an active checking account
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
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Compare up to 4 providers

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.

Do I qualify for a payday loan?

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.

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2 Responses

    Default Gravatar
    sarakSeptember 26, 2018

    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?

      Avatarfinder Customer Care
      CharisseSeptember 26, 2018Staff

      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

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