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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.


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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.

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.

Compare payday loans in South Carolina

Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
LendYou Short-term Loans
Same business day to 1 business days
$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.
 Check Into Cash Installment Loans
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+, $3,500 minimum income in California
Borrow money with lower payments and more time to pay than a traditional payday loan.
OppLoans Installment Loans
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.
Fast5kLoans Short-term Loans Connection Service
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.
CashUSA Installment Loans
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Jora Installment Loans
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.

Compare up to 4 providers

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

  1. 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.


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