Thinking about applying for a payday loan in South Carolina? Go through this guide first.
A payday loan might be on your mind if you’re short on cash and looking to borrow a small amount of money.
This guide will help you determine if a payday loan is the best option for you.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
Are payday loans legal in South Carolina?
Yes, lenders in South Carolina can offer payday loans legally.
South Carolina Code of Laws Title 34 Chapter 39 regulates the functioning of all payday lenders.
A lender must obtain a separate license to offer payday loans for each place it operates. The license expires every year and requires renewal.
The total you may borrow through a payday loan in South Carolina is limited to $550, not including permitted fees, with a maximum term of 31 days. You can’t refinance or borrow more money to repay a loan.
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.
Why a payday loan might benefit you
Here are some features to keep in mind when you’re making your decision.
- Bad credit is OK. Short-term lenders tend to apply slightly less stringent lending criteria when compared to banks. Instead of looking only at your credit score, they take your existing financial situation and ability to repay into account.
- Applying is easy. Some Florida payday loan lenders have storefront loans, and others work entirely online, meaning you can apply from anywhere.
- Get money quickly. In-store applications can be processed the same day so you can see your money within hours. Online applications take 24 hours to process, but the money will be directly deposited into your bank account.
- Use the money for any purpose. What you choose to do with the money you get is basically up to you. You can use this money to travel, pay bills, repair your car or just to get by during a rough patch.
What fees and charges do South Carolina payday loans come with?
South Carolina laws set how much lenders can charge. Here’s what you need to know:
- Maximum finance rate and fees. A lender can’t charge more than 15% of the principal amount as fees.
- Collection fees. If you don’t repay your loan on time, the lender can charge a non-sufficient funds (NSF) fee of $10 or the actual charge, whichever is lesser.
- Rollover fees. South Carolina laws don’t permit rolling over of payday loans.
Daycare costsTravis’ daughter is one and going to start attending daycare while her mother starts going back to work. The place Travis has in mind is a bit expensive and requires he put a down payment to hold her spot.
It’s about $100, but he only gets paid once a month and won’t be getting another check for two weeks. This wouldn’t be a problem, but after an extra doctor visit, he’s a little strapped for cash.
Travis goes online and finds out that payday lenders in South Carolina can’t only charge 15% on loans. That means his total cost will be $115 plus a little more for a financing fee. He knows he’ll have more than enough once he gets paid, so he takes out the money and works it into his budget.
What you need to qualify for a loan
If you want to be approved for a payday loan, you must
- Be at least 18 years of age
- Be a US citizen or a permanent resident
- Have a regular source of income
In addition, payday lenders require information to make sure you can repay.
- 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
Where else are payday loans legal?
Compare short-term loans in your state
Have any more questions about South Carolina payday loans?
Who should I get in touch with to file a complaint about a payday lender?
You should contact the South Carolina State Board of Financial Institutions.
How many payday loans can I take at the same time?
South Carolina payday loan laws state that a lender cannot provide a payday loan to an individual who has an outstanding payday loan. This means you can have no more than one payday loan at a time.
How often can I seek a payment plan?
You can ask a payday lender to get you on a payment plan no more than once in a 12 month period. In such a scenario, you get to repay the loan amount in at least four equal installments. You don’t have to pay any additional fees.