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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.
Updated
Fact checked
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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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.
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.
Frequently asked questions
You should contact the South Carolina State Board of Financial Institutions.
South Carolina only allows borrowers to have one outstanding loan at a time. However, there is no set limit on the amount of payday loans you can have in a year.
Yes. You must wait two days after your eighth loan in a calendar (12-month) year.
You are allowed one repayment plan once every twelve months. Lenders must allow you to pay back your outstanding balance in four equal installments at no additional cost to you.
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Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).
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?
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