South Carolina Payday Loans

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South Carolina cash loans are governed by laws and regulations specifically set up by the state. These are put into motion to maintain fairness for every transaction made. If you’re thinking of getting a payday loan in SC, we recommend that you first read through the different policies that apply to your transaction. The domain offers up to date information regarding payday loan policies in SC as well as other states. Questions, feedbacks and comments are always welcome.

 Payday Loan Process in South Carolina

If you are 18 years old or above, you are eligible for a payday loan. Of course, that isn’t the only requirement to pursue this transaction. Following are the different credentials that every lender will ask for during an application.

  • Resident of South Carolina
  • Proof of employment
  • Minimum salary requirements (usually $800 to $1000)
  • Must own a savings or checking account

Bad credit history is rarely factored in during payday loans due to lack of credit checks. People receiving welfare are also accommodated through special lender policies. The same goes for retired seniors. Typically, it only takes a few days to complete payday loan transactions with the borrowed amount already in your account in less than a week.

South Carolina Payday Loan Laws and Regulations

All payday loan lenders within South Carolina are required to abide by the following rules:

  • Maximum Loan Amount: $550
  • Loan Term: Maximum of 31 Days
  • Finance Charge $100 Loan in 14 Days: $15
  • APR for $100 Loan in 14 Days: 390%
  • Maximum Finance Rate and Fees: 15% of principal
  • Collection Fees:  $ 10 NSF fee or actual charge, whichever is lesser
  • Rollovers: None

Borrowers are advised to clear up any misunderstanding before proceeding with the loan. Since the law does not specify a repayment plan or cooling off period, it’s best to ask the lender if they accommodate such conditions. There is also no clear policy regarding the number of loans that can be had at one time.

South Carolina Consumer Protection

Regulators for payday loans within the area are the South Carolina State of Board of Financial Institutions. Any questions, clarifications or problems may be communicated to them via several means:

The regulatory contact is always open for any queries consumers might have regarding their transactions. Being aware of the laws and the validity of the lenders is encouraged through careful research by the borrower.

South Carolina Payday Loan Alternatives

If you’re not too sure about getting payday loans, it’s always possible to find cash through other means. The most obvious choice here would be friends and relatives, all of which wouldn’t charge you with interest rate. If you have unused assets, it’s also possible to sell them off or at least pawn them for a small cost. Employers can also provide cash advance to trusted employees. If all these fail, try charging expenses to your credit card. Bank loans are also viable but must be reserved for larger cash needs.

Payday Loans cities in South Carolina:
Abbeville Aiken Anderson
Andrews Aynor Bamberg
Barnwell Batesburg Beaufort
Belvedere Bennettsville Bishopville
Blackville Bluffton Camden
Cayce Charleston Cheraw
Chesnee Clemson Clinton
Clover Columbia Conway
Darlington Dillon Duncan
Easley Edgefield Florence
Fort Mill Gaffney Georgetown
Goose Creek Greenville Greenwood
Greer Hampton Hartsville
Hilton Head Island Inman Irmo
Johnsonville Kingstree Lake View
Lancaster Landrum Laurens
Lexington Lugoff Manning
Marion Mauldin Moncks Corner
Mount Pleasant Mullins Myrtle Beach
Newberry North Augusta North Charleston
North Myrtle Beach Okatie Orangeburg
Pawleys Island Pendleton Pickens
Piedmont Port Royal Ridgeland
Rock Hill Saint George Seneca
Simpsonville Spartanburg Summerville
Sumter Surfside Beach Taylors
Timmonsville Travelers Rest Union
Varnville Walterboro West Columbia
Williamston Winnsboro Woodruff
York    

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