South Carolina Payday Loans
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. However, learn about all the laws and regulations regarding South Carolina payday loans.
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 everyone 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:
- Name, date of birth, Social Security number and a valid form of ID
- Residential address, email address and phone number
- Employment status and income
- Bank account details or a post-dated check
If you wish to save the hassle of waiting in line, you can apply on LoanPigUSA using our free service to connect you to a lender – all from the comfort of your home, work, or even your mobile phone. Know if you’re approved in minutes and if approved, get your funds within one business day.