Are Payday Loans Legal in South Carolina?
Short-term Payday Loans are Legal in the state of South Carolina and are mostly regulated through S.C. Code Ann. 34-39-110 et seq.. The Payday Lending legislation covers all the parts of the process concerning:
- Payday Loan amounts
- Payday Loan repayment terms
- Payday Loan online direct lenders
- Payday Loan stores near you
- Payday Loan interest rates and other fees
- Payday Loan collecting practices
- Payday Loan default penalties
- The number of outstanding Payday Loans as well as a cooling-off period in-between etc.
Read more: PAYDAY LOANS IN SOUTH CAROLINA
To see if you’re eligible for a Payday Loan in South Carolina check out the lenders’ requirements:
- South Carolina (US) residence
- Minimum regular income of $1,000 per month
- Valid checking or savings account with direct deposit
- Phone number and e-mail address
South Carolina allows maximum 31 day(s) Payday Loan amount. It should be repaid within 31 day(s) days as you get your next paycheck. Earlier payments don’t contemplate any additional fees. The average APR is . For other details read further to find out how many Payday Loans you can borrow, whether rollovers or extensions are allowed, etc.
South Carolina Payday Loan Terms and Amounts
South Carolina residents who are eligible for a Payday Loan can get $550 cash advance per contract. The repayment term is capped by maximum 31 day(s).
However, there are no limits on the purpose of loan usage. Any urgent expenses, unforeseen bills, car repair, home repair, etc. may seem a sound reason to apply for a Payday Loan in South Carolina.
If $550 is not enough, there are always other options to receive the necessary funds in South Carolina: unsecured Installment Loans, bad credit Personal Loans, Title Loans, Check Cashing, Pawn Shops, etc.
South Carolina Payday Loans online laws
Cash advances (payday loans) from both storefront and online lenders are legal in the state of South Carolina under South Carolina Code §§ 34-39-110 et seq., the South Carolina Deferred Presentment Services Act.
2017 State of Credit Report.pdf
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. Though online Payday Loans in South Carolina are highly available, you should be careful and apply for instant cash advance only from legal lenders registered in the state’s database.
If you have a problem with a loan or a lending company, you can turn to South Carolina State Board of Financial Institutions, 3rd Floor, Edgar Brown Building 1205 Pendleton St., Columbia, SC 29201, (803) 734-2020 for help. But if you took an online Payday loan from an out-of-state lender over the Internet or the telephone, the help that South Carolina can provide may be limited.
Reputable online lenders operating in accordance with all relevant state and federal laws can be applied to and compared on our platform using a simple online application form. You state the necessary amount, fill in your personal information and get suitable offers from legit direct lenders. It takes only a few minutes and doesn’t affect your credit score.
South Carolina Payday Loans interest rates, fees, and other finance charges
The main part of payday loan payment is mostly made up of the interest rate, or APR. The maximum APR that may be charged for short-term cash advance in South Carolina is 390.00%. It means that if you borrow $100 Payday Laon for 14 days the finance charges will be 15% of the amount advanced.
Besides, the total cost of a Payday Loan includes some additional fees. South Carolina lending rules allow to charge:
The law obligates South Carolina Payday Loan lenders to provide you with a written disclosure of all the rates and fees in the understandable language. You should read them carefully and if you agree to acknowledge the notification by signing the contract.
South Carolina Payday Loans direct lenders regulations
According to South Carolina payday loan laws all direct lenders are obliged to register their companies which will allow issuing payday loans contract. It concerns both Online Payday Loans and Payday Loans Near Me.
When the lender in SC makes the loan he will have to put your information into a database used only by other payday lenders and the state agency that watches over them. The payday lender must tell you that he is putting your information in the database and that you cannot get another loan until it is paid back. If you still owe on a payday loan and go to another lender, that lender will check the database and by law must deny you the loan.
Payday lenders must give you a written contract spelling out all of the terms. The law says that payday lenders can’t sell other things to you. There are a few exceptions to this rule, such as money orders, postage stamps, and vending machine items. Payday lenders can also provide fax services, provide wire money services or rent a P.O. Box to you. They may also accept your utility bill payments – without charging a fee.
Nevertheless, you should be careful not to come across any scams. Some unfair lenders can operate without license or under a different license and offer too expensive ‘payday loans’ under illegal conditions. Always check that the lender you are going to apply to works under South Carolina state law.
South Carolina Payday Loans consumer information
Besides amounts, rates and fees, consumers must be also well aware of other details of Payday Loans in South Carolina. They include the availability and number of rollovers, extensions and repayment plan, a cooling-off period, any default penalties or additional fees, etc. Check out the table below to find the most essential information:
|Rollovers or extensions||Repayment plan once a year|
|Cooling-off period||2 business days after 8 consecutive loans|
|Additional fees and default penalties||maximum 15%|
Look for more detailed information on the official South Carolina state regulator website – http://www.bofi.sc.gov/, http://www.bofi.sc.gov/.
Legitimate Payday Loans Online with NO credit check in South Carolina
Looking for a legal Payday Loan with No credit check in South Carolina? You must understand the meaning of this phrase correctly at first. No credit check implies that a lender will not inquire about your credit history information from or send your borrowing data to any of the three major credit bureaus Equifax, Experian and TransUnion.
If you don’t want to damage your credit history South Carolina law allows you to apply for a Payday Loan with No credit check. But you should understand that a lender needs to check your creditworthiness at least in some way. He can perform a soft credit check when a lender pre-approves you for a loan and this inquiry will not appear on your credit report. Or there’re other ways to prove you can afford the cash advance. Payday Loan lenders use the tracking system to verify your debts, check your income, etc. And generally, they charge higher interest to lessen the risks.
South Carolina Payday loans online no credit check are one of the easiest options of getting quick cash to cope with emergency financial requirements, especially for the people with poor credit.
Does South Carolina law allow Payday Loans for bad credit borrowers?
The average credit score in South Carolina is 657, placing it in the fair range. But it doesn’t mean that those who have a worse credit can’t apply for a Payday Loan in South Carolina.
- First of all, There’re a lot of legit direct lenders in South Carolina providing Payday cash advance to borrowers with both good and bad credit score.
- Secondly, you can always find a cosigner to increase your chances of being approved for a bad credit Payday Loan.
- Find out how to improve your credit score and do your best to do it fast.
- Or consider taking out a bad credit Installment Loan, or bad credit Personal Loan.
Legit Payday Loans in South Carolina collection practices
If you can’t repay the loan amount plus interest on a due date it means you default the loan. You may e charged a NSF fee of Not more than $10 of a check if there’s not enough funding on your account on the day of repayment.
Anyway, direct lenders in SC are prohibited to perform any criminal actions against the borrower.
If you have problems with a “Payday Lender” or check casher, you may file a written complaint with South Carolina State Board of Financial Institutions, 3rd Floor, Edgar Brown Building 1205 Pendleton St., Columbia, SC 29201, (803) 734-2020 or you may want to contact your local legal services program by calling the Legal Assistance Telephone Intake Service for a referral at 744-9430 in Columbia or toll-free (888) 346-5592 from other places in the state.
If you are finding yourself in trouble with debt, you may also contact your local United Way for the name and number of the consumer credit counseling agency in your area. They may be able to assist you with working out a payment plan with your creditors.
South Carolina Payday Loans news – latest changes
In June 2009, South Carolina approved a law limiting borrowers to one outstanding payday loan at a time and barring the use of a new loan to pay off an existing one. Those restrictions took effect this year and include a database with an updated list of all borrowers. In payday loans, borrowers typically write a lender a check with the understanding it won’t be cashed until their next payday. The company gives the person cash, minus a fee.
However the fees and interest rates on short-term loans are still very high coming up to more than 400% APR.
South Carolina Payday Loans historical background
|2000s||While Payday Loans were not regulated, more than 4 mln cash advances were taken a year.|
|2006||Payday Loans to the military were capped at 36% APR.|
|2009||The first law regulating Payday Loans was passed which limited the amount to $550, the number of simultaneous loans to one and capped finance charges.|
|2010||Payday Lenders started to operate as short-term “supervised” lenders which let them avoid payday loan regulations and restrictions.|
|June 2, 2016||A Payday Loan Rule was proposed.|