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From time to time, residents of South Carolina may find themselves in need of loans. Here at Financer.com you can find out more about the different types of loans available and specific regulations set in place for online payday loans in South Carolina.
Because of their ease in application and approval process, payday loans have become a common source of funding.
Payday loans in South Carolina are legal but guided by specific regulations.
The Advantages of Online South Carolina Loans
Requirements of Payday Lenders
All lenders offering South Carolina online payday loans must follow the established regulations before commencing business operations.
They are as follows:
- A company should receive a license from the State Board of Financial Institutions;
- The net worth assets of the company should be at least $25,000;
- The firm should provide relevant business details;
- The company has to provide the business name and physical location.
In addition, a lender is obliged to provide a written agreement signed by both parties, that is, the lender and borrower.
Some important details that should be included in the contract are the name of the lender, transaction date, the sum, fees, and APR.
South Carolina Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 391% |
| Max. Loan Amount | $550 |
| Min. Loan Term | Not specified |
| Max. Loan Term | 31 days |
| Number of Rollovers | 0 |
| Finance Charges | 15% of the amount |
| Statute of Limitations | 3 years |
Payday Loans Online in South Carolina
One of the restrictions is that the maximum South Carolina online payday loan is $550.
Lenders are allowed to charge 15% for every $100 borrowed and South Carolina cash advances’ term is restricted to 31 days.
The state has also capped the APR at 390%.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Payday Loan Requirements
When you apply for South Carolina payday loans online, approval can be granted in as little as one hour, with some companies offering instant approval on smaller loans.
When applying for a South Carolina cash advance, you'll need the following:
- An active checking account. This is usually for the purpose of wiring money directly to your account once approved.
- Proof of income. This includes current information about your employer, plus any disability benefits.
- A working phone number. This can be either a home or mobile phone.
- Be at least 18 years old and a U.S. citizen or a permanent resident.
- You cannot be an active member of the military.
Why Compare Personal Loans at Financer.com
Compare South Carolina Loans at Financer.com
Financer.com helps you compare the best personal loans in South Carolina and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in South Carolina and take the guesswork out of doing all the legwork yourself.
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South Carolina Loans - FAQs
Are payday loans in South Carolina legal?
How much does a loan in South Carolina cost?
The cost for online payday loans in South Carolina will vary by lender. However, the maximum APR allowed in South Carolina is 391%. This can often include fees plus the interest rate. According to South Carolina legislation, lenders may charge a maximum finance charge of 15% of the total loan amount.
Example: A $500 loan for 31 days with a 210% APR will have a total of $88 in fees, with a total payback amount of $588.
Can a personal loan in SC improve my credit score?
Yes. Taking out a South Carolina installment loan from a trusted lender and making on-time payments could help improve your credit score. Your loan repayments are typically reported to one or more of the major credit bureaus - such as TransUnion or Experian - and as a result, it could improve your credit history and increase your credit scores.
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