Yes, you can borrow payday loans in South Carolina. Payday loans are extremely popular within this southern state where they are legal under S.C. Code §§ 34-39. This means that South Carolina residents are able to borrow money whenever unexpected financial events arise.
Examples of situations when South Carolinian may want a payday loan include having to pay for emergency medical costs, car repairs fees, house renovation bills or funeral costs. Payday loans should not be used to pay off existing debts as this can lead to a spiral of financial difficulties.
With many different financial products available in the US, this guide will reveal further details into South Carolina payday loans. The definition of payday loans will be included, as well as the payday lending rules and regulations that exist in the state.
What Are South Carolina Payday Loans?
Payday loans are unsecured short term loans that are intended to be taken out for 2 to 4 weeks. The quick influx of cash is meant to help borrowers stay financially afloat until they receive their next paycheck on their upcoming payday. At this point they are then expected to pay back the money they have borrowed, as well as interest.
What Are The South Carolina Payday Loan Laws?
Both in-store and online payday loans are legal in South Carolina. The rules and regulations for South Carolina payday loans are summarized in the table below:
|Is Payday Lending Legal?||Yes|
|How Many Payday Loans Can You Have In South Carolina?||1 outstanding loan at one time|
|Maximum Loan Amount||$550|
|Minimum Loan Amount||Not specified|
|Maximum Loan Term||31 days|
|Minimum Loan Term||Not specified|
|Interest Rate (APR)||391% APR*|
|Number of Rollovers Allowed||0|
|Database Loan Tracking||Yes|
|Finance Charges||15% of the amount advanced|
|Statute of Limitations||3 years from the last payment|
In terms of finance charges, 15% of the amount advanced is per $100. So the most you could pay in finance charges for a single payday loan transaction is $82.50 with the $550 loan limit.
There is a cooling-off period of 1 day between the loans and collection fees are silent. According to S.C. Code Ann. § 34-39-180, all criminal actions against borrowers are prohibited and only civil action is allowed.
Can All South Carolina Residents Get A Payday Loan?
You must be over 18 years old to borrow a payday loan in South Carolina. There is also certain eligibility criteria to qualify for a loan. For instance, you need to be a US citizen with a State ID or Driver’s License. You also need to have a stable job and show proof of a regular income of approximately $500 to $800.
You also need to have a live checking account for the funds to be deposited into. Providing that you meet the borrowing requirements, payday loans can be granted to both employed and self-employed workers, students, parents, pensioners, army members and even borrowers with bad credit histories.
What Happens If You Are Unable To Repay Back Your South Carolina Payday Loan?
Failing to repay back your South Carolina payday loan will lead to additional fees such as late charges. If your lender is unable to collect repayments due to insufficient funds, you may face NSF fees up to $30 or overdraft charges since the lender takes payment via post-dated checks or direct debits to your bank account.
Where Can You Get A Payday Loan In South Carolina?
If you need payday loans in Fort Mill South Carolina, or anywhere else across the state, then Pheabs can help you secure fast cash today. Locations include but are not limited to:
- Carolina Forest
- Goose Creek
- Hilton Head Island
- Mount Pleasant
- North Augusta
- North Charleston
- Rock Hill
- Wade Hamptom
In Which Other US States Are Payday Loans Legal?
There are currently 37 US states that authorize payday lending, whereby borrowing a payday loan is legal. Alongside South Carolina, the remaining states are:
- District of Columbia
- New Hampshire
- North Dakota
- Rhode Island
- South Dakota