South Carolina Payday Loan Laws Details
The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding South Carolina payday loan laws contact the South Carolina State Board of Financial Institutions.
Payday loans are legal in South Carolina (see South Carolina Payday Loans or South Carolina Installment Loans to compare fees and requirements for individual lenders).
| Feature | Specification |
|---|---|
| Amount (max) | $550 |
| Rates or Fees (max) | 15% of principal |
| Term Limitations | Max: 31 days |
Rollovers are not permitted in South Carolina. Nothing is mentioned about cooling periods between loans. South Carolina has no requirements for extended repayment plans.
For example, in South Carolina the rates and fees on a 14 day, $100 loan are:
| Terms | Amount |
|---|---|
| Loan Amount | $100 |
| Fees | $15 |
| APR | 390% |
South Carolina also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.
| Feature | Specification |
|---|---|
| Collection Fees | Lesser of: NSF fee of $10 or actual charge |
| Criminal Action | Prohibited |
None