Regulator Details

South Carolina State Board of Financial Institutions

Consumer Finance Division
P.O. Box 11905
Columbia, SC 29211
Phone: (803) 734-2020
Fax: (803) 734-2025
Contact: C. Dean Bratton, Commissioner of Consumer Finance

South Carolina Payday Loan Laws

Payday Hound's Top South Carolina Lenders

Cash Central

5 Rating
The Payday Hound Rating
  • Discounts for repeat customers. Live chat.
  • B BBB rating. Bad credit okay but does check credit.
  • State Licensed. Based in UT. Since 2005.

CashNetUSA

5 Rating
The Payday Hound Rating
  • Get 50% initial loan fees. Code: NEWCASH50
  • Large online lender. Live chat
  • State Licensed. Based in IL. Since 2004.

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
General Loan Terms

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%
Sample Loan Terms

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
Regulations on Collections
Finally, a more detailed excerpt from South Carolina's statutes on finance charges is listed below. In general the tables above summarize this.

None

Citation: 34-39-110 et seq.