Payday loans in South Carolina
South Carolina allows payday loans when the lender is licensed through the Deferred Presentment Services Act; the state database records each loan, and a borrower has a single loan at any one time
- Payday lending
- Allowed
- Max cost
- $15.00 per $100 borrowed
- Top amount
- $550
At that cap, a $100 loan over 14 days can carry $15.00 in fees: $115.00 back in total, close to 391% APR. When you borrow the maximum $550, the fee reaches $82.50 as a single charge per agreement, making the total check amount $632.50 for the lender to cash.
Are payday loans legal in South Carolina?
Yes, South Carolina allows payday loans provided the lender holds a license under the South Carolina Deferred Presentment Services Act. Under deferred presentment, your check stays with the lender for as many as 31 days before deposit. The maximum you may borrow at one time is $550, excluding the fee. The maximum fee equals 15 percent of what you borrow, which is $15 for every $100. You may hold only one such loan at any given time. The law does not permit extending the date when payment is due.
South Carolina records each loan in a live statewide database. Online lenders need a state license even with no local office. Before applying, visit the NMLS Consumer Access website to confirm a lender is legal. If you cannot repay on time, you may request an extended payment plan from your lender once every twelve months. Your balance gets divided into four or more equal payments under this plan, which adds no interest or fees.
- A private vendor (Catalis) operates the statewide real-time database where every payday loan must be checked and logged.
- You can have only one outstanding payday loan at a time, no matter which lender you use.
- Beginning with the eighth loan of a calendar year, a repaid loan blocks new borrowing on the repayment day and on the next working day
- Borrowers may get a free extended payment plan with at least four installments one time every twelve months.
- For installment loans over $600, no fixed ceiling applies; each lender may charge the maximum rate it files and posts with the state
- File complaints about payday loans with the Department of Consumer Affairs rather than the Consumer Finance Division, which handles lender licensing.
South Carolina payday loan laws
- Law in force
- South Carolina Deferred Presentment Services Act
- Cited as
- S.C. Code 34-39-110 through 34-39-280
- Fees under the law
- a charge or other payment that does not exceed fifteen percent of the transaction principal, applied just once per written contract
- Most you can borrow
- $550
- How long a loan runs
- 31 days
- Rollovers
- not allowed
- Cooling-off gap
- no new loan on the day a loan is repaid; from loan number eight of a calendar year, not that day or the next working day
- Loans you can hold at once
- one
- Repayment plan
- one time every twelve months, pay back in at least four nearly equal parts with no extra fees or interest
- Installment lending limits
- on loans over $600, a supervised lender may charge whatever rate it has filed with the Department of Consumer Affairs and posted (S.C. Code 37-3-305; see also 37-3-201)
Also checked against consumerfinance.sc.gov. Full statute text.
Online lenders that list South Carolina
Ten companies we track say they lend in South Carolina: 3 online installment lenders, 6 tribal lenders and 1 loan broker.
| Lender | Kind | Posted APR |
|---|---|---|
 NetCredit | Installment | 34.99% to 99.99% |
 OppLoans | Installment | 99% to 195% |
 Rise Credit | Installment | 60% to 299% |
 Viva Payday Loans | Broker | Partner lenders quote 4.99% to 1,386% |
Tribal loans in South Carolina
A misdemeanor results from willful violation of the South Carolina act, which forbids offering deferred presentment to a state resident without a state license, even with no location in the state.
On the immunity claim tribal lenders make, see are tribal loans legal.
Six tribal lenders we track list South Carolina as a state they lend in. Three of the six publish an APR, from 73.7% to 725%.
| Lender | Posted APR |
|---|---|
 Mobiloans | 73.7% to 405% |
 Spotloan | 99% to 490% |
 BrightLending | 325% to 725% |
 MaxLend | Not published |
 Minto Money | Not published |
| American Web Loan | Not published |
Need cash in South Carolina? Ask about cheaper routes
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South Carolina and the states around it
| State | Payday lending | Max cost | Top amount |
|---|---|---|---|
| South Carolina | Allowed | $15.00 per $100 borrowed | $550 |
| Georgia | Banned | None in the law | None allowed |
| North Carolina | Banned | None in the law | None allowed |
South Carolina loans with no credit check
Installment loan rates: on loans over $600, a supervised lender may charge whatever rate it has filed with the Department of Consumer Affairs and posted (S.C. Code 37-3-305; see also 37-3-201).
See no credit check loans: the checks lenders still run, and the price.
Verify a lender's license in South Carolina
- Look the lender up on the license list before you hand over any bank details.
- Lenders here answer to the South Carolina State Board of Financial Institutions, Consumer Finance Division.
- Had trouble with a lender? Report the lender.
Sources for South Carolina
- Lenders can hold a check for up to 31 days before presenting it for payment.; The maximum amount advanced to a single customer at one time is $550, excluding the fee.; Fees cannot exceed 15% of the principal amount.scstatehouse.gov
- Eligibility checks require providers to access the South Carolina Deferred Presentment Database (Catalis).consumerfinance.sc.gov
- Supervised lenders may set any rate filed and posted under 37-3-305 for loans exceeding $600.; For such loans, the cap is the specific rate the lender posted and filed, rather than a fixed figure.scstatehouse.gov
- The Consumer Finance Division directs consumers to NMLS Consumer Access to verify a licensee.consumerfinance.sc.gov
- You should file payday loan complaints with the South Carolina Department of Consumer Affairs.consumerfinance.sc.gov