South Carolina Payday Loan Laws and Regulations in (SC)

(last updated 01/14/2016)
Payday loans and cash advances are legal in South Carolina. The South Carolina State Board of Financial Institutions has been regulating Payday Loans and Cash Advances since June 11th, 1998. As of 01/16/2015 there were 49 licensed lenders and 307 licensed locations in South Carolina.
 
The maximum payday loan allowed in South Carolina is $550. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is not specified. The maximum permissible fees allowed in South Carolina is $15 for a $100 14 day loan, the maximum APR for a $100 14 day loan is 390%. The cooling off or waiting period for obtaining another loan is not specified days. The number of rollovers that are permitted is 0. The minimum loan term is not specified. The maximum loan term is 31 days.
 
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in South Carolina, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the South Carolina State Board of Financial Institutions.
 
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of South Carolina. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.

South Carolina Payday Lending Regulator (SC)

Regulating Authority
South Carolina State Board of Financial Institutions
1205 Pendleton Street
Edgar Brown Building 3rd Floor Suite 306
Columbia, SC 29201
(803) 734-2020
www.bofi.sc.gov/Pages/ConsumerFinance.aspx

Agency for Handling Complaints
South Carolina State Board of Financial Institutions
1205 Pendleton Street
Edgar Brown Building 3rd Floor Suite 306
Columbia , SC 29201
(803) 734-2020
www.consumerfinance.sc.gov/complaints/

 


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South Carolina Payday Loans (SC) by City

Aiken
Anderson
Beaufort
Bennettsville
Bluffton
Cayce
Charleston
Clemson
Clinton
Columbia
Conway
Easley
Florence
Fort Mill
Gaffney
Georgetown
Goose Creek
Greenville
Greenwood
Greer
Hilton Head Island
Irmo
Johns Island
Lancaster
Laurens
Lexington
Mauldin
Moncks Corner
Mount Pleasant
Myrtle Beach
Newberry
North Augusta
North Charleston
North Myrtle Beach
Orangeburg
Rock Hill
Seneca
Simpsonville
Spartanburg
Summerville
Sumter
Taylors
Union
West Columbia

South Carolina Debt Relief, Financial Counseling, and Consumer Credit Information


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