(last updated 11/20/2019)
South Carolina Payday Loan Laws and Regulations in (SC)
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.