South Carolina Payday Loans Main Regulations

South Carolina (SC, 45) residents have access to payday loans within their state territory. The maximum amount per one borrower cannot be higher than $550. The maximum allotted time frame for a cash advance is 31 days, and the interest cannot go over 15% of the sum borrowed. State laws prohibit rollovers.

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Payday loans are legal in South Carolina according to the SC Code Ann. 34-39-110 et seq., and go under the legal denomination of “deferred presentment services.” State regulations allow for a maximum loan of $550 for a maximum of 31 days and at an APR that can reach 391%. Finance charges should not exceed 15% of the loan amount. For a two-week loan of $100, the fee would be $15 at an APR of 391%. A debtor can have one loan at a time in South Carolina. The amount must be repaid in full before the borrower applies for another one. A one-day cooling-off period is mandatory. Rollovers are not allowed for cash advances. To operate on South Carolina territory, lenders must own a license from the State Board of Financial Institutions.

Payday Loans Restrictions in South Carolina

Terms Payday Loans Installment Loans Personal Loans
Law Status legal legal legal
Citation FINANCE CODE    
MIN amount None $1,000 $1,000
MAX amount $550 $5,000 $35,000
MIN term None 90 days 90 days
MAX term 31 days 36 month 60 month
min APR   6.63% 4.99%
max APR 390%    
Extra fees 15% maximum    
Collection fees Not more than $10 of a check    
Guarantor None, unsecured None, unsecured None, unsecured
Nr. of simultanous loans Not limited    
cooling-off period 2 business days after 8 consecutive loans    
Rollover Not allowed    
Extension/repayment plan Repayment plan once a year    
Penalties Not stated    
Credit Score A for Bad Credit A for Bad Credit A for Bad Credit
Criminal action      

South Carolina Finance History

South Carolina has a strong economy, mainly supported by agriculture in the first developmental stages. The state now relies on several industries. Manufacturing, mining, and fishing are among the primary income sources for the local economy. South Carolina is one of the leading car exporters in the US. Tourism brings a significant contribution to the state budget.


Other than payday loans, state citizens of South Carolina can take installment or personal loans. Depending on a borrower’s qualification and the lender’s conditions, one can get from $1,000 to $35,000 for a period between 90 days and 60 months as a personal loan. Installment loans are available in amounts of up to $5,000 for three years maximum. Residents can borrow money from a bank or a credit union. Although the interest is lower than for a payday loan, borrowers undergo a more complex application process to access the funds. The credit history and income play an important role in determining an applicant’s creditworthiness. A borrower then makes a monthly loan payment until the debt is paid off.

Payday Loans History

South Carolina counted more than 4 million loans per year in the early 2000s. The 2006 Military Lending Act imposed restrictions on payday loan interest for active-duty military. According to the regulation, all lenders on South Carolina’s territory must not offer them loans over 36% APR. The law covers both the military and their dependents. In 2009, state officials adopted the South Carolina Deferred Presentment Services Act. The new law stipulated that a borrower can only have one active payday loan, up to $550. According to the same act, a cash advance could not have fees over 15%. Other regulations for the payday lending industry came into effect in 2017 with the Consumer Financial Protection Bureau (CFPB). The laws required lenders to estimate their borrowers’ ability to repay the debt.

How do online payday loans work in South Carolina?

Payday loans allow people who are short on cash to obtain the money they need. A lender can deposit the funds into the borrower’s bank account in one business day. Sometimes it only takes a few hours, depending on the application process. To borrow from a payday lender, applicants need to meet a set of requirements and accept the lender’s offer. Paying off a payday loan is also easy, as it’s done in one payment on the due date.

Online and in-store applications are similar in process and result. Both must comply with state and city regulations. For instance, a South Carolina payday loan cannot exceed the value of $550. Borrowers must pay off the loan in 31 days maximum, according to the loan agreement.

In-store options include a more personalized approach and immediate answers to any questions. The downside of in-person applications includes bringing papers such as proof of income or residence, bank statements. Sometimes, borrowers have to pick up their money in-store. Online applications bring the convenience of submitting a request at any time, 24/7. Thus, an applicant doesn’t have to stand in line to request a loan. The transaction would always go directly to the applicant’s bank account.

Payday loans requirements in South Carolina

Payday lending is a popular industry with customers who run out of cash before their paycheck. To accept a payday loan application in South Carolina, a lender will look at a borrower’s qualification. First of all, an applicant must be 18 or older, present proof of income and a valid ID, and have a bank account in their name. Anyone who meets the requirements has access to borrow money from payday lenders. The category also includes unemployed people who receive a recurring monthly income, either from benefits, financial aid, or other payments. Lenders are allowed to charge fees up to 15% of the loan amount. Borrowers have to pay off their debt within 31 days, following the terms in the loan agreement. South Carolina payday loans do not allow rollovers or more than one loan at a time.

South Carolina Rates and Terms for Payday Loans

Payday loans in South Carolina are legal. You may borrow up to $550. Larger loans are available if you get an installment ($1,000 – $5,000) or personal ($5,000 – $35,000) cash advance. According to S.C. Code ยงยง 34-39-110 et seq1 the maximum term for a small loan is 31 days. The maximum APR is 390%. The lenders may charge you 15% of the principal amount.

No rollovers are allowed. But once in a year, you can get a repayment plan. After the eighth loan is repaid, there must be a cooling-off period of 2 days.

APR example and fee schedule for Payday Loans South Carolina

For a payday loan of $300 approved for two weeks, a South Carolina resident will have to repay the lender a total of $345 at an APR of 391%.

Regulator: Complaints & Information

The SC State Board of Financial Institutions is responsible for solving any issues related to payday loans within the state.

Address: 1205 Pendleton St #306, Edgar Brown Building, Columbia, SC 29201

Phone: 803-734-2020

Fax: 803-734-2025


Payday loans in South Carolina for unemployed people

South Carolina residents can apply for a payday loan even if they are not officially employed. Lenders also consider payday loan applicants who receive scheduled funding as Supplemental Security Income (SSI). Payday lending is also available for people with disabilities who receive benefits every month. Also, retired residents could qualify as borrowers and veterans as well. Single mothers can borrow from payday lenders, provided that they, too, have a monthly income, for example, child alimony.

State laws restrict lending money to the active-duty military. According to the Military Lending Act (MLA), all loan providers, including payday lenders, cannot offer loans at an interest rate higher than 36%. The rule affects the military in the Army, Marine Corps, Navy, Air Force, and Coast Guard and their dependents.

In a nutshell, consumers who can afford to pay for their daily necessities and repay a loan plus fees on the due date have chances to qualify. That is if the lender finds a borrower eligible based on all the other requirements as well. An applicant’s credit history is not decisive, but having a steady income is mandatory.

Payday Loans Near Me in Other Cities in South Carolina

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Reasons to Choose Us

Looking for a payday loan in South Carolina? Not sure how to find a trustworthy lender? Ascin will simplify the process. We will connect you with top lenders to help you access the money you need as fast as possible. Submit your loan application on our website, and we will share it with reputable lenders in the area.


Any applicant who meets the basic requirements could qualify for a payday loan. The lender evaluates your application and contacts you in case of approval. Once you get acquainted with the loan terms and sign the agreement, the lender deposits the funds into your bank account. The loan amount and fees must be repaid on the due date mentioned in the contract.

Residents take payday loans to solve short-term financial issues. They often use a cash advance for medical bills, paying for utilities, car, or home urgent repair works.

To apply for a South Carolina loan, you need to submit a loan request with your details. You can do that on our website. With us, your application will reach an entire network of payday lenders who will consider your request. Once you get approved, it takes around one business day on average to access your funds.

South Carolina state laws allow for a maximum payday loan amount of $550 for a maximum period of 31 days.

No. State laws forbid having more than one payday loan at a time. Before applying for another loan, a borrower must fully repay the previous one.

No. Rollovers are not allowed in South Carolina.

All states

Cash advance loans are meant to lend money to people who encounter financial difficulties until they get their next paycheck. These loans are usually easy to qualify for, and customers can receive the funds within one business day. As a rule, a payday loan must be repaid in full, together with the fees, on the borrower’s next payday.

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Payday loans are intended for borrowers to get money in case of emergencies. Applying for a loan does not guarantee approval. If you often find yourself in debt or in difficulty repaying your debts, consider seeking credit counseling from a professional financial advisor.