South Carolina

Payday lenders make short-term loans to people who find themselves low on cash between paychecks. For a cash advance South Carolina, there are laws regarding the amount of money that can be borrowed and the length of time a customer has to pay. Lenders expect the loan to be repaid on a customer’s payday, making the loan period about fourteen days. The maximum amount of time state law allows for the loan is thirty-one days.

Lenders can let customers get up to $550. Some customers may not be eligible for the maximum loan amount because lenders consider their wages when making a loan decision. When customers take out a loan, they write a check for the amount being borrowed plus any interested owed. The maximum amount of interest the law allows in south carolina is 15%. Customers postdate their checks and put their next pay date on them.

Some lenders will file the checks electronically on the date that the loan is due. If a check is returned due to insufficient funds, the maximum fee the lender can charge by law is $10. Lenders may require customers to bring cash to the business on the day the loan is due.