South Carolina Payday Loan Amount
- A licensee's total amount advanced to any customer for deferred presentment or deposit at one time may not exceed $550, excluding fees allowed under Section 34-39-180 (E).
South Carolina Rates, Fees, and Other Charges
- A licensed lender may not charge more than 15% of the amount of the check, either directly or indirectly (Section 34-39-180). This fee can only be legally imposed once per written agreement, which means no more than 15% for each loan. It is not permissible to extend it.
- No rollovers or extensions are permitted: Licensed payday lenders are prohibited from renewing or extending the presentation of a check, or delaying its deposit for the consideration of old or even new loans for any period of time longer than that specified in the customer agreement (Section 34-39-180).
- However, there is a limit on NSF fees, which should not exceed $10 per check.
- In the event that a borrower is unable to repay a deferred presentment transaction, an extended payment plan for a 12-month period must be presented to them.
How much does a $200 payday loan cost in South Carolina?
With a 14 days term:
Total Interest Paid: $200*391%*(14/365) = $30
Total Payments: $200+$30 = $230
The Maximum Payday Loan Term in South Carolina
- Payday loans can only be taken out for a total of 31 days; no extensions are permitted after that.
- The state forbids criminal prosecution of borrowers.
In the event of a payday loan problem or question, contact the South Carolina State Board of Financial Institutions.