South Carolina payday loan laws

Legal Status: Legal

Citation: S.C. Code §§ 34-39-110 et seq.

Loan Terms:

Maximum Loan Amount: $550
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of the principal
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: One.
Rollovers Permitted: None
Cooling-off Period: 2 days following the eighth loan in a calendar year
Repayment Plan: Yes (Once per twelve-month period, at least four equal installments, no additional fee)

Collection Limits:

Collection Fees:
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: South Carolina State Board of Financial Institutions
Address: 3rd Floor, Edgar Brown Building 1205 Pendleton St., Columbia, SC 29201
Phone: (803) 734-2020 
Fax: (803) 734-2025

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