South Carolina Payday Loans
South Carolina enacted laws authorizing cash advance lending. Each payday loan business in the state must be licensed. It is required to display a notice listing all the fees and must first verify the client's bank account before issuing a check cash advance. Both the creditor and the borrower must sign the payday loan agreement, which should set forth the date of the transaction, the lender's name, the amount of the cash advance check and of the total charges stated in annual percentage rate (APR) and dollar amount. South Carolina authorizes a check cash advance company to pursue all legal remedies if the loan check is returned because of a stop payment, closed account, or insufficient funds.
A borrower can request up to $300 in payday loan funds.
The loan term is 31 days.
South Carolina prohibits extensions or rollovers.
A cash advance business may charge a one-time fee not exceeding 15% of the loan amount. It may also impose collection fees, namely the lesser of a $10 NSF (non-sufficient funds) fee or the actual charge.
The APR for a two-week loan in the amount of $100 is 459%.