South Carolina Short-term Loan Terms and Rules in 2025

Common Capital is a Help Organization dedicated to providing the public with comprehensive, accurate, and accessible online information about payday loans in South Carolina.

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Short-term Loans Terms in South Carolina

Legal Status Legal
Maximum Loan Amount $550
Finance Charges 15% of the amount advanced
Interest Rate (APR) 391%
Minimum Loan Term Not Specified
Maximum Loan Term 31 days

Short-term Loan Calculator

$250 Your Loan + $6.73 Your Fee =
$256.73 Total Cost

This loan calculator is provided as an estimator only. The details of your loan will depend on several factors including, but not limited to: loan amount, term, annual percentage rate (APR), fees, the state you live in, and the lender’s conditions. These details vary lender to lender and are subject to change at any time. The details of your loan will be provided to you by your lender.

Top Licensed Short-term Loan Lenders in South Carolina

Explore our handpicked lineup of the top licensed payday loan lenders in South Carolina, strategically chosen to ensure safe and prompt financial solutions for your urgent needs.

Lender
User Ratings
Branches
Cities
Category
Professional Financial Services
User Raiting:
5.00
Branches: 3
Cities: 3
Category: Loan agency
Check Loans
User Raiting:
5.00
Branches: 2
Cities: 2
Category: Loan agency
Bonanza Quick Loans
User Raiting:
5.00
Branches: 3
Cities: 2
Category: Loan agency
Advance Payday Loans
User Raiting:
5.00
Branches: 3
Cities: 2
Category: Loan agency
Advance America
User Raiting:
4.96
Branches: 51
Cities: 45
Category: Financial institution
Fast Cash Loans of SC, Inc.
User Raiting:
4.95
Branches: 2
Cities: 1
Category: Loan agency
Check `n Go
User Raiting:
4.93
Branches: 15
Cities: 14
Category: Loan agency
AgSouth Farm Credit
User Raiting:
4.90
Branches: 11
Cities: 11
Category: Loan agency
Franklin Financial
User Raiting:
4.89
Branches: 25
Cities: 25
Category: Loan agency
KeyStone Financial
User Raiting:
4.80
Branches: 2
Cities: 2
Category: Loan agency
M&M Tax Service
User Raiting:
4.79
Branches: 7
Cities: 6
Category: Financial institution
World Finance
User Raiting:
4.77
Branches: 80
Cities: 66
Category: Loan agency
Approved Cash
User Raiting:
4.74
Branches: 12
Cities: 12
Category: Loan agency
Heights Finance
User Raiting:
4.71
Branches: 23
Cities: 19
Category: Loan agency
ACE Cash Express
User Raiting:
4.66
Branches: 9
Cities: 7
Category: Check cash
AmeriCash Loans
User Raiting:
4.58
Branches: 8
Cities: 7
Category: Loan agency
Mariner Finance
User Raiting:
4.52
Branches: 5
Cities: 5
Category: Loan agency
Check Into Cash
User Raiting:
4.42
Branches: 6
Cities: 6
Category: Loan agency
Community Credit
User Raiting:
4.42
Branches: 4
Cities: 4
Category: Loan agency
1st Heritage Credit
User Raiting:
4.33
Branches: 3
Cities: 3
Category: Loan agency
United Finance Co
User Raiting:
4.30
Branches: 3
Cities: 3
Category: Loan agency
OneMain Financial
User Raiting:
4.18
Branches: 12
Cities: 12
Category: Loan agency
Regional Finance
User Raiting:
4.13
Branches: 9
Cities: 7
Category: Financial institution
Security Finance
User Raiting:
3.95
Branches: 40
Cities: 39
Category: Loan agency
Always Money
User Raiting:
3.92
Branches: 12
Cities: 12
Category: Loan agency
Lenders Loans
User Raiting:
3.92
Branches: 10
Cities: 10
Category: Loan agency
Credit Central
User Raiting:
3.86
Branches: 35
Cities: 31
Category: Loan agency
Money Tree Check Cashing
User Raiting:
3.75
Branches: 2
Cities: 1
Category: Check cash
Vivacity
User Raiting:
3.40
Branches: 2
Cities: 1
Category: Loan agency
Sunset Finance
User Raiting:
3.27
Branches: 5
Cities: 5
Category: Loan agency
Truist
User Raiting:
3.10
Branches: 27
Cities: 22
Category: Bank
Lendmark Financial Services
User Raiting:
2.43
Branches: 3
Cities: 3
Category: Loan agency
B & B Loans
User Raiting:
1.00
Branches: 4
Cities: 4
Category: Loan agency
SAM Self-Service Check Cashing
User Raiting:
1.00
Branches: 3
Cities: 2
Category: Check cash

South Carolina Short-term Loan Regulations

In South Carolina, payday loans are regulated under the South Carolina Deferred Presentment Services Act. This act sets forth the legal framework for payday lending in the state. Under these regulations, payday lenders can offer loans up to $550. The maximum term for a payday loan in South Carolina is 31 days. Additionally, the law stipulates that the finance charge for a payday loan must not exceed 15% of the amount advanced, which means a lender can charge a maximum fee of $15 for every $100 borrowed.

Furthermore, payday lenders in South Carolina are required to comply with federal regulations, including the Truth in Lending Act, which mandates that lenders disclose the terms of the loan, including the finance charge and the annual percentage rate (APR). The Fair Debt Collection Practices Act also applies, governing how debts are collected and prohibiting abusive, deceptive, and unfair collection practices. These federal laws, along with South Carolina's state regulations, provide a framework to protect consumers in the payday lending market.

What Are the Alternatives for Short-term Loans in South Carolina?

When searching for alternatives to payday loans, residents have several options to consider. These include installment loans, which offer structured repayment plans, and personal loans, providing flexibility and potentially lower interest rates. Exploring these alternatives can help borrowers manage their finances more effectively and avoid the high costs associated with payday lending

Guaranteed Installment Loans

In South Carolina, guaranteed installment loans provide a structured repayment plan, ideal for those needing predictable monthly payments. Unlike payday loans, these loans require a credit check and proof of income, offering longer terms and potentially lower interest rates. They are suitable for South Carolinians looking to manage larger expenses or consolidate debts more effectively.

Fast Title Loans

Fast title loans in South Carolina offer immediate funding using a vehicle as collateral. Different from cash advances, they require ownership of a car but can offer larger loan amounts based on the vehicle's value. This option is a quick solution for urgent cash needs without the stringent credit checks of traditional loans.

Emergency Loan without a Bank Account

For South Carolina residents without traditional banking, an emergency loan without a bank account offers a crucial alternative. These loans differ from short-term loans as they don't always require a checking account for approval, ideal for those facing unexpected expenses but lacking standard banking services.

Debt Consolidation Loan

A debt consolidation loan in South Carolina is designed to combine multiple debts into a single loan. Unlike payday lending, it offers longer repayment terms and potentially lower interest rates, making it an excellent strategy for South Carolinians looking to streamline their finances and reduce overall debt costs.

Instant Personal Loans

Instant personal loans provide quick financial relief in South Carolina, often with same-day approval. Unlike payday loans, they may require a credit check but offer more flexibility in loan amounts and repayment terms, making them an ideal solution for immediate personal financial needs.

Cash Loans with No Credit

In South Carolina, cash loans with no credit cater to individuals without a strong credit history. Unlike payday loans, these loans don't always require a credit check, making them accessible to a broader range of people in need of immediate cash but with limited credit options.

Bad Credit Loans

Bad credit loans in South Carolina offer individuals with poor credit scores a chance to borrow, despite past financial challenges. Different from payday loans, these loans may have more favorable terms and focus on the borrower's ability to repay, providing a valuable opportunity for those aiming to rebuild their credit history.

Quick P2P Loans

Quick P2P (peer-to-peer) loans in South Carolina connect borrowers directly with individual lenders, bypassing traditional financial institutions. These loans differ from short-term loans by offering potentially lower interest rates and more flexible terms, appealing to those in South Carolina seeking alternative lending options outside of conventional banking systems.

How to Get a Short-term Loan with Bad Credit?

Easy Steps to Get Payday Loans With Bad Credit in South Carolina

For residents of South Carolina dealing with financial challenges and less-than-ideal credit scores, payday loans can offer a convenient solution. The application process is straightforward, involving minimal paperwork. Locate a reputable payday lender in South Carolina and complete their application, providing personal and financial information. Approval primarily depends on your income and repayment ability rather than your credit score. Once approved, you can access the funds within hours, promptly addressing your financial emergencies.

Requirements to Get Paycheck Loans With Low Credit Score in the Palmetto State

South Carolina payday loans are accessible even for those with a low credit score. Qualification typically entails South Carolina residency, a stable source of income, a valid ID, and an active checking account. These criteria are more lenient than those for traditional loans, making payday loans a practical choice for many South Carolinians facing unexpected expenses. Nevertheless, it's crucial to use payday loans responsibly and ensure timely repayment to avoid additional fees and financial stress.

Basic Information about South Carolina State

Metrics
Value
State Capital
Columbia
Population
Approximately 5.2 million (as of 2021)
Location
South Carolina is located in the southeastern part of the United States, known for its coastline, historic plantations, and southern charm.
Largest City by Population
Charleston
Biggest National Parks
Congaree National Park, Fort Sumter and Fort Moultrie National Historical Park, Cowpens National Battlefield

Submit a Complaint Against a Lender in South Carolina

If you need to submit a complaint against a payday lender in South Carolina, the primary regulatory body is the South Carolina State Board of Financial Institutions. They ensure compliance with state laws governing payday loans. You can reach them at:

  • South Carolina State Board of Financial Institutions, 1205 Pendleton Street, Suite 305, Columbia, SC 29201
  • (803) 734-2020
Submit a Complaint

FAQ

Are Payday Loans Legal in South Carolina?

Yes, payday loans are legal in South Carolina, but they are subject to regulations to protect consumers. The South Carolina Department of Consumer Affairs oversees and enforces these regulations to ensure fair lending practices.

Can Payday Loan Debt Be Forgiven?

Payday loan debt can be challenging to manage, and complete forgiveness is not common. However, borrowers facing difficulties can explore options like debt consolidation or repayment plans to make the process more manageable. Communication with the lender is essential if you're struggling to repay the loan.

Can You Get a Payday Loan Without a Bank Account?

In most cases, obtaining a payday loan in South Carolina requires having a bank account. Lenders typically use bank accounts for loan disbursement and repayment. While some alternative financial services may offer payday-like loans without a bank account, they often come with higher fees and risks.

Are Payday Loans Fixed or Variable?

Payday loans in South Carolina typically involve fixed fees, meaning the cost of borrowing remains consistent throughout the loan term. However, the annual percentage rate (APR) can vary depending on the loan amount and term. It's crucial to review the loan terms and understand the total cost before borrowing.

Is a Payday Loan Secured or Unsecured in South Carolina?

Payday loans in South Carolina are unsecured loans, meaning they do not require collateral. Approval for a payday loan is primarily based on the borrower's income and employment status. Unlike secured loans, such as auto title loans, payday loans do not put assets at risk.

How Long Do Payday Loans Stay in the System?

Information about payday loans can remain in the financial system for several years. Late payments or defaults on payday loans may be reported to credit bureaus, impacting your credit score and making it more challenging to secure new loans in the future. Timely repayment is crucial to avoid long-term consequences.

South Carolina Short-term Loans Near Me

Abbeville Aiken Allendale Anderson Andrews Aynor Ballentine Bamberg Barnwell Batesburg Leesville Beach Beaufort Beech Island Belton Belvedere Bennettsville Bethune Bishopville Blacksburg Blackville Bluffton Blythewood Boiling Springs Bowman Branchville Buffalo Calhoun Falls Camden Cameron Campobello Catawba Cayce Chapin Charleston Cheraw Chesnee Chester Chesterfield Clearwater Clemson Clinton Clover Columbia Conway Cottageville Coward Cowpens Daniel Island Darlington Denmark Dillon Duncan Easley Eastover Edgefield Edisto Island Ehrhardt Elgin Elloree Enoree Estill Eutawville Florence Folly Beach Fort Mill Fountain Inn Fripp Island Gaffney Galivants Ferry Gantt Gaston Georgetown Goose Creek Graniteville Gray Court Great Falls Greeleyville Greenville Greenwood Greer Hampton Hanahan Hardeeville Harleyville Hartsville Heath Springs Hemingway Hill Hilton Head Island Hodges Holly Hill Hollywood Honea Path Hopkins Huger Indian Land Inlet Inman Irmo Island Isle Of Palms Iva Jackson James Island Johns Island Johnsonville Johnston Kershaw Kingstree Ladson Lake City Lake View Lake Wylie Lancaster Landrum Latta Laurens Leesville Lexington Little River Longs Loris Lugoff Lyman Manning Marion Matthews Mauldin Mcclellanville Mccormick Mill Moncks Corner Moore Mt Pleasant Mullins Murrells Inlet Myrtle Beach Neeses New Ellenton Newberry Ninety Six North North Augusta North Charleston North Myrtle Beach Okatie Olanta Orangeburg Pacolet Pageland Pamplico Pawleys Island Pelion Pelzer Pendleton Pickens Piedmont Pleasant Port Royal Powdersville Prosperity Ravenel Rest Richburg Ridge Spring Ridgeland River Rock Hill Ruby Saluda Santee Seneca Shaw Afb Simpsonville Six Mile Society Hill Spartanburg Springs St George St Matthews St Stephen Starr Summerton Summerville Sumter Surfside Beach Swansea Taylors Timmonsville Travelers Rest Turbeville Union Wadmalaw Island Wagener Walhalla Walterboro Ware Shoals Warrenville West Columbia Westminster Whitmire Williamston Williston Winnsboro Woodruff Yemassee York