Loans in South Carolina: Payday and Installment Options

Yes, you can get a loan in South Carolina from a state-licensed lender: a payday loan of up to $550 for up to 31 days, an installment loan or a short-term car title loan. Only the payday loan has a fixed price cap, so read the APR on anything else.

South Carolina Loan Costs, From $300 to $3,000

Payday rows are worked out from South Carolina law at the legal maximum. *Installment rows use a 36% reference rate, because above $600 the state sets no fixed cap. None of these are offers from lenders in our network; a lender can charge less.

The payday fee is charged once, so a shorter loan carries a higher APR. For installment loans, each supervised lender files the maximum APRs it intends to charge with the Department of Consumer Affairs and posts them where it lends. Miss the January 31 filing, and it's held to 18% a year until it files.

Which South Carolina License Covers Your Loan

All of these licenses come from the State Board of Financial Institutions. Banks and credit unions lend under their own charters and don't need them. Consumer finance companies lend up to $7,500 at charges per $100 that the statute sets and adjusts for inflation.

Payday lending is shrinking. The Board told lawmakers that payday transactions fell from 628,032 in 2019 to a projected 95,000 in 2023, about 85% fewer. A 2025 Senate bill to end new payday loans (S. 379) was referred to committee and hasn't become law. See South Carolina payday loan rules and South Carolina installment loan rules.

Car Title Loans Under 120 Days: The 240-Day Ceiling

South Carolina allows short-term car title loans, which the law calls short-term vehicle secured loans. There's no fixed rate cap, but the term, renewals, fees and what the lender can take are limited.

• At least a month to start. The lender can then allow up to six renewals of the same length, for no more than 240 days.
• Interest stops after the sixth renewal. You can then repay what's left of the principal, interest-free, in six equal monthly payments.
• No more than the car is worth. The loan can't exceed the vehicle's fair market retail value, and the only fee allowed is the lien recording fee.
• The car is the lender's only remedy. Unless you committed fraud, the lender can repossess and sell the car but can't sue you for the rest, and must return any surplus.
• Free to cancel. Repay the principal by the close of business the next business day and you owe no interest.

Choose the South Carolina Loan, Then Send One Request

1. Pick the loan: $550 or less for up to 31 days is a payday loan; more money, or monthly payments, means an installment loan.
2. Submit one request through LendUp. Lenders in our network review it, and any offer shows the APR, payments and total cost before you sign.
3. Before you sign, check the lender's South Carolina license and compare the APR with the table above.

Finding a South Carolina License in NMLS

1. Search NMLS Consumer Access for the company's legal name or NMLS number.
2. Open its South Carolina licenses: deferred presentment for a payday loan, supervised lender for an installment or title loan.
3. Check the status, and match the name and address to your offer. A payday lender needs this license to lend to South Carolina residents even with no office in the state.

• Excess charges come back. On an installment loan, you don't owe a charge above what the law allows, and a court can add a penalty of $100 to $1,000.
• Payday cancellation. Return a payday loan by the close of the next business day at no cost.
• No jail over a bounced payday check. The lender can use civil collection only, and can't add a returned-check charge.
• Military borrowers. Federal law caps most loans to active-duty servicemembers and covered family members at a 36% Military APR.

Common Questions

Official Sources

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