Payday Loans in South Carolina

Yes, payday loans are legal in South Carolina, where the law calls them deferred presentment. A licensed lender can advance up to $550 for up to 31 days, for a fee of no more than 15% of the amount.

What South Carolina's 15% Fee Means From $100 to $550

Worked out from South Carolina law, not offers from lenders in our network; a lender can charge less.

The fee is the same share of every loan, so the APR depends only on the term: about 782% at 7 days, 391% at 14 days and 177% at the full 31 days. The CFPB notes that a typical two-week loan at $15 per $100 works out to almost 400% APR.

• The agreement must show the fee in dollars and as an APR, with a due date no more than 31 days away.
• No renewals or extensions, and no paying it off with another loan from the same company.
• You pay at most half of the database verification fee.
• No returned-check charge if your payment bounces.

The Statewide Database and the Same-Day Rule

Before every loan, the lender checks a statewide database that the State Board of Financial Institutions contracts for, and tells you it will. The database blocks a new loan if:

• You already have a payday loan open with any lender.
• You repaid a payday loan earlier the same business day.
• It would be your eighth or later loan this calendar year and you repaid the last one today or the previous business day.
• You're on an extended payment plan that isn't paid off.

Fewer South Carolinians use these loans than a few years ago: the Board reported 628,032 payday transactions in 2019 and projected 95,000 for 2023. Need more than $550, or monthly payments? See South Carolina installment loan rules.

Can't Pay on the Due Date? Ask for the Four-Installment Plan

Once in any 12-month period, you can switch a payday loan you can't repay into an extended payment plan. Ask before the due date and sign an amendment to your agreement.

• At least four equal payments. The balance, fee included, is split into at least four substantially equal installments.
• Timed to your income. Each installment falls on or after a day you receive regular income.
• No added cost. No interest or extra fees during the plan, and you can pay it off early without penalty.
• Keep up the payments. Miss one and the lender can demand the rest at once. You can't take a new payday loan until the plan is paid.

Requesting a South Carolina Deferred Presentment Loan

1. Make sure you have no other payday loan open and haven't repaid one today. The lender holds your check, which must be drawn on an open, active account.
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. Read the due date and fee before you sign. Changed your mind? Return the money by the close of the next business day at no cost.

Is the Lender Licensed by South Carolina's Board?

1. Search NMLS Consumer Access for the lender's legal name or NMLS number.
2. Look for an active South Carolina deferred presentment license. Each store location needs its own license.
3. Match the name and address to the website or store. A lender needs the license to lend to South Carolina residents even with no office here.

Wilfully making payday loans without a license is a misdemeanor in South Carolina, and each unlicensed loan is a separate offense. The Board can also order a lender to repay unlawful or excessive fees.

• No jail over a bounced check. Writing a check under a payday agreement can't make you criminally liable.
• No collateral or co-signer. The lender can't require security or someone else's guarantee.
• Military borrowers. Federal law caps payday loans to active-duty servicemembers and covered family at a 36% Military APR.

Common Questions

Official Sources

← South Carolina loan rules