Legal Status
Legal
Citation
S.C. Code §§ 34-39
Loan Terms
Maximum Loan Amount: $550
Loan Term: No more than 31 days
Maximum Finance Rate and Fees: 15% of the amount advanced
Finance Charge for 14-day $100 Loan: $15.00
APR for 14-day $100 Loan: 391%
Debt Limits
Maximum Number of Outstanding Loans at One Time: 1, as a lender may not lend to someone with an outstanding loan. S.C. Code Ann. § 34-39-270
Rollovers Permitted: No. S.C. Code Ann. § 34-39-180
Cooling-off Period: Every loan after 8 has a one business day waiting period. S.C.Code Ann. § 34-39-270
Repayment Plan: Once per 12 months the lendee must elect to enter into an extended payment plan. This allows the lendee to make 4 equal payments without any additional interest.