South Carolina

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.