Legal Status
Legal
Citation
S.C. Code §§ 34-39
Loan Terms
Maximum Loan Amount: 500
Loan Term: 31
APR for 14-day $100 Loan: 0%
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.
Collection Limits
Collection Fees: Silent
Criminal Action: Prohibited, civil action only. S.C. Code Ann. § 34-39-180