Rules regulating ayday lending business in South Carolina

Citizens of South Carolina are surely satisfied with the fact that they can get the needed amount of money from when there is not one day till receiving their next paycheck. The application procedure is very quickly and easy. After you complete the needed form, the loan amount will be deposited to your banking account immediately.

Legislation regulating payday loans in South Carolina doesn’t differ much from the laws of other US States. The annual percentage rate for a payday loan is 459% here, which is higher in comparison with other States. It is allowed to charge $17.65 or 15% in interest rates for a $100 payday loan. The maximum loan sum equals $300. Payday loans are forbidden to be provided for more than one month in South Carolina.

The State takes the ninth place according to the number of payday lending companies operating on the market. It is estimated that near 902 lenders are registered here. This number is likely to increase, since the demand for payday lending services is growing at a high speed in South Carolina.

Even if you are not a resident of South Carolina, you can apply to for a help in order to resolve your financial issues. Its loans are acceptable for all American citizens. Just visit and start applying for a loan. As soon as you are approved, you will get money, which should be repaid on your next payday.

The activities of payday lenders are strictly monitored by the authorities of South Carolina. A firm which wants to establish its own payday lending business is required to get a license at the Financial Institutions’ Board. The company’s net value should be at least $25,000 and it is to disclose all financial information. Additionally, in accordance with other regulations, a potential payday lender should provide his physical address and the name of the company.

A payday lender has also to have an opened banking account. The list with the amount of all charged financial fees and interest rates is to be noticeable to a company’s clients. 31 days is the maximum lending period of a payday loan, and $300 is its maximum sum. This level is pretty low when comparing to other States where payday loans making up $500 are allowed.

A written lending contract is to be sighed between a lender and a borrower in South Carolina. The lender’s name, the date of the bargain, the loan sum, and financial charges should be provided in the agreement. All the fees and percentage rates are required to be denominated in American dollars.

The State law imposes limitations on the fees for payday loans as well. A lending company is allowed to charge 15% of the check nominal value from a borrower. Extra fees not exceeding $10 can be also implied in South Carolina.


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