Payday Loans in Charleston, South Carolina: FAQ
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When it comes to payday loans in Charleston, SC, everyone wants one. But there are many questions about how common they are in the state of South Carolina and what…
South Carolina payday loans give people freedom in between paychecks, allowing you to pay your bills on your time. There are several alternatives to payday loans: cash advances from a credit card, local charities for essential bills, payment plans for medical debts or even a simple credit reconsolidation. While these solutions may work for more specific scenarios, payday loans are a surefire way to secure a safe and reliable line of money that you can use for a much more general purpose.
Payday loans are so easy to get in South Carolina you can even apply online! You will just need the proof of your job, how much you make and how often you get paid. Then, you are free to get your very own SC payday loan.
Loan Packages Available in SC
Payday Loans
Payday loans are the quickest and usually smallest types of loans. While they do have high-interest rates, they are meant to be repaid quickly to not incur the full wrath of these APRs. They are meant for covering smaller bills in between paychecks, as you can see by the maximum amount of $550.
| Law Status | Legal |
| Minimum Loan Amount | N/A |
| Maximum Loan Amount | $ 550 |
| Minimum Loan Term | 14 Days |
| Maximum Loan Term | 31 Days |
| Maximum Annual Percentage Rates (APR)% | 391% on a 14-day loan |
| Additional Fees | Maximum 15% |
| NSF Fees | Not greater than $10 |
| Collateral or Guarantor | N/A |
| Cooling-off Period | N/A |
| Rollover | Not allowed |
| Extension, repayment plan | Extension of 12 months in case of inability to repay a deferred presentment transaction |
| Default Penalties | Maximum 15% |
| Credit Score Requirements | N/A |
Installment Loans
These loans are more towards the middle in terms of dollar amounts. With ranges of $1,000 to $5,000, installment loans can get you a lot more than payday loans in SC. Some lenders won’t check your credit when applying for an installment loan but will charge you a higher rate instead. Apply for this if you need more than $550.
| Law Status | Legal |
| Minimum Loan Amount | $1,000 |
| Maximum Loan Amount | $5,000 |
| Minimum Loan Term | 6 months |
| Maximum Loan Term | 36 months |
| Maximum Annual Percentage Rates (APR%) | 8.75% |
| Collateral or Guarantor | N/A |
| Credit Score Requirements | N/A |
Personal Loans
Personal loans can get you much more cash than both payday loans and installment loans. They are also the loans with the highest amount of interest paid in general, as you are getting much more than any of the other types of loans. If you have a high credit score you may receive better rates as well.
| Law status | Legal |
| Minimum Loan Amount | $1,300 |
| Maximum Loan Amount | $10,000 |
| Minimum Loan Term | 6 months |
| Maximum Loan Term | 60 months |
| Minimum Annual Percentage Rates (APR%) | 34% |
| Collateral or Guarantor | N/A |
| Credit Score Requirements | 580 |
Payday Loans in South Carolina: Easy and Reliable
Getting a payday loan in SC has never been easier. With competitive rates and a variety of loan options, you can find the perfect personalized loan made just for you.
Many lenders have their information online, allowing you to sit at home and compare offers and rates at your own convenience. Gone are the days where you would find yourself stuck in line at a bank in person! With your phone, tablet or computer you can enjoy the comforts of your own home and the security of a payday loan!
There are many options when you find yourself in a financial pinch, some people turn to charitable organizations while some look to charitable family members. Others have a hard time asking for help and look to cash advances from credit cards as a means to both shore up expenses and maintain independence. Payday loans are great when it comes to expenses and independence while usually having less interest than a credit card advance as well.
You never know what life can throw at you. Financial emergencies can be just around the corner and with payday loans you can be prepared for whatever may come your way!
What is an example of a payday loan fee in SC?
Say you needed to borrow $100 in SC and you wanted a 14-day loan term. With an APR of 391% over two weeks you’d pay back $129.96, a $29.96 fee for getting $100 14 days early.
FAQ
Are payday loans legal in SC?
In South Carolina, payday lending is considered to be legal. One loan is allowed at a time with a maximum term of 31 days. The limit for payday loans in SC is $550.
Can I get a payday loan in SC if I live in NC?
Residents of North Carolina can easily receive payday loans in SC. They can either do it by crossing the border between the states or get such a loan from lenders in South Carolina online.
What are some alternatives to a payday loan?
- Cash advances: Cash advances from a credit card can be a good way to get money quickly but they can usually come with high-interest rates and sometimes fees.
- Charitable organizations: If you’re looking for cash to pay essential bills, many charities have programs set up to help relieve the financial burden for those who need it.
- Working with a Credit Expert: Lastly, sitting with a credit expert and consolidating your debt may be an option as well. Credit experts can take your debt and condense it into a single, sometimes smaller bill. Restructuring your debt can lead to a more manageable monthly payment and may even lower your overall balance!
How do payday loans work in SC?
Payday loans, sometimes known as paycheck advances, are simple. A lender takes a look at your identification, when you get paid and how much you earn to decide if and how much they are willing to let you borrow. You must be 18 and a resident of the state to apply.