Payday Advance South Carolina
Fast financial help is only a few hours away when you apply for a South Carolina payday advance. The cash you require to overcome such unexpected obstacles as medical emergencies, illnesses, malfunctioning home systems, faulty appliances, broken down vehicles, etc., is a mere short application process away.
The best thing about South Carolina payday cash advances is that they are repayable within a short period of time, usually within a month or when you receive your next paycheck, so the loan isn't a long time burden. With South Carolina payday advances, you are able to meet the pressing need, pay off the loan, and get back to enjoying a normal life.
South Carolina Payday Loans Explained
As the name implies, payday loans are short-term cash advances that are normally repaid on the date of the next scheduled paycheck. Payday advances, therefore, use your verified pay information from your employer or other source, such as disability or Social Security payments, as collateral for the loan. This makes applying for and receiving payday cash advances both fast and easy since very little information is required and credit checks are bypassed.
South Carolina payday loans can be used to handle sudden emergencies or for less threatening purposes such as to buy a needed item or take a relaxing vacation. The loan is then repaid out of your next paycheck so monthly long-term payments associated with traditional bank loans are avoided.
What to Expect When Applying for South Carolina Payday Loans
Payday advance South Carolina loans are legal and can be obtained from approved in-state payday advance companies or from online payday loan lenders that abide by South Carolina laws governing them. Because interest rates may vary from lender to lender, you should do some preliminary research into various companies before deciding with which to apply.
Once you have found an acceptable provider, you will complete a short payday loan application form. The application, along with required proof of income, personal identification, and your bank account information are submitted for approval, which normally occurs within hours or on the next business day.
The approved loan amount is transferred into your supplied bank account for you to withdraw and use. When the agreed upon repayment date arrives, you simply return to the business to pay in person or, for online payday loan lenders, the total loan amount is deducted electronically from your bank account. Some lenders require that you provide them with a check that is post-dated for the due date so they can cash it if you fail to show up to make payment.
South Carolina Payday Loan Laws and Regulations
In South Carolina, the maximum amount that can be borrowed from in-state or online payday loan lenders is $550. Payday advances must be paid off within 31 days and no loan extensions (rollovers) are permitted.
The maximum amount of fees and finance charges is 15 percent of the principal loan amount which equates to $15 on a $100 loan taken out for 14 days, or 390 percent APR. South Carolina payday loan law does not specify how many outstanding loans can be held at one time. A non-sufficient funds (NSF) fee of $10 can be applied by lenders.
Online payday loan lenders must abide by these guidelines.
Further Information on South Carolina Payday Loans
For answers to questions, locations of South Carolina payday loan lenders, or other financial information, contact the following office.
South Carolina State Board of Financial Institutions
Consumer Finance Division, 3rd floor
Edgar Brown Building
1205 Pendleton Street
Columbia, SC 29201