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Payday loan laws in South Carolina

  • Status: Legal (S.C. Code §§ 34-39-110 et seq.)
For Lenders

Lending specifications:

  • Maximum loan amount: $550
  • Loan tenure: 31 days
  • Fees and finance charges: 15% of principal
  • Finance charge on a 14-day $100 loan: $15
  • APR on 14-day $100 loan: 390%

Collection restrictions:

  • Collection fees: NSF fee of $10 or actual charge (the lesser one)
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: Not Specified
  • Rollovers allowed: None

Complaint cell:

  • Regulator: South Carolina State Board of Financial Institutions
  • Address: Consumer Finance Division, 3rd Floor, Edgar Brown Building, 1205 Pendleton St., Columbia, SC 29201
  • Phone: 803-734-2020
  • Fax: 803 734-2025
  • Regulatory contact: Jim Copeland, Assistant Commissioner of Consumer Finance
  • Website: http://www.bofi.sc.gov/Pages/ConsumerFinance.aspx
  • File complaint: http://www.consumer.sc.gov/consumer/
    ComplaintInstructions/Pages/default.aspx



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