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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:
  • File complaint:

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Disclaimer: The contents of this web site are not intended to establish an attorney-client relationship, provide the reader with legal advice, or substitute for legal advice from an attorney.
  • The debt settlement program typically lasts between 6 months to 4 years time.
  • At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
  • Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
  • Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
  • That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
  • Savings a customer realizes from use of a debt-relief service may be taxable income.
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