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
Updated on:
