South Carolina Cash Advance Consumer Resource
Greetings! You have found the official South Carolina page at CashAdvance.com. Too many people waste their precious time sorting through the convoluted falsities that fill the internet regarding payday loans. We have taken the aggravation out of understanding the South Carolina payday loan process and, with our team of experts, we have assembled the internet’s top guide to South Carolina payday loans.
South Carolina consumers who are preparing to borrow a payday loan should first learn about the laws that regulate this industry. Additionally, customers will get the most out of their South Carolina payday loans when they have educated themselves on all the possible loan alternatives and different consumer agencies instituted to protect their needs.
Have comments or questions you would like to share with CashAdvance.com or other South Carolina residents? Send your thoughts to: southcarolina@cashadvance.com.
For more information on cash advances within the cities of Charleston and Columbia, please visit the links listed below in the Information by City section.
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Cash Advance in South Carolina
Pay day loans are legal in South Carolina, and residents have plenty of choices of whom they want to use to obtain their loan. Like other states, the state of South Carolina has rules and regulations that these consumers must follow when obtaining the loan. Additionally, any company who operates as a cash advance lender in the State of South Carolina must meet a certain set of requirements that are set by the state.
Rules and Regulations for Businesses Offering a Cash Advance in South Carolina
If a business or person wants to act as a pay day loan lender in the state of South Carolina, they must apply to the State Board of Financial Institutions for a license to issue cash advances. The applicant must have at least $25,000 in assets. Additionally, information such as the name and actual address of the pay day loan company location must be provided. A statement of financial responsibility must be supplied to the state to show that the business or individual license applicant has a sound business history. Additionally, the applicant must provide information on background experience, names of any person who has a financial stake in the business, and any associations and corporations that are affiliated to the licensed location.
According to the rules and regulations of South Carolina law, no company offering a cash advance in South Carolina can issue a check to a borrower’s bank account until the account has been verified. Additionally, a list of all the pay day loan company’s fees and charges must be listed prominently in each location in which the business operates. By state law, a check written for payment of a cash advance in South Carolina can only be held for deposit for a maximum of 32 days. Additionally, the maximum amount of any cash advance loan in South Carolina is $550.
Rules and Regulations for Individuals Seeking a Cash Advance in South Carolina
Any individual who wants to acquire a cash advance in South Carolina must sign a loan agreement with the pay day loan lender. In accordance to the state laws of South Carolina, the loan agreement must include the lender’s name, the loan transaction date, the amount of the loan, and a list of the total fees applied to the loan in dollar amounts and annual percentage rate. Additionally, the cash advance loan agreement must provide the pay day loan lender with the authorization to hold a check for payment on the loan for 32 days.
Obtaining a Cash Advance in South Carolina
Any person who is interested in obtaining a cash advance in South Carolina should remember that a loan lender could charge up to 15% of the face value of a check in fees. However, the borrower can only be charged this fee one time. Also, the state of South Carolina has regulations that state that if a borrower’s check for a pay day loan is returned due to insufficient funds, closed account, or due to a stop payment request, the cash advance lender can pursue all legal action possible against the borrower and charge the borrower an additional fee of $10 for having to do so.
Any person who is interested in obtaining a pay ay loan in South Carolina can apply either in person, on the telephone, or by finding the company’s Internet site and applying online. The application is quick and generally, funds are available by the next business day. With the numerous pay day loan companies operating in the state, is very convenient for an individual to apply or and receive a cash advance in South Carolina.
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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Availability: Residents of some states may not be eligible for a short term cash loan based upon lender requirements. CashAdvance.com does not guarantee that completing an inquiry form will result in you being matched with a service provider or lender, being offered a loan product with satisfactory rates or terms, nor receiving a loan from a service provider or lender.