Payday Lenders in South Carolina
Payday Loan Laws
South Carolina has laws in place that attempt to control both the lender and borrower when it comes to payday loans. Borrowers are limited to one outstanding loan at any time and a cooling off period is put in place once they have reached 8 payday loans in one year. Additionally, the lender has restrictions on the finance charges they are allowed to assess and must check borrower eligibility in a statewide database before issuing a payday loan.
The State of South Carolina regulates entities with payday lending licenses through several pieces of legislation:
Loan Terms and Conditions
Maximum loan amount: $550
Maximum Interest Rate: 391%
Minimum loan term: no minimum in regulation
Maximum loan term: 31 days
Number of rollovers allowed: none
Finance charges: 15%
Legal action: 3 Years
Certified Payday Lenders in South Carolina
|Company Name||Company score||License Status|
|ENOVA INTERNATIONAL, INC.||7.9||Valid|
|Advance America, Cash Advance Centers, Inc.||7.8||Valid|
|CNG FINANCIAL CORPORATION||7.1||Valid|
|COMMUNITY CHOICE FINANCIAL, INC.||6.8||Valid|
|Big Picture Loans, LLC||6.5||Valid|
History of South Carolina Payday Loans
How to file a complaint
South Carolina Payday Loans Debt Relief
How to Get out of Payday Loan Debt?
Types of Quick Loans in South Carolina
Alternatives to Payday Loans in South Carolina
South Carolina Income Information
United States Census Bureau. “Poverty in the United States: 2021.” Accessed on May 1, 2023.
United States Census Bureau. U.S. Census Bureau QuickFacts: South Carolina. Accessed on May 1, 2023.
Below are trends associated with the top payday lenders in South Carolina as reported to the Consumer Financial Protection Bureau.
|ENOVA INTERNATIONAL, INC.||30|
|Advance America, Cash Advance Centers, Inc.||16|
|CNG FINANCIAL CORPORATION||15|
|COMMUNITY CHOICE FINANCIAL, INC.||15|
|Big Picture Loans, LLC||13|
Consumer Financial Protection Bureau. Consumer Complaint Database. Accessed on May 1, 2023.
|Charged unexpected interest or fees||106|
|Struggling to pay loan||36|
|Received a loan you never applied for||31|
|Can’t contact lender||29|
|Problems with payoff process||13|
Payday loans are typically used for nonnegotiable everyday expenses like your rent, utilities, and groceries. Per our Survey, the percentage of reasons described below
|Regular Expenses (Utilities, car payment)||53%|
|Did not answer||2%|