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There are many regions of the United States where the payday loan industry has been able to wield significant influence and South Carolina is not one of them. Thankfully, the payday loan laws in South Carolina are consumer friendly, which make them very helpful for those in a high amount of debt. Many people who have debt in South Carolina can simply find some of the legal recourse's that they need in order to get out of these problems. Most people will find that the laws are consumer friendly, but this can lead to lenders becoming aggressive and even acting illegally as is the case in a few of the states.
Online Licensing in South Carolina
One of the strict laws that is enforced in the state of South Carolina is the online payday loan licensing stipulation. Only one company is allowed to operate in the state of South Carolina and the site goes by the name “PayDayOne”. This is a familiar online lender that does a lot of work elsewhere in the United States as well. They have developed a good reputation with the people in the state of South Carolina and many other regions, but that doesn’t mean they will not also have mistakes. Make sure you know the general rules about lending in the state of South Carolina as well.
General Payday Loan Laws in South Carolina
Whether you are borrowing money from an online broker or a storefront, you need to know some of the general payday loan laws in the state of South Carolina. Unlike some of the lenient states, in South Carolina borrowers are only allowed to get a maximum of $300. The maximum finance charges on this amount of money is $15 per every $100 that is borrowed, which is far lower than some of the states, such as Missouri.
Still, the APR for a 14-day $100 loan is upwards of 459%, which can be very high. For men and women who are facing the tough economic conditions of the time, payday loans can seem like an incredibly good idea. For all intents and purposes the payday loan laws in South Carolina are helpful, but they will not save you from getting out of payday loan debts that you collect yourself. Just make sure that you are knowledgeable about the South Carolina payday loan laws and you will be able to protect yourself from greedy or aggressive money lenders. Many unlicensed lenders take advantage of people who don't know these laws and can make things difficult for those who take out loans with them.
David, How does a company become licensed? Is it through quality service or a political debt relayed? Thanks, Jerry
They have to pay each states licensing fee, and go through a lot of regulatory red tape, then they are capped at what they can charge. Most dont bother and take their chances. The high interest at close to 1000% is well worth the risk for them
Hey David, I just passed by this morning to say hallow and to tell you I liked your article. My imagination tells me that a saving culture should be instilled in our children early in life in order to minimize the debt cycle which can be very frustrating. Sometimes it can be a killer
Its sure can Geoffrey and I appreciate you stopping by here and leaving a comment and don't forget to hit the green like button if you liked my article. Thank you!!
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