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Cash Advances in South Carolina

Posted on Friday, June 18th, 2019 at 2:59 pm in Cash Advances, State Loan Info

Generally from state to state, there are limits on certain details of payday loans- including term loan amount, length of loan term and a limit on fees a payday lender may charge.  South Carolina is unique in that it limits the amount of a payday loan to $300. Most states limit their loans to $500, making South Carolina’s one of the lowest in the union. The loan term available in the state of South Carolina is standard. A lender can defer a loan for 31 days.  Payday lenders are allowed to charge 15% of the face value of the check.

In addition the regulations in regards to payday loan terms, South Carolina has also instituted a series of laws in order to regulate payday lenders. Lenders  located within South Carolina must obtain a license from the state board of financial institutions. Enforcing that each lender receive a state issued license is standard in most states which allow instant cash advances, but South Carolina takes it a step further, requiring that payday lenders must provide the state with identifying information. Lenders must provide the state with legal name and residence of the business, location, financial responsibility, background experience, any partnerships, associations, and corporations adjacent to the licensed location.

The lender must also provide the payday borrower with a written agreement, outlining the details of their cash advance. The agreement must state the name of the lender, the transaction date, the amount of the check, a statement of total fees and must be signed by both the payday lender and borrower.

Each law created by the state of South Carolina is meant to create a safe environment in which the borrower feels comfortable applying for and receiving an instant cash advance. By instituting laws which regulate the payday industry in South Carolina, borrows can understand the uses of a payday loan, and feel secure in applying for one.

Related posts:

  1. State Cash Advance Laws
  2. What to Know About Cash Advances
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