Loan Rates and Fees in South Carolina

A licensed lender can charge up to $15 per $100 borrowed - labeled "finance charge" on your agreement - on loans up to $550, with terms of up to 31 days. Your total outstanding payday balance across all lenders can't exceed $550, tracked through a statewide database.

On a $300 loan due in 14 days, the maximum fee is $45, making your total repayment $345. Federal disclosure rules require lenders to show the APR; on this 14-day example that figure is roughly 391% - the short-term fee scaled to a full year.

• Rollovers are prohibited - a lender can't extend or renew your loan for an additional fee.
• Returned payment fee: the Deferred Presentment Act limits charges to the 15% finance charge - confirm with the SC Department of Consumer Affairs if a returned-check fee appears on your agreement.
• A database verification fee may appear as a separate line item; the Board of Financial Institutions sets the maximum amount.

If an offer exceeds these limits, verify with the South Carolina Department of Consumer Affairs.

Supervised lenders charge interest under South Carolina's Consumer Protection Code (Title 37) and must post their rate schedules. Consumer finance companies licensed under Title 34, Chapter 29 operate under a separate rate schedule - confirm which license type your lender holds before comparing caps.

On a $1,000 supervised loan at 12 months, your total repayment will vary based on the lender's posted rate; ask for the "total of payments" figure before signing to confirm the exact amount.

• Refinancing restarts interest on the new balance - compare your remaining balance to the new loan's total of payments before you agree.
• Returned payment fee: confirm the amount with your lender - verify with the SC Department of Consumer Affairs if it appears excessive.
• Late fees: up to $5 or 5% of the unpaid installment (whichever is less), after a 10-day grace period.
• You can prepay in full at any time - interest stops accruing on the date you pay; see the installment loans page for repayment details.

If an offer exceeds these limits, verify with the South Carolina Department of Consumer Affairs.

• Returned payment fee: no fixed state cap applies to all products - ask the lender for the exact amount before you sign.
• Total of payments: the single most important number - add up every scheduled payment to confirm it matches the "total of payments" line on your agreement.
• If the offer includes credit insurance or a protection plan, ask whether it's required - it's usually optional and increases your total cost.