Payday loans in South Carolina

South Carolina payday-loan rules: the direct answer

As of August 27, 2026, South Carolina permits a deferred-presentment transaction, the state-law payday-loan model, when the provider holds the required license. The transaction is based on a personal check dated on the day it is written and a written agreement allowing the licensee to hold that check before deposit. An application page, matching service or lender brand is not itself proof that the legal creditor is licensed in South Carolina.

The current chapter allows an advance of up to $550, excluding the permitted fee, and a deposit date no later than 31 days after the check is accepted. The fee or other consideration for accepting the check cannot exceed 15% of the principal and may be charged only once for that written agreement. The signed contract must state the total fee both in dollars and as an effective APR, identify the exact deposit date and include the required consumer disclosure.

South Carolina uses a statewide deferred-presentment database and bars a new transaction while one is outstanding. The law also provides next-business-day rescission and one extended payment plan in a twelve-month period. Compare those protections with the agreement you receive.

Who may offer a South Carolina payday advance

Section 34-39-130 requires a person to obtain a deferred-presentment license before serving a South Carolina resident, even when the business has no South Carolina storefront. A separate license is required for each licensed location. The State Board of Financial Institutions, through its Consumer Finance Division, supervises consumer-finance companies, deferred-presentment providers and check-cashing businesses. Start with the division’s regulated-institutions and license resources, then match the licensee’s legal name and address to the agreement and the debit authorization.

Banks, savings institutions and credit unions organized under federal or state law are outside this particular chapter. A nonbank lead generator cannot use that exception to present itself as a bank. The Department of Consumer Affairs separately provides consumer-credit licensing and complaint resources. Ask which entity funds the advance, owns the check and services repayment.

A website can collect an application before a licensed creditor is identified. Save the domain, privacy notice, consent text and legal footer. Treat a referral, affiliate or marketplace as a data-sharing participant unless the agreement names it as lender. Do not provide a Social Security number or bank login until the entity, license path and purpose of each permission are clear.

$550 principal, 31-day maximum and the 15% fee ceiling

The principal amount advanced to one customer at one time may not exceed $550, with the statutory fee calculated separately. A licensee may defer presentment or deposit for no more than 31 days. These figures describe the regulated check transaction, not a promise that every online offer is a payday loan or that a different installment product uses the same limits. Read the product classification before comparing prices.

The maximum deferred-presentment charge is 15% of principal and can be imposed only once for each written agreement. For a $400 advance, the ceiling for that fee is $60; for $550, it is $82.50. Add the fee to the amount you actually receive and compare that total with the check face amount. A separate database verification charge may be passed through only within the one-dollar actual-cost rule, with no more than one-half of that cost charged to the customer. Question labels such as membership, insurance, release or instant-funding when they are not explained in the contract.

A licensee may not renew or extend the check for old or new consideration beyond the date in the written agreement, and the check may not be repaid from another deferred-presentment check issued by the same licensee or an affiliate. If the check is returned, the provider may use lawful civil collection remedies but may not add a returned-check charge under this chapter. The person who wrote the personal check is not subject to criminal liability merely because the check was used in the deferred-presentment agreement.

Contract disclosures, database checks and rescission

Every deferred-presentment check must be documented by a written agreement signed by the customer and licensee. The document identifies the licensee, transaction date, check amount, total fees in dollars and APR, and the deposit date. The Board also requires a standardized consumer notification. If a screen summary differs from the signed agreement, request a corrected copy before authorizing payment.

Before entering a transaction, the licensee must query the common database. An outstanding transaction, recent repayment, eighth-or-later annual transaction or unpaid extended plan can make a customer ineligible. Information submitted for eligibility is confidential and limited to the statutory purpose. Ask what data leaves the database and why.

South Carolina gives the customer a right to rescind a deferred-presentment transaction at no cost on or before the close of the following business day. Keep the confirmation of a rescission request and check whether the provider returns or voids the payment instrument. A provider that cannot explain the rescission process, refuses a copy of the agreement or asks for an additional payment to cancel should be treated as a complaint candidate, not as a normal renewal opportunity.

Extended payment plan when the check cannot be covered

A customer who cannot repay on the due date may elect one extended payment plan in any twelve-month period. The request must be made before the original due date and memorialized in a signed amendment. The plan must allow repayment of the outstanding amount and existing fee in at least four substantially equal installments, with each installment scheduled after a regular income date. The customer may prepay without a penalty.

During the plan, the licensee may not add interest or fees, and no new deferred-presentment transaction is allowed until the original is paid. A missed installment can accelerate the balance. Ask for the schedule and payoff figure in writing.

The plan is a safety valve, not an invitation to stack loans. Compare each installment with rent, utilities, food and other debts. If another advance would be needed, contact the creditor before the due date and request a bill arrangement or nonprofit counseling. Record the request and response.

Online offers, privacy and complaint preparation

A South Carolina resident may see a national lender, broker or lead marketplace before a final creditor is selected. Read each consent for credit-bureau inquiries, bank-account connections, recurring ACH debits, marketing calls and onward sharing with affiliates. An offer that says “up to” an amount or “rates may vary” is not a binding approval. Capture the final legal creditor, APR, finance charge, due date, payment method and cancellation instructions in a local file.

The Consumer Finance Division can explain the license path; the Department of Consumer Affairs provides consumer-credit licensing and complaint assistance. Include the agreement, eligibility message, bank statement, screenshots and a dated timeline. Notify the bank quickly about an unauthorized debit and preserve the dispute reference.

South Carolina borrower verification checklist

Borrow Radar calculators estimate fees, repayment and annualized cost; they do not verify a license, predict approval or replace the agreement. Compare cash received, total dollars owed, days outstanding, debit authority and the payment-plan path. If a field is missing, pause and verify the provider before sharing data.

1. Identify the legal creditor, servicer, broker and affiliate names; verify the deferred-presentment license and the licensed location through South Carolina’s financial-institution resources.
2. Confirm that principal is no more than $550, the deposit date is within 31 days and the one-time fee is no more than 15% of principal, with any database charge separately explained.
3. Read the signed agreement for the dollar fee, APR, specific deposit date, standardized disclosure, no-collateral language and electronic-debit permissions.
4. Ask the provider to explain the database eligibility result, outstanding-transaction rule, annual transaction count and no-cost rescission deadline.
5. If repayment will be difficult, request the one twelve-month extended payment plan before the due date and obtain four-or-more installment dates in writing.
6. Save every record and compare the proposed debit with a realistic budget; do not use another deferred-presentment check to cover the first one.

South Carolina payday-loan FAQ

Question 1Are payday loans legal in South Carolina?

Answer

South Carolina law permits deferred-presentment transactions through a properly licensed provider. The current rules cap principal at $550, set a 31-day maximum deposit period and limit the one-time fee to 15% of principal.

Question 2How much can a South Carolina payday loan be?

Answer

The amount advanced to one customer at one time may not exceed $550, excluding the permitted deferred-presentment fee.

Question 3Can a lender roll over a South Carolina payday check?

Answer

The licensee may not renew or extend presentment beyond the written agreement’s date for old or new consideration, and a check cannot be repaid from another deferred-presentment check issued by the same licensee or an affiliate. Ask about the statutory extended payment plan instead.

Question 4Does South Carolina offer an extended payment plan?

Answer

A customer who requests it before the due date may elect one plan in a twelve-month period. It must provide at least four substantially equal installments with no additional interest or fees during the plan.

Question 5Where can I verify or report a South Carolina payday lender?

Answer

Start with the State Board of Financial Institutions Consumer Finance Division for deferred-presentment licensing, then use the South Carolina Department of Consumer Affairs for consumer-credit licensing and complaint assistance. Keep the agreement and payment records with any report.

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