Payday loans in South Carolina: the rules
Research draft — pending verification against the South Carolina State Board of Financial Institutions. {{VERIFY}}
Payday lending is legal and regulated in South Carolina.
Deferred presentment is legal; statewide database enforces one loan at a time.
The numbers at a glance
| Status | Legal |
|---|---|
| Maximum amount | $550 |
| Fee / rate limits | 15% of amount advanced |
| Term limits | Maximum 31 days |
| Regulator | South Carolina State Board of Financial Institutions |
All figures are drafts compiled from public sources and must be confirmed with the regulator before relying on them. State legislatures change these rules — see our state law update tracker.
Borrowing here, sensibly
Legal doesn't mean cheap — payday-style credit in South Carolina still typically costs triple-digit APRs. Check the cheaper options first, run the numbers in the cost calculator, and if you do borrow, verify the lender's license with the South Carolina State Board of Financial Institutions and never borrow more than your next paychecks can absorb.
South Carolina questions
How much can I borrow in South Carolina?
The state's general limit is $550. Individual lenders may offer less depending on your income and history. Draft figure — verify with the South Carolina State Board of Financial Institutions.
What do payday loans cost in South Carolina?
15% of amount advanced. Terms typically run Maximum 31 days. Your loan agreement must state the exact finance charge and APR before you sign. Draft figures — verify with the South Carolina State Board of Financial Institutions.
How do I check whether a lender is licensed in South Carolina?
Search the South Carolina State Board of Financial Institutions's license database or call them before you sign anything. Licensed lenders must follow the state's caps and collection rules; unlicensed ones are a major red flag.