Yes. Instant payday loans are legal in South Carolina. However, they can only be given out by a lender licensed by the state. Make sure your lender is licensed to ensure they are complying with all state laws and regulations. The lender must also have a physical location.
How much money can I get for an Instant Payday loan in South Carolina?
Payday loans in South Carolina are capped at $550 per loan, though you can borrow less than that amount if you want.
What’s the interest rate on an Instant Payday loan in South Carolina?
The maximum APR (Annual Percentage Rate) is 390%. That means, if you borrow $500, you’ll have to pay $162.50 in interest per month. There can also be finance charges up to 15% per one hundred dollars borrowed, so $75 on a $500 loan. This means you’ll pay $237.50 in interests and fees on a $500 Payday loan, totaling $737.50.
When do I need to pay my Instant Payday loan back?
Instant payday loans in South Carolina have a term no more than 31 days. If you are unable to repay the full amount of your loan at the end of the term, you should speak to your lender about the possibility of extending your loan repayment or starting an Extended Payment plan.
What happens if I don’t pay my Instant Payday loan back?
If you don’t repay your lender, there are a number of actions they may take, as with all unsecured loans.
- The lender can damage your credit if they notify the three major credit bureaus, Equifax, Experian, and TransUnion. This can impact your ability to acquire loans in the future.
- If payment fails due to not having enough money in your account, a NSF fail, they can charge you a $10 fee.
- Depending on the value of the loan, your lender may take you to civil court. They are not allowed to press criminal charges against you for failure to pay or for putting a stop order on the check you gave them.
If none of those sound appealing, you do have the option to roll the balance of your loan into a new instant payday loan.
How does the rollover work?
Rolling your loan over lets you extend the amount of time available to you to pay your loan. Usually, your lender will require you to pay a fee, and potentially some of the principle. At the end of the new loan period, you will be responsible for the balance of the original loan, plus any new fees and interest that accumulated during the extension.
What happens if my lender sues me over my Instant Payday loan?
If you get sued by your lender for the balance of your instant payday loan, you’ll need to go to court and defend yourself before a judge, explaining why you shouldn’t have to repay your loan according to the schedule you agreed to. If the judge finds for the lender, you will be required to pay the loan back. They may be able to do things like take money directly out of your paycheck and give it to the lender.
Are there any alternatives to Instant Payday loans in South Carolina?
Yes, there are a number of alternatives to instant payday loans in South Carolina. For a loan that offers a similar amount of flexibility to a Payday loan, look no further than a car title loan.
How do Car Title loans differ from Instant Payday loans in South Carolina?
Just like instant payday loans, you can use the money from your car title loan for whatever you want, unexpected expenses, emergencies, unforeseen bills, etc. Unlike instant payday loans, car title loans are secured using the qualifying title of a car you own, so you’ll need one to potentially be eligible. You can keep your car and use it normally during the length of your loan. However, if you fail to repay your loan, your lender may repossess your car.
Car Title loans have a number of advantages over Instant Payday loans:
- Lower average interest rate, 25% per month
- Loan length in South Carolina is 30 to 120 days
- If you miss your payment, after 10 days you will receive a notice stating you have 20 days to pay the balance of your loan, or your car may be repossessed.
- Maximum loan amount is determined by factors like the value of your vehicle instead of your credit score.
How to get a Car Title Loan with LoanMart
Now you know that a car title loan possesses a number of advantages over an instant payday loan if you are in need of funds to cover an emergency expense. Enjoy more money at a lower interest rate for a longer time, all while keeping and using your car and avoiding the lengthy application process of other loans. If you have a car with a qualifying title in your name, you may potentially be eligible for a loan of up to $30,0001. Thanks to LoanMart’s streamlined registration process, the turnaround between when you submit your information and when you receive your loan money could be less than 24 hours3.
With our easy process, we give you three ways to contact us that make it convenient for you:
- Visit a participating store
- Call us at 1-877-787-4923
- Sign up online without leaving your home
Once you’ve decided how you want to get in touch, just follow these steps to get the money you need1:
- Fill out the registration form
- Submit your important documents to your LoanMart representative
- Sign your LoanMart agreement
- Collect your funds!