South Carolina Cash Advances

Table of Contents

What are South Carolina Cash Advances, and How Do They Work?
What are the Requirements for a Cash Advance in South Carolina?
Do Cash Advances in South Carolina Hurt Your Credit?
How Do Title Loans Compare to South Carolina Cash Advances?

What are South Carolina Cash Advances, and How Do They Work?

If you’re a South Carolina resident struggling with unexpected expenses, you may be searching for a convenient loan option to get back on your feet. An option called a cash advance can seem like an appealing solution to get emergency cash now. Cash advances are short-term, unsecured borrowing options that cater to borrowers who need fast funds and may not have strong credit histories. If you’re interested in getting money through South Carolina cash advances, you may be curious about learning more about what you can expect as a prospective borrower.

Credit Card Cash Advances

With a credit card cash advance, you take out a loan against your available credit line. Instead of making a regular purchase with your card, you can visit an in-network ATM or bank to borrow as much money as you need, up to your current credit limit. This type of cash advance often allows you to access funds quickly, but unlike regular purchases made with your card, the interest starts to accrue as soon as you take out the advance. Unfortunately, the interest rate for credit card cash advances tends to be higher than the interest rate for normal purchases in stores and restaurants. Credit card companies will typically charge a fee for this service – the so-called “cash advance fee” can be a flat fee or simply a percentage of the amount that you borrowed against your credit line, or a combination of the two.

Payday Loans

Another type of cash advance is called a cash advance loan or a payday loan, which offers smaller loan amounts compared to other loan options in South Carolina. Typically, the average loan amount ranges from $100 to $500. If you take out a cash advance, you will often pay a fee of $10 to $30 for every $100 you borrow, but in the state of South Carolina, the applicable fees for payday loans cannot exceed 15% of the loan amount as stated on the post-dated check to pay back the loan. It’s worth mentioning that cash advances and payday loans are similar credit products, and the terms can be used interchangeably by lenders in some cases.

Paycheck Advance Apps

You may be familiar with cash advance apps, such as Earnin and Dave, that allow you to access a portion of your paycheck and repay it within a short timeframe. The trade-off of getting an “advance” on your paycheck is that some of these paycheck advance apps are known for charging extra fees if you want to access your money the same day you request it.

Continue reading to learn more about cash advances in South Carolina and decide whether this is the right financial resource for your situation.

What are the Requirements for a Cash Advance in South Carolina?

For credit card cash advances, if you already have a credit card provider, you will need to have available credit in order to borrow money through this type of cash advance. That means your account cannot be over the limit, because you are only able to access a cash advance up to your current credit limit. You will need to visit an in-network bank branch location or an ATM to request fast funding.

If you’re interested in getting money through a cash advance loan in South Carolina or a paycheck advance app, you will typically have to meet the following criteria once you start the application process:

Be at Least 18 Years of Age
Have an Active Bank Account
Show Proof of Income Through Pay Stubs or Bank Statements

You may be asked by the lender to submit a personal check, your bank routing number, and your checking or savings account number. Lenders and paycheck advance apps require you to have an active bank account so that they can withdraw the funds from your account when you receive your next paycheck. If you aren’t expected to manually make the payment on your due date or provide a post-dated personal check, the lender will ask for permission to electronically withdraw from your bank account.

Keep in mind that if you can’t afford to pay your loan by the expected date, you may be able to request an extension by paying an additional fee. While a loan extension can provide temporary relief during a difficult financial situation, you may end up digging yourself into a hole where you repeatedly borrow money through a payday loan or rely on a cash advance app every pay period to make ends meet. Ensure you thoroughly review your financial situation and determine if a payday loan or another South Carolina cash advance option is right for you.

Do Cash Advances in South Carolina Hurt Your Credit?

An applicant’s credit history can be negatively impacted if a cash advance lender or credit card provider reports their payment behavior to one of the three major credit bureaus: Experian, Equifax, and TransUnion. Credit card issuers will typically report positive and negative payment behavior, so making on-time payments after taking out a credit card cash advance can help you work on increasing your credit score.

A South Carolina cash advance loan doesn’t typically improve your credit score, as most lenders don’t report your timely payments to a credit bureau. However, if you don’t pay your loan on time and miss loan payments, a lender can report the loan default, which can drop your credit score significantly. A loan default can remain on your credit report for up to seven years, making it harder for you to get approved for loans or credit cards in the future. In the event that you don’t pay your loan back, a lender may decide to sell your debt to a collections agency.

How Do Title Loans Compare to South Carolina Cash Advances?

After reading more about South Carolina cash advance loans, you may wonder if an auto title loan is a better fit for you. Both resources can provide emergency cash during financial hardship, but there are quite a few perks that come with applying for a title loan as a resident of South Carolina. For example, if you want a convenient repayment process with flexible loan terms, you can expect that experience through a car title loan serviced by LoanMart. Instead of paying your loan in full when your next paycheck hits your bank account, you can pay your loan over time through monthly loan installments.¹

While title loans and cash advances share similar requirements, you won’t need to provide your bank account information when applying for a vehicle-secured loan. While you can set up automatic payments from your checking account, you can also pay your loan through different methods, like paying online or in person at a participating money transfer location. One of the many perks of an online title loan serviced by LoanMart is that you can access competitive interest rates compared to some cash advances.¹ Additionally, you won’t pay a designated fee for every $100 you borrow, unlike South Carolina cash advances or payday loans.

If you receive full approval for an auto title loan serviced by LoanMart, you can often expect many other benefits that add to your loan experience, including:

Zero Prepayment Penalties⁵
Various Ways to Receive Funding
Quick Funding in as Little as One Business Day³
No Balloon Payments⁵

Don’t hesitate to call a LoanMart title loan agent at 855-422-7412 for more information about online title loans in South Carolina. A title loan representative is available six days a week for extended hours to answer any questions you may have about this secured loan option and help you understand the differences between title loans and cash advances.