# South Carolina Payday Loans: 2026 Laws, Rates & Options | SB Loan > South Carolina payday loan guide: $550 max, ~391% APR, regulated by SC Division. Costs, rules, 5.37M residents' best alternatives. Источник: https://sbloan.net/state/south-carolina/ --- # Payday Lending in South Carolina **Short-term payday loans are permitted in South Carolina: expect roughly $33.21 in fees per $100 borrowed for a 31-day term (~391% APR), meaning a $300 advance carries approximately $99.62 in charges.** The APR ceiling sits at 391%. Below: actual dollar costs by advance amount, consumer safeguards in place, and more affordable paths 5.37M South Carolinians ought to weigh before committing. SB Loan is paid by the lenders we match you with. We rank options by cost, not commission. AV **Reviewed by [Andre Vargas, AFC®](/authors/andre-vargas/)** · Reviewed by [Rachel Nakamura, CFP®](/authors/rachel-nakamura/) · Last updated 2026-05-24 **On this page** What is the real cost of a payday loan in South Carolina? Why are payday loans so expensive in South Carolina? What specific rules protect South Carolina borrowers? What should I do if I can't repay my loan on time? What are my lower-cost alternatives in South Carolina? Frequently Asked Questions If you need a payday loan in South Carolina, the first thing to know is the exact cost: a $500 loan for 31 days will cost you $666.04 to repay. State law caps the fee at 15% of the principal, which creates a steep 391% Annual Percentage Rate (APR). This guide breaks down the math, the rules, and the lower-cost alternatives available to you in the Palmetto State. ### South Carolina Payday Loans at a Glance - **Maximum Loan Amount:** $550 - **Maximum Loan Term:** 31 days - **Maximum Fee:** 15% of the principal - **APR Cap:** 391% - **Rollovers:** Prohibited by law - **Simultaneous Loans:** One at a time, enforced by a statewide database. ## What is the real cost of a payday loan in South Carolina? The real cost is determined by a state-mandated fee. The Deferred Presentment Services Act (34-39-130) allows lenders to charge a maximum fee of 15% of the amount you borrow. For a clearer picture, here’s how that fee translates into actual dollars and a high APR for common loan sizes. | Loan amount | Term | Typical fee | Total cost | APR | $100 | 31 days | $33.21 | $133.21 | 391% | $300 | 31 days | $99.62 | $399.62 | 391% | $500 | 31 days | $166.04 | $666.04 | 391% These figures reflect the statutory cap, meaning no licensed lender in South Carolina can charge more than this for a single, 31-day loan. The $500 loan example shows a fee of $166.04 (which is 15% of $500), resulting in a total repayment of $666.04. ## Why are payday loans so expensive in South Carolina? The high cost is a function of the short loan term and the fixed fee, which annualizes to a steep APR. An APR, or Annual Percentage Rate, expresses the cost of borrowing over a full year. While you only have the loan for about a month, the 15% fee calculated over that short period is equivalent to a 391% rate if it were applied over 12 months. This is the legal maximum set by 34-39-130. For context, South Carolina's median household income of $62,542 trails the national figure, and a 14% poverty rate creates significant demand for short-term credit, turning an unexpected bill into a borrowing decision. ## What specific rules protect South Carolina borrowers? Beyond the cost caps, state law includes several key consumer protections. The South Carolina State Board of Financial Institutions, Consumer Finance Division polices the Deferred Presentment Services Act, which draws a clear line to protect borrowers. - **One Loan at a Time:** South Carolina uses a statewide database, run by a company called Veritec, to enforce a strict one-loan-at-a-time rule. This prevents "loan stacking," where a borrower takes out multiple loans to pay off another. - **No Rollovers:** The law flatly prohibits rollovers. You cannot extend your loan by paying only the fee; the entire balance must be paid on the due date. - **Military Protections:** The federal Military Lending Act’s 36% Military APR cap covers active-duty service members and their dependents in South Carolina, which effectively excludes most standard payday loan products due to their high cost. - **Cooling-Off Period:** After repaying a loan, you must wait one business day before taking out another one. ## What should I do if I can't repay my loan on time? Don't let it default silently; contact your lender immediately to discuss your options. Since rollovers are prohibited by law, the lender cannot simply extend the loan. They may offer a repayment plan, but you are under no obligation to agree to unfavorable terms. If they won't work with you, walk away and explore the alternatives listed below. Defaulting can lead to bank fees and collection activity. If you believe a lender has violated your rights, you can file a complaint with the [South Carolina State Board of Financial Institutions, Consumer Finance Division](https://consumerfinance.sc.gov). The regulator can order restitution, suspend a license, or refer a case for enforcement, with most complaints resolving within 30–60 days. ## What are my lower-cost alternatives in South Carolina? Several options can save you 80–95% over a storefront payday advance. Before you commit to a high-cost loan, run through this checklist of alternatives. 1. **Contact Local Nonprofits:** Organizations like the **Salvation Army of South Carolina** and the **United Way Association of South Carolina** provide emergency aid for rent, utilities, and prescriptions at zero cost, often paired with financial coaching. 2. **Explore Employer-Based Solutions:** Ask if your employer offers **Earned Wage Access (EWA)**. This service allows you to access pay you've already earned before your regular payday, typically with low or no fees and a 0% APR. 3. **Seek Free Tax Preparation:** If you're due a tax refund, South Carolina residents earning under about $60,000 qualify for free tax prep. Programs like VITA and IRS Free File can help you recover refunds or the Earned Income Tax Credit (EITC) of $1,000–$6,400, usually within 21 days of e-filing. 4. **File a Complaint with the Regulator:** If you have an issue with a licensed lender, the **South Carolina State Board of Financial Institutions, Consumer Finance Division** has a complaint portal to assist you at no cost. For a broader look at all your choices, our guide to [payday loan alternatives](/payday-loan-alternatives/) compares many more options by their APR. ## Frequently Asked Questions Can I have more than one payday loan at a time in South Carolina? No. State law strictly prohibits having more than one payday loan at a time. Lenders are required to check a centralized database (Veritec) before issuing a new loan to ensure you do not have an existing loan outstanding. The state database catches stacking even when an individual lender doesn't. What's the biggest payday loan I can get in South Carolina? The maximum principal amount for a payday loan in South Carolina is $550. The law, 34-39-130 (Deferred Presentment Services Act), caps the principal at $550, and the term at 31 days. Most loans in the state fall between $100 and this maximum amount. Are online payday lenders legal in South Carolina? Yes, but they must be licensed and follow the same state regulations as storefront lenders. Any legitimate online lender offering loans to South Carolina residents must comply with 34-39-130 and be supervised by the South Carolina State Board of Financial Institutions, Consumer Finance Division. They are subject to the same $550 maximum, 31-day term, and 15% fee cap. I'm in the military stationed in South Carolina. Do the same rules apply to me? You have additional, stronger protections. The federal Military Lending Act imposes a 36% APR cap for active-duty service members and their dependents. Since standard South Carolina payday loans have an APR of 391%, they are generally not offered to covered military personnel. Lenders are required to check military status before issuing a loan. Where can I find a payday lender in my city? While we provide information on state laws, you can search for local options in major areas like [Charleston](/city/sc/charleston-sc/) or [Columbia](/city/sc/columbia-sc/). Always verify that any lender you consider is licensed with the state. For a fundamental understanding of how these loans work, read our main [payday loans guide](/payday-loans/). #### See your SC options We'll match you to South Carolina-licensed lenders only, and show lower-cost alternatives side by side. [See my options](/apply/) 🔒 256-bit encrypted · South Carolina State Board of Financial Institutions, Consumer Finance Division-aware --- #### Lower-cost first Always compare: [15 alternatives ranked by APR](/payday-loan-alternatives/). --- #### Compare cost See the 50-State Cost Index or read [the main payday-loans guide](/payday-loans/).