SOUTH CAROLINA PERSONAL LOAN RATES AND TERMS:

Personal Lons in South Carolina:

South Carolina Payday Loan Laws and South Carolina Loan Regulations

Legal Status: Legal

Citation: S.C. Code $sect;§ 34-39-110 et seq.


South Carolina State Licensed Online Lenders:
CashNetUSA.com
Maximum Loan Amount: $550
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of principal
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%


Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None
Cooling-off Period:
Repayment Plan:


Collection Limits:
Collection Fees:Lesser of: NSF fee of $10 or actual charge
Criminal Action: Prohibited


State Regulatory Agencies for Payday Loans:

Regulator: South Carolina State Board of Financial Institutions
Address: Consumer Finance Division, P.O. Box 11905 Columbia SC 29211
Phone:(803) 734-2020
Fax:(803) 734-2025
Regulatory Contact:
South Carolina Department of Consumer Affairs
Complaint Process
Online Resources:
Deferred Presentment Services
Predatory Lending

The cost of a personal loan:

The cost of a personal loan

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.

Borrowed Amount Loan Period Monthly Payments Total Payable Amount
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.



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