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South Carolina Payday Loans
If you are a resident of South Carolina, then you will be excited to learn that LoansPayday.info can get you the money you need if you are short of cash and in between paydays. Our service is fast and easy, and one you will want to take advantage of. Just spend a few minutes online, filling out the proper forms, and your funds will soon be deposited into your bank account. You will enjoy the convenience of getting a South Carolina payday loan, so try us today!
Payday Loan Lending laws for South Carolina
The laws regarding payday loans in the state of South Carolina are actually quite comparable to the laws in other states. Comparatively, the APR of South Carolina is higher when looking at other states, as it is at 459%. A cash advance lender may charge 15% interest per check, or an amount of $17.65 on each $100 that a borrower takes out. The maximum amount that can be taken out in a payday loan is $300, and the term maxes out at thirty-one days in the state of South Carolina.
The state of North Carolina has been very much affected by the payday loan companies in their sister state of South Carolina. The residents of North Carolina are not permitted to get a payday loan in their own state, so they need to go to the border of South Carolina to get money when they need to. A South Carolina payday loan is easy to do for residents who choose to cross the border from North Carolina. Since this is the case, there are many payday loan companies that are found on the border of the two states.
South Carolina is ranked at number nine on the list of states with the most payday loan companies, as reported by a survey. When this survey was taken, the number of South Carolina payday loan lenders was 902. However, with the growing popularity of these companies, that number is likely to be much higher. Today, the number of companies found in South Carolina is sure to be exceptionally high.
If you are thinking about moving to South Carolina, yet do not have all the money needed to make a move, then receiving a payday loan can really help your situation. Or, you may already live in South Carolina, and have found yourself behind on your bills. It happens, and you may need some money to catch up. Again, getting a South Carolina payday loan from us can really be a big help if you are strapped for cash. Even if you do not reside in the state of South Carolina, we can get you a payday loan that can help you with your financial woes. Just visit us at LoansPayday.info and use all of our services to get what you need today. You can use our services no matter where you are in the United States just by going to LoansPayday.info and starting your very easy and simple application process. When you become approved, you will get a payday loan that is payable on your next payday, and you are guaranteed to get this money as fast as possible.
You may need to pay bills, fund a special event or start a personal project. No matter what you need to do you can get it done by getting a payday loan through our easy and fast services.
Just fill out the electronic submission form on our website to get the payday loan that you need at any given time. At our company, we will respect your privacy and protect it. Our site is not only safe and secure, it is also very user friendly. We would love to help you get the financial help you need.
The state government regulates all of the South Carolina payday loan companies, and has some requirements for the business. Any company that desires to operate a payday loan company must be licensed through the State Board of Financial Institutions. There are requirements to this, as well, such as having a minimum of $25,000 in net worth assets, and also, they must provide the proper business information needed. There are other rules and regulations required to receive the license as well: the company must have a legal name and physical residence and location, the company must provide background experience and financial responsibility, and any partnerships and corporations that are adjacent to the location must be named. The state of South Carolina requires a micro-management business plan first before they approve the licensing of a new business.
One other requirement for a payday loan business is that in order for a borrower to take out a loan, the lender must verify that they do indeed have a bank account. This information must be verified. A payday loan company must also clearly post their fees in a public spot on their residence for their potential customers. No loan term can exceed 31 days, and that payday loan limit is $300 for the state of South Carolina. This limit is actually considered low, as there are many other states that have $500 limits. This does show that South Carolina does, in fact, try to protect people by putting these severe regulations in place.
For every South Carolina payday loan, there must be a printed agreement that is signed by both the lender and the borrower. There are a few things each contract must state: the lender's name, the date of the transaction, the amount of the check issued, and the statement of fees. These fees must be expressed in US dollars and also in the annual percentage rate, commonly known as APR. This agreement is required so that the lender has authorization to defer the South Carolina payday loan up to a maximum of 31 days.
South Carolina payday loan fees are another regulated issue. There is a cap of 15% that a lender can apply to the face value of a check. South Carolina also legislated that only once can this fee be imposed on any borrower. A lender has the right to pursue legal action f the borrowers check is returned, whether for insufficient funds, closed accounts, or if a stop payment has been placed on it. Additional fees can be charged, up to $10.
Unemployment Statistics for South Carolina
The unemployment rate for the state of South Carolina has been between 2.8 and 7.5, within the past decade. A rate of 7.3 was recorded in January and in January of 2006, this was lowered at 6.6. The number of unemployed persons reached 136,712 in that year.
- Goose Creek
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