South Carolina Payday Loan Laws

South Carolina Payday Loan LawsDepending on the state that you are in you may not be able to get a payday loan. If you live in the state of South Carolina though, you are able to get a payday loan when you need it. Here are some of the laws in South Carolina regarding payday loans.

When it comes to online payday loans South Carolina has strict laws. They only allow one company to be licensed to operate as an online payday lender. This company is called PayDayOne. This online payday lender does work all over the country. Anyone can access their website and they have established a good reputation with their customers.

There are also many more general laws for the payday loan industry in South Carolina. If you are looking to get a payday loan in the state of South Carolina then you should know the amount that you can borrow. The law allows a payday lender to lend between one hundred and three hundred dollars at a time.

The laws in this state also regulate how much they can charge in fees. The payday lender can only charge fifteen dollars for every one hundred that is borrowed. This makes it so that the customer knows what to expect as far as fees go every time they go to get a loan from one of these payday lenders.

While South Carolina is not as lenient as some states when it comes to payday lending laws, they are more lenient than other states. There are some states that do not even allow payday lenders to operate in their state. It seems as if South Carolina has managed to find a balance somewhere in between strict and lenient in order to keep the peace over payday loans.

Do watch out South Carolinians. Everywhere that there are payday lenders there will be scammers. While the lawmakers are working on stopping them they cannot all take them all down at the same time. This means that you need to make sure that you are getting your loan you have to check that it is a licensed lender and that they are legitimate.

Before getting a payday loan you should become familiar with all the laws in South Carolina. Knowing the laws is a good way to keep you from accidentally working with a scammer. Being informed is important when you are considering getting a payday loan.