South Carolina Payday Loans: Laws, Costs & $600 Limit Guide (2026)

Understanding South Carolina Payday Loan Laws

South Carolina's payday loan industry operates under the South Carolina Deferred Presentment Services Act, which provides moderate consumer protections. The state caps loan amounts at $600 with a maximum 15% fee, and requires a minimum 31-day term—longer than the typical 14-day loans in many other states.

The South Carolina State Board of Financial Institutions (specifically the Board of Consumer Finance) oversees payday lending and enforces these key regulations:

• Maximum loan amount: $600 per borrower
• Maximum fee: 15% of the face amount ($90 maximum on a $600 loan)
• Minimum term: 31 days (reduces effective APR compared to shorter terms)
• One loan at a time (enforced through Veritec Solutions database)
• No rollovers or renewals permitted
• NSF fee limit: $30 maximum for returned checks
• Mandatory written agreements with full disclosure

How Much Do South Carolina Payday Loans Cost?

South Carolina's 15% fee cap and 31-day minimum term create moderate costs compared to other states. Here's what you'll pay:

South Carolina Cities: Payday Loan Affordability Analysis

Here's how payday loan costs compare to typical household incomes in South Carolina's three largest cities:

Charleston (Population: 153,672 | Median Income: $5,417/month)

Charleston, South Carolina's historic coastal city and major tourism hub, has above-average incomes. A maximum $600 loan ($690 total repayment) represents 12.7% of monthly income for median earners. Charleston residents have access to multiple lenders, credit unions, and community resources.

Columbia (Population: 137,541 | Median Income: $4,250/month)

As the state capital and home to the University of South Carolina, Columbia has moderate incomes. A $600 loan ($690 repayment) equals 16.2% of monthly income—a substantial burden. Columbia residents should explore credit union alternatives and student emergency funds if applicable.

North Charleston (Population: 117,293 | Median Income: $3,917/month)

North Charleston's working-class economy creates tighter budgets. A $600 payday loan ($690 repayment) represents 17.6% of monthly income—approaching the recommended 20% maximum for all debt payments. Residents should carefully consider alternatives before borrowing.

Eligibility Requirements for South Carolina Payday Loans

To qualify for a payday loan in South Carolina, you typically need:

• Age: At least 18 years old
• Residency: South Carolina resident with valid government-issued ID
• Income: Verifiable regular income (employment, Social Security, disability, etc.)
• Bank Account: Active checking account in your name
• Contact Information: Working phone number and email address

Most South Carolina payday lenders do not check traditional credit scores, making loans accessible to those with bad credit. However, the statewide database verifies you don't have an existing payday loan.

How to Apply for a South Carolina Payday Loan

1. Find a Licensed Lender: Verify the lender is licensed through the SC Board of Consumer Finance website (consumer.sc.gov/bfc).
2. Gather Documents: Have your ID, recent pay stubs or benefit statements, and bank account details ready.
3. Apply Online or In-Store: Submit your application online for convenience or visit a storefront location.
4. Review Loan Terms: Carefully read the agreement showing the $600 max amount, 15% fee, 31-day term, and total repayment cost.
5. Receive Funds: Approved borrowers typically receive funds within one business day (online) or immediately (in-store).
6. Plan Repayment: Set aside funds for your due date 31 days later to avoid NSF fees or collections.

Pros & Cons of South Carolina Payday Loans

Better Alternatives to South Carolina Payday Loans

Before taking a payday loan in South Carolina, consider these lower-cost options:

• Credit Union Payday Alternative Loans (PALs): South Carolina Federal Credit Union and others offer PALs with APRs capped at 28%—much lower than payday loans.
• Employer Paycheck Advances: Many employers offer interest-free paycheck advances—ask your HR department.
• Payment Plans: Contact creditors about payment arrangements for bills, rent, or medical costs.
• Community Assistance: United Way of the Midlands, Harvest Hope Food Bank, and local churches provide emergency financial help.
• Personal Installment Loans: Online lenders like Upgrade, LendingClub, or Upstart offer installment loans with lower APRs and longer terms.
• Credit Card Cash Advances: While expensive (25-30% APR), these are still cheaper than payday loans' 196% APR.
• Side Income: Quick gigs through apps like Uber, DoorDash, or TaskRabbit can generate emergency cash.