Payday Loans In South Carolina | Online No Credit Check & Bad Credit

South Carolina Payday Loans – Bad Credit Near Me

A payday loan, also known as a cash advance, is a short-term loan that is typically due on your next pay date. The amount you can borrow for South Carolina Payday Loans depends on your income and credit history.

The average $100 two-week payday loan fee is $15, which works out to an annual percentage rate (APR) of almost 400%. Under South Carolina law, lenders cannot renew or extend a payday loan. There are no limits on how many payday loans you can take.

Requirements for a payday loan in South Carolina

To get a payday loan in South Carolina, you’ll need to provide the following:

  • A valid photo ID
  • Proof of income
  • An active checking account

What are the repayment terms for a payday loan?

Typically, your loan will be due on your next pay date. Some lenders may allow you to extend the repayment date for an additional fee. You can still get a payday loan if you receive Social Security or disability benefits. Payday loans do not appear on your credit report and will not affect your credit score.

What happens if I can’t repay my payday loan?

If you can’t repay your payday loan, the lender may allow you to enter into an extended payment plan (EPP). With an EPP, you’ll make smaller payments over a more extended period.

The lender can garnish your wages if you can’t repay your payday loan. You cannot be arrested for defaulting on a payday loan. If a lender is harassing you, you can file a complaint with the South Carolina Attorney General’s Office.

I’m having trouble repaying my payday loan

If you’re having trouble repaying your payday loan, you may be able to enter into an extended payment plan (EPP). With an EPP, you’ll make smaller payments over a more extended period.  A new law went into effect in August of 2019 that imposes additional regulations on lenders and borrowers.

The new regulations include the following:

  • Lenders must provide a repayment plan to borrowers who are unable to pay back the loans on time
  • Borrowers can only have one outstanding payday loan at a time
  • Lenders cannot renew or extend a payday loan
  • Extended payment plans (EPPs) must last for at least six months and no more than 12 months

If you’re having trouble repaying your payday loan, you may be able to enter into an extended payment plan (EPP). With an EPP, you’ll make smaller payments over a more extended period.

Can I get a refund if I cancel my loan?

Yes. If you cancel your loan within 24 hours of receiving it, you’ll be entitled to a full refund. Once you think a lender is violating the law, you can file a complaint with the South Carolina Attorney General’s Office. If a payday lender sues you, you should contact an attorney immediately.

South Carolina payday loans for bad credit?

Yes. You can still get a payday loan if you have bad credit. To find out if a lender is licensed to issue payday loans in South Carolina, you can contact the South Carolina Department of Consumer Affairs. The South Carolina Department of Consumer Affairs regulates payday lenders in South Carolina.

Author: Tom Harold Zeus

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Tom Harold is a personal finance and insurance writer who has more than 10 years of experience in covering commercial and personal insurance options. He is also determined to beat her brother, who is a financial advisor with intimate knowledge of the field of personal finance. He devotes time researching the latest rates and rules.