Payday loans are small, cash advances funded non-traditionally across the state of South Carolina to assist those who are having a small financial setback. These loans are typically under $1,000 and are to be paid in full on the borrowers next payday. The amount that you are eligible to borrow from such cash advance companies doesn’t depend on your credit score like it does with typical lending institutions but instead is based on your job, how long you’ve had it and how much you take home each pay period.

Let’s say, for example, that your hot water heater has broken. You don’t have any cash, and you won’t be paid until next Thursday. Instead of you and your family having to take cold showers for the next week and a half, a cash advance can be a sensible solution to get you the cash you need very quickly.

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In South Carolina, a personal, post-dated check written out to the lender by you is one means of getting this quick and easy loan. In this check, you include any applicable fees that go along with the full loan amount. When the lender cashes the check, they keep the fees and put the balance directly on your loan.

Laws have been put into place for the protection of both the payday loan industry and consumers alike in South Carolina:

31-day maximum time frame for all cash advance loans.
Applicable fees cannot exceed 15% of the loan ($15 per $100).
No rollovers allowed (repaying one cash advance with another).
A Non-Sufficient Funds charge of $10 or actual bank charge, whichever is less.

A stipulation to obtaining a cash advance may be that your paycheck needs to be directly deposited into your checking account by your employer.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.