Payday loans laws in South Carolina are legal according to the S.C. Code Ann. 34-39-110 et seq.
The maximum amount of a loan in South Carolina is $550. The APR in the state comprises 390%. Lenders can charge 15% for every $100 borrowed. The loan time period is restricted to 31 days in S. Carolina. There are so specific regulations in the account of roll-overs and extensions as well as number of outstanding loans allowed. However, there is a restriction for the NSF fees that should not exceed $10 for a check. It is forbidden to take any criminal against borrowers in the state.
The government controls the functioning of all lending companies in South Carolina. A company willing to set up a payday loan business should receive the license from the State Board of Financial Institutions. Net worth assets of the company should be $25,000, and the firm should provide all the business information. As a matter of fact there are some other regulations to follow: the company has to provide the business name as well as physical location.
Every payday loan in South Carolina should have a written agreement signed by the borrower and the lender. The contract is to state the name of the lender, the transaction date, the sum, and all the fees. The fees are in US dollars as well as in the APR (annual percentage rate).
More information about Payday Loans in South Carolina: http://www.scconsumer.gov/