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Payday Loans and South Carolina
It appears South Carolina has more than a few well informed legislators in their state. Regarding payday loans, both the House and the Senate agreed that there is a huge demand for the payday loan product and that government should allow their citizens to decide which financial product makes the most sense for their individual situation.
Of course the dufasses that think they know what's best for all of us were up on their high-chairs whining and crying but thankfully they were shutdown!
We have no complaint that after long debate, the Senate and House agreed on a bill to limit borrowers to one payday loan at a time, a cap of $550, a cooling off period and the ability of payday loan providers to electronically debit their customer's bank account. The implementation of a state-wide data base is of little consequence as well.
We're simply pleased that residents of South Carolina still have access to payday loans and that their legislators "get it."
South Carolina Payday loan laws. South Carolina Payday loan legislation. South Carolina has specific payday advance laws. The permitted fee is 15 % of the face amount of the payday loan amount. The permitted time period is a maximum of 31 days.
The maximum amount of the payday loan allowable is $550.00. Rollovers are prohibited.
You cannot add car title to payday loan stores but you can add car title to installment lending. Payday loan stores must be focused solely on PDL. PDL is the only loan product South Carolina will allow to operate in the building.
For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to PaydayLoanIndustry.com