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Licensed and supervised by the Board of Financial Institutions, with a separate licence required for every location. Reported terms: $550 maximum, one loan at a time, 31 days, 15% fee.
Nobody may engage in deferred presentment services in South Carolina without a licence, and a separate licence is required for each location from which the business is conducted.South Carolina · RegulatorSC Board of Financial Institutions, Consumer Finance Division — a person may not engage in the business of deferred presentment services without first obtaining a license pursuant to 34-39-130; a separate license is required for each location
The Consumer Finance Division also licenses and examines all non-depository companies making consumer loans above 12% APR that are not secured by real property.
Widely reported terms are a maximum loan of $550, one loan at a time, a 31-day limit and fees capped at 15%. Those figures are consistent across sources but we have not yet traced them to the statute, so treat them as indicative and confirm with the Division.
You can revoke authorisation and instruct your bank to stop the payment, whatever your agreement says.
What Regulation E says about automatic payments →
A payday loan is a consumer debt. If it goes unpaid, two South Carolina rules decide what a lender can do next: how long it has to sue you, and how much of your pay a court can order taken.
Being sued over an old payday loan? A collector can still file, but the time limit is a defence you can raise — and you cannot be jailed for the debt. What can and cannot happen if you don’t pay →