South Carolina Payday Loan Laws

There are stringent rules, as well as different loan agreements that are to be done in the state of South Carolina in terms of going for payday loans. Directed by the different rules and regulations in that particular state, you would find that most of the lenders go to extremes in order to get payday loans to be delivered to you.

• Maximum APR – 459 percent
• Maximum Finance Fees – $15 per $100 dollars
• Maximum Financing Interest – 15 percent
• Maximum Quantity of Loans at One Time – One
• Maximum Payday Loan – $ 300
• Loan Term Limit – 10 Days
• Loan Term Maximum – 31 Days
• Total Number of Extensions: 3 times
• Loan Default Collections Actions Permitted: Non-criminal (exception for NSF checks)

With a lot of people opting for payday loans in order to take care of their emergency situations, you would find that the lenders have taken a bad turn. Most of them prefer to impose a higher rate of interest on the payday loans so that they can get a lot of money on a smaller principal amount. This is a practice that is extremely negative, as they would be exploiting the people who are in need of extreme money, and can promise anything in order to secure the loan.

This leads to desperate situations in which you would find that people have actually been gaining a lot of jobs, and working extra time in order to get rid of the debt money. In most situations, bankruptcy is a very normal result. Hence, this practice must be stopped by the South Carolina payday loans authority.

Another aspect of South Carolina payday loans is that most of the people do not know about the different times in which they would have to pay for the money. Due to extreme situations, the amount of money that they are getting in their bank would be withdrawn by the payday loan company, but sometimes they are withdrawn by the person himself.

This also leads to a stand-off between both of them, and you would find that in such situations there can be legalities that are cited for reference. Hence, such situations should not prevail in your own house, and you need to ensure that you go about doing the job very well in order to bring about the necessary changes into the payday loans that can be got from South Carolina.

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