South Carolina House Passes Payday Loan Legislation
South Carolina legislators gave overwhelming key approval to a bill aimed at preventing residents from being trapped in a cycle of debt through payday lending.
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Payday Loans in South Carolina
Payday Loan Laws in South Carolina (2026)
Yes — payday loans are legal in South Carolina as “deferred presentment” transactions. You can borrow up to $550 with a 15% fee, for up to 31 days, and rollovers are banned. A mandatory statewide database limits you to one payday loan at a time, and you can use one free extended payment plan a year.
| Status | Legal — licensed & regulated |
|---|---|
| Maximum loan | $550 |
| Maximum fee | 15% of the amount advanced |
| Typical APR | ≈391% on a 14-day loan |
| Loan term | Up to 31 days |
| Rollovers | Prohibited |
| Statewide database | Yes — one loan at a time across all lenders |
| Right to cancel | By the close of the next business day, at no cost |
| Repayment plan | One free extended plan per year (4 equal installments) |
| Regulator | Office of the Commissioner of Consumer Finance |
| Law | Deferred Presentment Services Act (S.C. Code Title 34, Ch. 39) |
What a payday loan costs in South Carolina
South Carolina caps the fee at 15% of the amount advanced, so a $550 loan costs $82.50. On a two-week loan that's about a 391% APR. A statewide database stops you from stacking loans across lenders.
| Amount borrowed | Fee (15%) | Total repaid |
|---|---|---|
| $100 | $15 | $115 |
| $300 | $45 | $345 |
| $550 | $82.50 | $632.50 |
Your rights as a borrower in South Carolina
- A statewide database enforces one payday loan at a time — you can't borrow from several lenders at once.
- Rollovers are banned, and the maximum loan is $550 for up to 31 days.
- You may use one free extended payment plan a year (four equal installments) if you can't repay.
- You can cancel a loan at no cost by the close of the next business day.
Problem with a lender? File a complaint
Payday (deferred presentment) lenders in South Carolina are licensed by the Office of the Commissioner of Consumer Finance. To report a violation or an illegal lender, use the online complaint form.
Alternatives to a payday loan
Before borrowing, compare a credit-union payday-alternative loan, an employer paycheck advance, or a payment plan with the biller. See our guide to payday loans and alternatives.
Disclaimer: general information, not legal or financial advice. Laws change — verify the current rules with the South Carolina Office of the Commissioner of Consumer Finance before borrowing. Last reviewed 2026.
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Frequently asked
Are payday loans legal in South Carolina?
Yes. They are legal as “deferred presentment” transactions under the Deferred Presentment Services Act, overseen by the Office of the Commissioner of Consumer Finance.
How much can you borrow with a payday loan in South Carolina?
Up to $550, and only one loan at a time — enforced by a statewide database.
What is the most a South Carolina payday lender can charge?
15% of the amount advanced — about a 391% APR on a two-week loan.
Can I roll over a payday loan in South Carolina?
No. Rollovers are prohibited, but you may use one free extended payment plan (four installments) per 12-month period.
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