South Carolina Cash Loan

In South Carolina, payday loans are typically small in nature and they are used as an untraditional means of bridging the gap from paycheck to paycheck by people who have a temporary lapse in financial security. More times than not, South Carolina cash loans come in cash form and are less than $1,000. They run a period of time that spans only until the borrower gets his or her next paycheck, at which time they are expected to pay off the loan in full. While traditional loan amounts are determined based upon credit score, payday loans are awarded based upon one's job, the length of time for that job, and how much it pays.

People typically take out payday loans to pay for a short term emergency. Perhaps their car has broken down and they will not have a paycheck until the next Friday. Instead of not being able to get to work, a person can take out a South Carolina cash loan and have their car repaired.

These loans are paid off in a simple way. When the loan is issued, the borrower has to write out a post-dated check that satisfies both the amount of the loan and any associated fees that the lender charges for issuing the loan.

Another way to go about getting one of these loans is through using a website like Cashloan.net. In that case, one would give the lender his or her bank information and the amount would be debited on an agreed-upon date.

There are some laws in South Carolina that protect both lenders and consumers in a fair manner.

They are as follows:

Fees cannot be higher than 15% of the total loan amount

Customers are not allowed to take out an additional loan to pay off their first

Customers who default are charged wither $10 or the bank charge for non-sufficient funds, whichever is lower

Loan term can last no longer than one month (31 days).