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Loans in South Carolina (SC)

Payday Loans in South Carolina (SC)

No matter how well you think you manage your finances, unforeseen events can definitely appear out of nowhere and force you to look for money easily and fast. For this type of situation, in which an unpredicted surgery or car reparation destabilized your finances, you should know that there is a simple solution that can get you out of trouble: payday loans.

Payday Loans South Carolina

What payday loans are and how can you access them if you are a resident of SouthCarolina? Well, read on to find out everything you need to know about payday loans in South Carolina.

What Are Payday Loans?

This life-saver solution is, in fact, a short-term type of loan which you can easily apply for if you are a resident of South Carolina. Apart from the fact that it offers borrowers up to $1000, it gives you the chance to get rid of it easily – as the terms and conditions in the contract will state that the sum borrowed has to be returned on your next payday.

This means that it does not only give you the chance to solve your problems easier than expected, but it also does not to destabilize your finances. It will ensure that you don’t dig yourself even more in that specific financial struggle.

Apart from these advantages, you might want to know the eligibility criteria that need to be meet in order for you to have access to this type of loan:

  • You must be of age (18 years old or more);
  • You must have a citizen of The United States;
  • You must have a steady job;
  • You must prove that you can return the sum of money borrowed on time

With the proper documentation and a high degree of responsibility taken, you can manage your financial struggle easily and fast – with no other complications added to your finances.

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What You Need to Know about Payday Loans in SC

If you live in South Carolina and you are short on money, get ready to find the lender who makes you the right offer, as payday loans are legal in your state. Payday loans in South Caroline allow its citizens to borrow up to $550 for 31 days or less, but on the condition that you only have one loan at a time.

The lenders in South Carolina will charge you up to 15% of the sum borrowed, considered a financing fee, and this means that the APR is around 390%. As an example, a $100 loan will drag another $115 fee with it.

South Carolina Payday loans need to be paid on time, which should be on the day of your paycheck. Failing to repay your loan on time will make your lender charge you a non-sufficient funds fee.

Therefore, make sure you qualify for this type of loan – and more importantly, make sure you are ready to take the proper responsibility. You have to return the sum on time because otherwise, you will dig even a bigger hole in your financial situation.

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Disclaimer

Short-term loans represent a type of emergency borrowing meant to help you with immediate financial issues. They can only become pricey products once you use them for long-term purposes.

 

MicroPaydayLoans.com‘s operator and owner is not a lender, so he isn’t involved in making credit decisions that include lending and making loan offers. This website actually works as a matching service, helping you contact with lenders and third parties. You are not charged any fee for our service. Moreover, you are not forced to initiate contact with any lender or third party or accept any of their offers.

 

The data that is presented on our website regarding short-term loans and the industry is here for information purposes only. We do not uphold a particular lender, and we’re not responsible for a lender’s actions or inactions. Moreover, MicroPaydayLoans.com doesn’t collect or store your data concerning fees and charges associated with the lenders. Basically, we don’t have access to this data in the first place.

 

Not every state approves of short-term loans. Also, not every lender in our network is able to provide loans of up to $1,000. We don’t guarantee that a consumer will get approval for any loan product or lender or will be matched with a lender. If matched, it doesn’t mean he/she will receive the requested short-term loan.

 

In addition, a lender may want to do a credit verification. This takes place to ensure that you have a reliable credit, and to determine the scopes of credit products to offer. Additional verification may be needed, including your driving license number, social security number, national ID or other documents that help with identification. Keep in mind that scopes vary from one lender to another based on various factors. These factors include the terms determined by each lender and credit standing of the applicant.

 

APR Representative

Annual Percentage Rate, or APR, is the loan rate that’s calculated for the annual term. Considering MicroPaydayLoans.com isn’t a lender and doesn’t own information about any detail of short-term loans offered by individual lenders, they can’t estimate the APR. So, the APR provided won’t be the exact one charged by any of the loan products lenders offer.

 

APRs are very different from one lender to another, one state to another and they depend on various factors, including the credit standing of an applicant. There may be additional charges associated with the loan offer. Some of these charges include late payment, late payment reporting, non-payment penalties, and debt collection actions.

 

These actions have nothing to do with our website. Moreover, we do not have any information about actions taken by the lenders. The financial and non-financial charges and actions can be disclosed in a particular agreement in a clean manner.

 

The APR is calculated as the annual charge, and it’s not a financial charge for a short-term loan.

 

Late Payment Implications

If something happens and you won’t be able to repay a loan on time, it is recommended you contact the lender. Once this happens, late payment charges and fees may be applied. Federal and state regulations may vary from one case to another, and they are determined for late payment cases. Information regarding costs and procedures when it comes to late payment should be discussed before signing any related document. So, make sure you review these with your lender, and they will be disclosed in the loan agreement.

 

Non-payment Implications

If you don’t pay a loan or miss the payment, there may be some financial and non-financial penalties. Any financial charges or fees in case of late payments should be disclosed in the loan agreement. Other actions related to non-payment, renewals, for instance, may be implied upon given consent. Renewal terms are going to be disclosed in each loan agreement individually. Keep in mind that renewal may also come with additional fees and charges.

 

Debt collection practices and any similar procedure will possibly be performed. Any action related to these practices is adjusted to the Fair Debt Collection Practices Act regulations. It is also adjusted to other applicable state and federal laws to ensure the consumers’ protection against negative borrowing and unfair lending experiences. Most lenders don’t refer to outside collection agencies. They will rather collect the debt through in-house means.

 

Late payment and non-payment may significantly impact a borrowers’ credit score and decrease it. Lenders may report these bad experiences to credit bureaus, including Transunion, Equifax, and Experian. If this happens, the consequences of late payment or non-payment will stay in a borrower’s credit reports for a certain amount of time.