F.A.Q.

Yes, payday loans are legal in South Carolina. However, there are some restrictions on how they can be offered.

The maximum loan amount is $500.
The maximum APR is 391%.
The loan term cannot be less than 14 days.
The borrower must sign a declaration that they do not have more than $2,500 in outstanding payday loan principal balances.

Payday lenders in South Carolina must be licensed by the South Carolina Department of Consumer Affairs. The department has the authority to investigate and take action against payday lenders who violate the law.

Online payday loans are also legal in South Carolina. However, the same restrictions apply to online payday loans as to traditional payday loans.

If you stop payment on a check with Carolina Payday Loans in South Carolina, the lender may charge you a stop payment fee. The amount of the fee will vary depending on the lender. You may also be responsible for any bounced check fees charged by your bank.

The lender may also try to collect the debt from you by contacting you directly or by sending the debt to a collection agency. If the debt is sent to a collection agency, the agency may try to collect the debt by contacting you, sending you letters, or even suing you.

It is important to note that stopping payment on a check is not the same as defaulting on a loan. If you stop payment on a check, you are still legally obligated to pay the debt. However, stopping payment may make it more difficult for the lender to collect the debt.

If you are considering stopping payment on a check with Carolina Payday Loans, you should speak to an attorney to understand your legal options.

Here are some things to keep in mind if you are considering stopping payment on a check with Carolina Payday Loans:

You may be charged a stop payment fee.
You may be responsible for any bounced check fees charged by your bank.
The lender may try to collect the debt from you.
Stopping payment on a check is not the same as defaulting on a loan.

Yes, payday loans can be included in Chapter 7 bankruptcy in South Carolina, as long as they meet the following criteria:

The loan was taken out for personal, family, or household purposes.
The loan was not secured by collateral.
The loan was not taken out to pay for an investment or business venture.
If a payday loan meets these criteria, it can be discharged in a Chapter 7 bankruptcy. This means that the borrower will not have to repay the loan.

However, there are a few exceptions to this rule. For example, payday loans that were taken out within 90 days of filing for bankruptcy may not be discharged. Additionally, payday loans that were taken out to pay for gambling debts or other debts that are not dischargeable in bankruptcy may not be discharged.

If you are considering filing for Chapter 7 bankruptcy and you have payday loans, it is important to speak to an attorney to understand your legal options. An attorney can help you determine if your payday loans are eligible for discharge and can help you file for bankruptcy if you decide to do so.

Here are some other things to keep in mind about payday loans and bankruptcy in South Carolina:

The bankruptcy court may require you to pay back some or all of your payday loans if you have the ability to do so.
The bankruptcy court may also require you to provide documentation showing that you used the loan for personal, family, or household purposes.
If you have a cosigner on your payday loan, the cosigner may still be responsible for repaying the loan even if it is discharged in your bankruptcy.
If you are struggling to repay a payday loan, it is important to seek help from a credit counselor or financial advisor. They can help you develop a plan to get out of debt and avoid bankruptcy.

Yes, there are new rules for payday loans in South Carolina. The South Carolina General Assembly passed a bill in 2022 that imposes new restrictions on payday lenders. The bill was signed into law by Governor Henry McMaster on May 16, 2022.

The new rules include:

A maximum loan amount of $550.
A maximum APR of 391%.
A loan term of no more than 31 days.
A requirement that borrowers provide proof of income before taking out a loan.
A prohibition on lenders charging fees for bounced checks or returned payments.
A requirement that lenders provide borrowers with a written disclosure of the terms of the loan before the loan is made.

The new rules are designed to protect borrowers from predatory lending practices. They are also designed to make it more difficult for borrowers to get trapped in a cycle of debt.

You can only have one payday loan at a time in South Carolina. This is a law that was passed in 2022 to protect borrowers from getting trapped in a cycle of debt.

If you have a payday loan and you need to take out another one, you will have to wait until the first loan is repaid in full. You cannot roll over a payday loan into a new loan.

There are some exceptions to the one-loan rule. For example, you can take out a second payday loan if you are using the money to pay for a car repair or medical emergency. However, you will still have to repay the first loan in full before you can take out the second loan.