South Carolina Consumer Protections: South Carolina allows payday lending with a $550 cap, 15% fee limit, and a statewide database to prevent multiple simultaneous loans. After four consecutive loans, borrowers must be offered an extended payment plan at no extra cost. Complaints can be filed with the Board of Financial Institutions or the Attorney General.
Interest Rate Cap: South Carolina usury cap: 8.75% default rate; payday loans capped at $550 with 15% fee.
Key Regulations: - Payday loans (deferred presentment) capped at $550 with maximum fee of 15% of the advance.
- Borrowers limited to one outstanding loan at a time tracked via statewide database.
- A one-day cooling-off period required between loans.
- Lenders must offer an extended payment plan at no additional cost after the fourth consecutive loan.
Federal protections: The FCRA gives you the right to dispute inaccurate credit report information for free. Credit repair companies cannot charge before performing services (Credit Repair Organizations Act).
Free resources: Get a free credit report annually at AnnualCreditReport.com.
File complaints with South Carolina Attorney General Consumer Protection Division.