Summerville payday loan rates are set by South Carolina’s Deferred Presentment Services Act (S.C. Code Ann. § 34-39-110 et seq.). Snap Loans Cash is free to use — we never charge you a fee. The costs below are the maximums a licensed South Carolina lender may charge; your actual rate and fees come from the lender and appear in your loan agreement before you accept.
Loan Rules in South Carolina: Rates & Terms at a Glance
| Item | South Carolina limit |
|---|---|
| Maximum loan amount | $550 |
| Maximum fee | 15% of the amount advanced (about $82.50 on $550) |
| Maximum term | 31 days |
| Rollovers | Prohibited |
| Outstanding loan limit | One at a time (statewide database check) |
| Extended payment plan | Once every 12 months — 4 equal installments, no extra charges |
APR example: a $550 payday loan for about 14 days at the 15% cap costs roughly $82.50 in fees — about a 391% APR. Source: South Carolina Board of Financial Institutions; statute: S.C. Code Ann. § 34-39-110 et seq. Verified July 15, 2026.
South Carolina loan rules at a glance
| Rule | South Carolina limit |
|---|---|
| Legal status | Legal and regulated |
| Maximum loan amount | $550 |
| Maximum term | 31 days maximum |
| Finance charge cap | 15% of the amount advanced (about $82.50 on a $550 loan) |
| Rollovers | Rollovers prohibited; only one payday loan outstanding at a time, checked against a statewide database |
| Cooling-off period | Extended payment plan available once every 12 months — four equal installments, no additional finance charges |
| Statute | South Carolina Deferred Presentment Services Act — S.C. Code Ann. § 34-39-110 et seq. |
Source: South Carolina State Board of Financial Institutions (Consumer Finance Division) · Rules verified July 15, 2026