South Carolina payday loan fees are capped by state law at 15% of the principal, and that fee can be charged only once per agreement. Knowing the math before you sign protects you from surprises on payday.
Quick answer: South Carolina caps a payday loan at $550 and limits the fee to 15% of the amount borrowed, charged once. Borrow the full $550 and the fee is $82.50, for a total repayment of $632.50.
What the fee actually costs
- Borrow $300 → fee of $45 → repay $345.
- Borrow $500 → fee of $75 → repay $575.
- Borrow the $550 maximum → fee of $82.50 → repay $632.50.
Turning the fee into an APR
Because the loan lasts only a couple of weeks, a flat 15% fee translates into an annual percentage rate near 391% on a 14-day term. The dollar cost looks modest; the APR shows how expensive the money is if you cannot repay quickly.
Fees the lender cannot add
A licensed South Carolina lender cannot charge a second fee to roll the loan over, cannot add a returned-check charge if your check bounces, and cannot require extra collateral. If a lender tries any of these, that is a red flag worth reporting to the state.
FAQ
Can a lender charge more than 15%?
No. Fifteen percent of the principal is the legal ceiling, and it may be imposed only once per written agreement.
Are there hidden database fees?
A small verification fee is allowed, but the lender may pass along only half of the actual cost, capped at pennies.
What if I can’t repay on time?
You can request a no-cost extended payment plan of at least four equal installments once every 12 months.
This article is for educational purposes only and is not financial or legal advice. Loan laws change — before you borrow, verify the lender is licensed with the South Carolina Board of Financial Institutions, Consumer Finance Division, and compare cheaper options first.