South Carolina payday loan laws are set by the Deferred Presentment Services Act (Chapter 39, Title 34 of the state code). The law lets licensed lenders make short-term, single-payment loans while capping how much you can borrow and what you can be charged.
Quick answer: Payday lending is legal in South Carolina under the Deferred Presentment Services Act. A licensee may advance up to $550 at one time, charge no more than a 15% fee, and hold the check for up to 31 days.
The core rules
- $550 maximum advanced to one customer at a time, not counting the fee.
- 15% fee cap on the principal, charged only once per written agreement.
- 31-day maximum term for the loan.
- One loan at a time — lenders must check a statewide database before approving you.
Why the APR is so high
A 15% fee sounds small, but on a two-week loan it works out to roughly 391% APR. That is why South Carolina regulators and consumer groups urge borrowers to treat payday loans as a last resort and to compare credit-union and installment options first.
Your built-in protections
State law bans rollovers, gives you a right to cancel by the next business day, and lets you convert an unpaid loan into a no-cost extended payment plan once every 12 months. You also cannot be jailed over a bounced payday check.
FAQ
Is payday lending still legal in South Carolina in 2026?
Yes. The Deferred Presentment Services Act remains in force and the Board of Financial Institutions still licenses payday lenders, though a repeal bill (S.379) has been proposed.
What is the most I can borrow?
$550 at one time, excluding the fee, and only one payday loan may be outstanding at once.
Who regulates payday lenders here?
The South Carolina Board of Financial Institutions, Consumer Finance Division.
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.