In South Carolina, as well as in many other states, payday loans are legal. They are intended to help you cover unforeseen expenses that can easily be paid when your next paycheck arrives. This is why they are often called cash advances because it is like getting an advance on your wages.
It is therefore important that the borrower respects this function and does not attempt to use the loan to pay off other debts or fall into the trap of taking loan after loan to recycle and extend the debt. If you borrow responsibly this is a wonderful lifeline.
There are many online loan companies in most South Carolina cities, such as Charleston, Columbia, or Mount Pleasant. Their goal is to provide you with the most convenient service for your temporary financial situation, in the fastest and most efficient way possible.
To that end, they have crafted an easy online application process.
Rather than filling out endless paperwork, meeting face to face, or faxing over documents, and then waiting days to get approved, their platforms allow you to apply within minutes online.
Because they sometimes don’t do hard credit checks, they are also able to approve your application and make you an offer almost right away!
What are the requirements for getting payday loans in South Carolina?
There are a few basic requirements that you must meet before applying for a payday loan.
Obviously, you must be an adult of 18 years or older, as we cannot lend to minors.
You also must be a legal citizen of South Carolina with a fixed address where you can be reached.
To ensure that you have the ability to pay back the loan you must have a verifiable source of income, be that through employment or self-employment, and this income must be at least $1000 a month.
You’re also required to have a basic checking account that will accept the deposit and the repayment automatically.
How To Apply for South Carolina Payday Loans?
Applying couldn’t be easier. Whether you’re on a PC, laptop, or mobile device, simply search with Google for “South Carolina payday loans” and open any of the top 5 results. Then, find “Apply now” or a similar page, and there should be one simple form that should take no longer than a couple of minutes to complete.
All you will need to provide is basic information such as your name and personal details, address, employment and income info, and your bank account numbers for the deposit.
Your loan request then will be passed through the secure direct lenders network. Using your income and employment details, lenders will make an automatic assessment of your eligibility and your screen will load up and inform you whether you have been approved. All of this takes a matter of minutes.
After you are connected to a lender, they could make you a reasonable offer based on your income and other details.
The offer will usually be an amount that is below your monthly income. You will also be informed of the single finance charge which you must pay on top of the principal. This is the charge for the service.
At this stage, you are free to reject the offer and walk away. You will have to click through and digitally sign the agreement for it to be legally binding.
Only then will the lender deposit cash into your account. If you reject the offer, you are free to apply again at any time.
Cash is deposited into your account as soon as the next business day, though you may see it in just a couple of hours. This applies to the working week, so you won’t see anything on a Sunday or during any bank holidays.
Before accepting the offer, you will be informed of the date on which the lender will attempt to take the repayment (the full principal + finance charge).
This will usually be a couple of weeks from the day the loan is issued, which will fall after the date of your next paycheck. This ensures the money is there.
If there is a problem and you know the funds will not be there on time you should get in touch with your lender immediately to explain the situation. If your lender is unable to recover the amount owed and you fail to make contact, you may then be subject to additional charges and interest.
In some cases, your lender might be able to extend the loan period, but failure to enter a dialogue may be treated as a default.
For more on finance charges, interest and repayment you should check out your lender’s website.