State reference · SC
South Carolina lending rules
South Carolina has 271 Census places covered on Paydayloaning, with a combined estimated population of 1,994,020. Payday and small-loan terms in South Carolina are set by licensed lenders under state law; the sourced rules below apply to every borrower in the state.
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The verdict
Legal for licensed deferred presentment providers
Source: South Carolina Legislature (S.C. Code of Laws) · as of 2026-09-16
- Maximum rate
- 8.75% per annum statutory legal rate where no rate is agreed…
- South Carolina Legislature (S.C. Code of Laws)
- Licensing
- Consumer Finance Division licenses and regulates companies making consumer loans with APRs exceeding 12%
- South Carolina State Board of Financial Institutions - Consumer Finance Division
- Regulator
- South Carolina State Board of Financial Institutions - Consumer Finance Division…
- South Carolina State Board of Financial Institutions - Consumer Finance Division
Rules are quoted from the cited sources. How payday lending is regulated.
Key rules for borrowers in South Carolina
Quoted from the statute, regulator or agency named in each row.
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | 8.75% per annum statutory legal rate where no rate is agreed (judgment rate: Wall Street Journal prime + 4 points). Source says: "the legal interest shall be at the rate of eight and three-fourths percent per annum" (S.C. Code 34-31-20(A)). |
South Carolina Legislature (S.C. Code of Laws) as of 2026-09-16 |
| Payday lending status | Legal for licensed deferred presentment providers; max $550 advanced at one time; fee limited to 15% of principal; term up to 31 days; 2025 repeal bill S.379 introduced but not enacted. Source says: "The total amount advanced by a licensee to any customer at one time for deferred presentment or deposit may not exceed five hundred fifty dollars" (34-39-180(B)); fees capped at "fifteen percent of the principal amount of the transaction" (34-39-180(E)). |
South Carolina Legislature (S.C. Code of Laws) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer Finance Division licenses and regulates companies making consumer loans with APRs exceeding 12% (Title 37 Consumer Protection Code; Consumer Finance Act, Title 34, ch. 29). Source says: "The Consumer Finance Division (CFD) licenses and regulates the business activities of all companies... that make consumer loans which have annual percentage rates exceeding 12%." |
South Carolina State Board of Financial Institutions - Consumer Finance Division as of 2026-09-16 |
| State lending regulator | South Carolina State Board of Financial Institutions - Consumer Finance Division (Office of the Commissioner of Consumer Finance) Source says: "South Carolina State Board of Financial Institutions Office of the Commissioner of Consumer Finance" (site heading). |
South Carolina State Board of Financial Institutions - Consumer Finance Division as of 2026-09-16 |
| Supervised loan threshold (state-specific rule) | Consumer loans with a finance charge above 12%/year are "supervised loans" requiring licensed supervised lenders; supervised lenders may charge up to 18% per year on unpaid balances. Source says: "Supervised loan means a consumer loan in which the rate of the loan finance charge exceeds twelve percent per year" (37-3-301); "eighteen percent per year on the unpaid balances of principal" (37-3-201(2)(c)). |
South Carolina Legislature (S.C. Code of Laws) as of 2026-09-16 |
Cities in South Carolina
All South Carolina citiesWe cover 271 Census places in South Carolina.
Advertising disclosure: Paydayloaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.