The South Carolina Internet Payday Loan Laws
Payday loan also known as cash advance. salary loan is a short-term unsecured loan offered to customers receiving regular paycheck. If you reside in South Carolina. you can obtain a payday loan locally or through the Internet, when you do not want the hassle of applying for a loan personally. This article talks about the Internet payday loan laws. so borrowers are guided when they apply for loan .
Deferred presentment transaction is another name for payday loan. since it allows the borrower to issue postdated check for a short term loan on any of the
lending institution whether online or offline. If you are a South Carolina resident then it is important that you are aware of the laws that govern this type of loan. so you won’t be fooled into any transaction that is against the state law. especially when applying for a payday loan online.
In South Carolina. all prospective lenders must obtain a license from the state. The lender must pay $1000 application fee, $500 investigation fee for their application with the state board of financial institution. The net worth of the lenders should also be at least $25,000 as this is the minimum amount required.
Category: Payday loans