Payday Loan Rates & Terms
Payday loans range in size from $50 to $550. The average loan term is about two weeks and the legal maximum interest rate that can be charged in South Carolina is 15%, so the finance charge is $15 for every $100 borrowed, plus a single $0.40 transaction fee regardless of loan size. For example, the payoff on a $100 payday loan will be;
| Loan Amount: |
$100.00 |
| Finance Charge |
$15.00 |
| Veritec Transaction Fee |
$0.40 |
| APR: |
401.50% |
Total Amount
Due: |
$115.40 |
The example above assumes a 14-day loan term and is a typical loan offered to qualified applicants. Other loan amounts and terms may be available to our customers. Checks may be issued instead of cash.
