LenderMill Loans in South Carolina
Frank is a graduate of the Master's program in Economics Sciences. He has been passionate about writing in the financial niche. He enjoys discovering new ways to improve personal wealth and sharing them with his readers. He has published on prestigious sites such as Native News Online, Elephant Journal, State Journal and many others.
Sometimes, no matter how tight your budget is, there are chances you will run low on cash before your next payday. It can be stressful when you have to handle important things like car repairs, paying rent to property owners, or sorting your electricity bills and you have no emergency fund stashed up somewhere.
To avoid this kind of situation with your finances, you can take a loan of up to $550 from LenderMill, against your next payday.
These types of short term loans are called payday loans or cash advances and they can help you settle your financial needs before your next pay day.
Why Choose LenderMill for Payday Loans in South Carolina
- Payment Within 24 Hours. When you apply online for a loan with LenderMill, you are likely to receive the money by the same day or next business day max. You no longer have to wait weeks or months before your account is credited with the money. This feature is very beneficial if you have an emergency.
- No Collateral Attached. You can get a loan in South Carolina to handle your urgent needs without using any collateral. LenderMill even offers you personal loans without asking for guarantors.
- Secure Loan Platform. Whether you need to pay off medical bills, car repairs, or borrow money for even the slightest need, our company offers the best secured way of getting loans. You can apply online with zero fees attached and all your personal information will be safe with us.
- No Perfect Credit History Required. Even if you have bad credit on your bank account, we can still give you a loan agreement. Plus, you can apply for more than one loan without it negatively affecting your credit. So if you are in need of a cash advance, you can get it no matter your financial situation.
- Get Installment Loans Straight to Your Bank Account. Applying for a loan can be a daunting task as you don’t know what expenses to expect ahead of your next paycheck. However, when you transact with LenderMill, you can get an installment loan option that allows you to pay off your debt across several months without expending your salary.
- No Credit Check Loans. You can get a loan from LenderMill without a credit check. The importance of this feature is that the security of your information is guaranteed. Plus, it is even more helpful if you already have a credit history and want to improve it.
How To Apply for an Online Payday Loan With LenderMill
LenderMill makes it easy for you to get a cash advance online in South Carolina. The entire application can be completed on our website and funds will be sent to you privately the same day or within the next 24 hours.
Applying for a loan follows a simple and straightforward process for all customers. All you need to begin your application is your email address and telephone number.
In order to qualify for a cash advance, you will need to to fulfill the following basic requirements to get approval for your loan:
- Must be at least 18 years old. Payday loans are only available for adults 18 years or older. It is illegal to lend money to anyone under 18 in South Carolina and other states in the USA.
- Must live in South Carolina. Only South Carolina residents can get access to loans from a South Carolina payday lender. Thus, you are required to provide proof that you are a legal resident in South Carolina to qualify for a South Carolina payday loan.
- Income must be above $1,500. Although your credit score is not a requirement, you still need to have a steady income and earn at least $1,500 monthly to qualify for payday loans in South Carolina. You must provide proof of this to show that you can repay the money within the stipulated time.
Note that payday loans may not be approved if you are in a state of complete bankruptcy with no means of income.
LenderMill will only require a little personal information for your loans, like your name, address, employment situation, etc. You will also need to indicate the loan amounts you intend to borrow during your application.
After you have provided all the information required, you will be contacted to confirm the terms of your loan, if approved.
Is Payday Lending Legal in South Carolina?
Yes, payday loans are legal in South Carolina. All payday lenders in the state are licensed by the State Board of Financial Institutions. Individuals who need a personal loan from a lending company are required to enter an agreement with the lender.
The lender must disclose all the terms of the deal to the borrower before disbursing the loan. The contract must include the date of the loan transaction, the amount, and any other charges, rates, and fees that apply.
How Much Money Can a Payday Lender Give Me?
In South Carolina, payday loans have a limit of $550. You can only take one loan at a time and will not be allowed to get another one until the previous money owed has been paid off in full.
The maximum borrowing term for this type of loan is 31 days with no rollover or extensions allowed. In addition, the maximum interest that a lender can charge on payday loans cannot exceed 15% of the original loan amount.
Can I Get a Payday Loan in South Carolina Even With Bad Credit?
Yes. Payday loans are meant to provide borrowers with quick funding regardless of their credit situation. This is why they are often referred to as bad credit loans.
A short term loan like this is a great option for those who need immediate cash but do not have good credit standing.
It is possible to get a payday loan from LenderMill regardless of your current credit score. You can get one even with a poor credit situation since payday loans don’t rely solely on your credit score.
Can I Get a No Credit Check Payday Loan in South Carolina?
Yes, payday loan lenders in South Carolina operate on a soft credit check system—a credit check that does not affect your credit score. What this means is that the probability of getting a loan from them is not reliant on your credit score.
The main requirement they look for is your ability to repay the loan, confirmed by a regular paycheck. With this, you’re good to go and can apply for a loan.
How Quickly Can I Get a Payday Loan in South Carolina?
You may be able to get a payday loan within 24 hours of your application. This type of loan typically has a simple application process. You should be able to complete an online application within minutes since no paperwork is needed and your account is typically funded immediately.
Are Payday Loans in South Carolina Regulated?
Yes, payday loans in South Carolina are regulated by the Consumer Financial Protection Bureau. The bureau determines how much is permissible in terms of loan interests, amount, and repayment plans.
Also, all lending companies in South Carolina that wish to operate as payday lenders must be licensed by the State Board of Financial Institutions.
What Are the Terms of a Payday Loan in South Carolina?
The maximum amount you can borrow for a payday loan in South Carolina is $550 and you must pay back the money within a maximum loan term of 31 days. All rates and fees must not exceed 15% of the loan principal. Payday lenders are not permitted to charge more than this—directly or indirectly.
What Are the Costs Associated With Online Payday Loans Illinois?
The South Carolina Deferred Presentment Services Act caps the annual percentage rate (APR) for all South Carolina payday loans at 391%. This means that no lender within the state can charge an APR that’s higher than 391% on a borrower’s outstanding balance.
Therefore, if you borrow a $100 payday loan, and the money is to be repaid within 14 days at a 391% APR, here’s what it would cost you:
391% 365 days = 1.071 14 days = 14.99%
The total cost of the loan would be:
15% of $100 = $15
This means the finance charge for your 14-day $100 loan is $15.
What Happens if I Cannot Repay My Payday Loan?
Lenders are allowed to charge a non-sufficient fund (NSF) fee if a customer fails to repay their debt. The NSF can be $10 or the actual NSF charge, whichever is less.
Payday lenders cannot take criminal action against a borrower; however, borrowers can be charged to a civil court in order to recover the loan owed.
In the case where you are unable to pay back a loan, the lender may provide you with a payday extended repayment plan, allowing you to pay back the debt over a period of 12 months.
The extended payments plan is available in 18 different states, including South Carolina, Indiana, Alabama, Idaho, Michigan, and Missouri.
Nevertheless, it is recommended that you try not to default on your loans. In the unfortunate event that you’re unable to make payments before the due date, you should communicate with your lender. This way, a new repayment plan may be developed that is suitable for all parties involved.
Am I Guaranteed a Loan?
Although getting a loan is not absolutely guaranteed, the majority of borrowers who apply for payday loans through LenderMill are approved and funded. There are no hard credit limit rules, so the process is a lot friendlier and you may get your cash within 24 hours.
You only need to have the basics such as a monthly income of $1500 and above, proof of residence in South Carolina, and a checking account with a US bank.
How Often Can I Take a Payday Loan?
A borrower can apply for and get a new loan as early as one business day after repaying a previous loan.
After getting cash advances seven consecutive times, you have to wait for two business days before you can apply for a new loan again. You can start applying for advances again after this cool off period.
How Many Payday Loans Can I Have in South Carolina?
A borrower is allowed to take only one payday loan at a time. They can only apply for a new loan after the previous one has been paid in full.
When a South Carolina payday lender gives you a loan, your information is put into a database. This database is accessible to other payday lenders in the state and regulated by the State Board of Financial Institutions.
As part of the arrangement, the payday lender must inform you that your information is being put into this database. The lender should also disclose the fact that you will not be able to obtain new loans from other lenders until the current one has been fully repaid.
If you approach another borrower to get a new loan before repaying the previous one, the lender will confirm your information on the database and decline the loan if you’re defaulting on a previous payment.