By Shawn Martin
South Carolina State Payday Loan Laws are again like many other states that have authorized these companies to do business. They are legal and they are dangerous.
South Carolina allows payday loans up to 31 days and has no limits on how many loans you may take out at once or how many times you may roll over a payday loan.
This can lead to huge debt and hopeless amounts of interest.
Interest charges of 15% of the face amount of the check added with all the fees to take out one of these loans leads to incredibly high APR rates. A 14 day $100.00 payday loan will cost you an APR of 459%.