South Carolina Terms & Rates

LOAN AMOUNT:

$601 – $1,100

LOAN TERM:

8 months

APR RANGE:

293% – 600%

PRE-PAYMENT AVAILABLE:

Yes

LATE FEES:

5% of the missed payment amount if not paid in full within 10 days, but not to exceed $18.50.

As of October 4th, 2017, Leap Credit became a licensed lender in the State of South Carolina. 

Leap Credit is a state-licensed direct lender for short-term installment loans in South Carolina. Leap Credit follows all applicable laws in South Carolina. Click below to view our South Carolina license.

South Carolina’s Consumer Rights and Responsibilities Brochure

Please click for an expanded view or download the pdf directly here: SC_Consumer Rights Responsibilities Pamphlet.

South Carolina’s Max Rate Sheet

Please click for an expanded view or download the pdf directly here: Max Rate Sheet Website and Max Rate Sheet Office.

South Carolina’s Consumer Credit Grantor Certificate

Please click for an expanded view or download the pdf directly here: Consumer Grantor Certificate Website and Consumer Grantor Certificate Office.

It’s no secret that fast installment loans are a convenient way to borrow money for short-term needs, but what exactly are you getting into when you borrow in South Carolina?

There are many situations that could arise that would lead to the need of a South Carolina installment loan. Because installment loans are intended to be “quick fixes,” it is important to remember that these are not long-term financial solutions. That said, you might consider an installment loan for a simple home repair, a special upcoming event, for moving expenses, etc. Additionally, installment loans are a quick, convenient solution when a medical need arises, or if there is an unexpected death in the family. Having to worry about medical expenses or funeral arrangements can be daunting. That is why many people choose to apply for installment loans, allowing their focus to remain on the day-to-day. Leap Credit helps you bridge the gap in your financial security with an installment loan.

Installment loans are also useful as an alternative to payday loans. While there are similarities between the two, an installment loan will typically give you better pricing and structured payments. The affordability of installment loans also makes it easier on your budget and financial situation. One of the biggest benefits of an installment loan is the consumer-friendly process, from the time you apply to the time you finish paying off the loan.

Nick Bourke, director of Pew’s consumer finance project says of installment loans: “With sensible safeguards, installment loans can be better alternatives to payday and other high-cost loans for applicants with low credit scores.” When all is said and done, when you need money in a pinch there is no better option than South Carolina installment loans.

 

How does Leap Credit installment loans work?

Leap Credit installment loans are taken out by a consumer for a certain amount of money and are repaid with interest through a pre-determined payment schedule. The approval process is easy and can be done quickly through our online installment loan application. You can also call 1-888-532-7842 to work with one of our customer service agents to ensure that your repayment terms are consistent with your repayment ability. Once you are approved, we will transfer the funds directly into your bank account within two business days.

When paying back your loan, you will have the option to have money directly debited from your bank account, or you can make manual payments. Your installment loan payments will be due at regular intervals–usually for the same amount per month. If, at any point, the repayment plan causes financial strain, contact Leap Credit immediately. We can help. We base our business model on the knowledge that you want to repay the loan. We’re in this together—partners in your financial security.

In some cases, borrowers have been able to pay off the loan quicker than their repayment terms. There are no penalties for paying the loan back early. Paying a short-term installment loan back early helps you save money on interest in the long run. Knowing this is possible with an installment loan makes it a more viable option for most borrowers.

Why is it important to find a licensed direct lender in South Carolina?

There are several differences between licensed and unlicensed lenders throughout South Carolina. The biggest difference between the two types of lenders comes down to how each works within (or beyond) state laws. If you choose to work with an unlicensed direct loan lender, there may be some hidden fees and charges that you might not otherwise have with a licensed lender.

While the urgency of some situations might make it more tempting to go with the lender that can get you approved more quickly, it could also come with more risk. It’s easy to overlook the fine print but doing so might mean you miss where any fees or charges are listed. Don’t get bogged down with hidden fees and surcharges. Working with a licensed installment loan direct lender will ensure that you aren’t charged for more than you can afford. They are also willing to work within your needs as well. Quality licensed lenders, like Leap Credit, will keep you informed if any laws change in South Carolina that would affect your loan.

Depending on what you need the installment loan for, Leap Credit will work to make sure it is compliant with South Carolina laws. As a licensed direct lender in South Carolina, Leap Credit can be helpful in making sure that you borrow the right amount for the need.

State laws are always changing to protect consumers from ever-emerging predatory lenders practices.  Licensed direct lenders, such as Leap Credit, will always be aware of current statutes and ensure that your loan is compliant with state laws. It takes away the hassle of having to do more work just to borrow money. Time is of the essence when it comes to short-term installment loans, so let Leap Credit take that burden off your shoulders.

Below are some examples of the state laws that are in affect and are adhered to by Leap Credit:

  • SCCPC 37-3-203[1]: Maximum delinquency (late) fees/charges: With respect to a consumer loan including an open-end consumer loan pursuant to a lender credit card or similar arrangement, and any refinancing’s or consolidations of all such consumer loans, the parties may contract for a delinquency charge on any installment not paid in full within ten days after its due date, as originally scheduled or as deferred, in an amount, not exceeding five dollars which is not more than five percent of the unpaid amount of the installment.
  • SCCPC 37-3-209[2]: Right to prepay: Subject to the provisions on rebate upon prepayment (Section 37-3-210), the debtor may prepay in full the unpaid balance of a consumer loan, refinancing, or consolidation at any time without penalty.
    HISTORY: 1976 Act No. 686 Section 1
  • SCCPC 37-3-301[3]: Application of and compliance with Federal Truth in Lending Act:
    A person upon whom the Federal Truth in Lending Act imposes duties or obligations shall make or give to the consumer the disclosures, information and notices required of him by that act and in all respects comply with that act.
    HISTORY: 1962 Code Section 8-800.261; 1974 (58) 2879.
  • SCCPC 37-3-305[4]: Filing and posting maximum rate schedule: All supervised and restricted creditors making consumer loans in South Carolina are required by law to post a schedule showing the maximum rate of LOAN FINANCE CHARGES stated as ANNUAL PERCENTAGE RATES that the creditor intends to charge for various types of consumer credit transactions.The purpose of this requirement is to assist you in comparing the maximum rates that creditors charge, thereby furthering your understanding of the terms of consumer credit transactions and helping you to avoid the uninformed use of credit.

[1] https://www.scstatehouse.gov/code/t37c003.php

[2] https://www.scstatehouse.gov/code/t37c003.php

[3] https://www.scstatehouse.gov/code/t37c003.php

[4] https://www.scstatehouse.gov/code/t37c003.php

Tips for borrowers

There are many ways to borrow wisely. Because installment loans in South Carolina are short-term loans, it is important to be efficient and timely on your payments. Here are a few tips to help you out when borrowing:

  • Pay down principal in addition to interest. When discussing your repayment terms with the lender, take notice of how payments are set up. Typically, you’ll be paying some interest as well as principal. A minimum payment is set up to pay down your interest first, and then principal. If you can add to your principal payment, your loan can be paid off much quicker. How to do this: Simply add a small amount to your minimum payment. Even if it’s several dollars per payment, you can slowly chip away at the loan principal. It certainly adds up!
  • Break up your paycheck. Depending on your income schedule, make sure to set up your installment loan payments accordingly. Every situation will be different. However, when determining your payments, make sure to account for any other financial obligations you have. Therefore, work out your payments so that you only need to spend a small amount of your paycheck on your loan payments. Allow yourself flexibility to afford day-to-day activities and needs.
  • Consider length of the loan. Depending on the need, and the loan terms, always take into consideration the length of the loan. In some instances, you may be able to make quick payments to pay off the loan quickly. However, if the need arises, consider taking longer to pay back the loan. Leap Credit will work to take all the factors into consideration as you go through the application process.
  • Remember: Installments. Don’t get overwhelmed thinking you have to pay back the entire loan all at once. (If you are able to, certainly consider that option.) Set up your installment payments to fit your budget. However, don’t be lax if you can afford the payment. You are accruing interest, so make installment payments as often as you are able.

You deserve a credit option that sees you as more than a credit score. We look at your entire borrower profile—and we see you. That’s why we’re confident that you will repay the installment loan on time. Mutual respect is the foundation of our philosophy here at Leap Credit. And it’s how we plan to earn our place as your lifetime financial partner.

 

Frequently Asked Questions for Online Installment Loans in South Carolina 

  1. What is considered an installment loan in South Carolina?
    • An installment loan is a convenient way to borrow money and pay it back over several payments. Your payment amount will be an equal amount with the potential exception of the first and last payments.
  2. What do I need to begin my application?
    • You must be a legal resident of South Carolina.
    • To begin your application, you will need your Social Security Number (SSN), permanent address, driver’s license, employment information and banking information.
  3. How much income is required to apply for an installment loan?
    • To apply for a short-term Leap Credit loan, you will need a minimum monthly income of $1,800.
  4. Is this a payday loan?
    • No, this is not a payday loan. A payday loan is a short-term loan where you are typically required to pay back the loan in full on your next payday. Leap Credit offers short-term installment loans and no lump-sum payment is required. With an installment loan, you pay back the loan in installments over time until it is paid off.
  5. Can I pay off the loan before the payment schedule ends?
    • You can pay off your Leap Credit loan at any time without any prepayment fees.
  6. Terms and Conditions for South Carolina:
    • Please review the full terms and conditions and privacy policy for more information. Annual percentage rates (APRs) may vary based on loan term. Please see your loan agreement for the APR and other terms applicable to your loan.

Have more questions? Please refer to our general FAQ page or contact our Customer Service team at 1-888-532-7842.

Leap Credit offers Short-Term Installment Loans in the following South Carolina counties:

Abbeville County | Aiken County | Allendale County | Anderson County | Bamberg County | Barnwell County | Beaufort County | Berkeley County | Calhoun County | Charleston County | Cherokee County | Chester County | Chesterfield County | Clarendon County | Colleton County | Darlington County | Dillon County | Dorchester County | Edgefield County | Fairfield County | Florence County | Georgetown County | Greenville County | Greenwood County | Hampton County | Horry County | Jasper County | Kershaw County | Lancaster County | Laurens County | Lee County | Lexington County | Marion County | Marlboro County | McCormick County | Newberry County | Oconee County | Orangeburg County | Pickens County | Richland County | Saluda County | Spartanburg County | Sumter County | Union County | Williamsburg County | York County

Customer Notice: Short-term installment loans should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counseling.

National Foundation for Credit Counseling: www.nfcc.org

Consumer Credit Counseling Services: www.cccsintl.org

Credit Counseling Services: www.consolidatedcredit.org

Below is the contact information for South Carolina’s Department of Financial Institutions:

South Carolina State Board of Financial Institutions:

Banking Division

3rd Floor, Edgar Brown Building
1205 Pendleton St., Columbia, SC 29201
803-734-2001

Commissioner of Banking, Robert L. Davis
Assistant Commissioner of Banking, Kathy Bickham
Administrative Coordinator, Susan D’Ambra

Consumer Finance Division

3rd Floor, Edgar Brown Building
1205 Pendleton St., Columbia, SC 29201
803-734-2020

Commissioner of Consumer Finance, Ron Bodvake
Assistant Commissioner of Consumer Finance, Sally Estes
Assistant Commissioner of Consumer Finance, Carl Jeffcoat
Administrative Assistant, Kayla Green

https://www.bofi.sc.gov/

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