For covered deferred presentment, South Carolina limits an advance at one time to $550 excluding the fee. A written agreement must name a deposit or presentment date within 31 days. The fee cannot exceed 15% of principal and may be charged once per written agreement.
A $200 advance with the maximum 15% fee would require $230 to repay. The statute prohibits a renewal or fee-based extension beyond the written date and bars refinancing the check with proceeds from another transaction by the same licensee or its affiliate. Ask about your options before the deposit date if you cannot cover it.
South Carolina’s Department of Consumer Affairs directs payday-lender complaints to the Board of Financial Institutions Consumer Finance Division. Verify the lender’s legal name and license before signing. Keep the agreement and payment record; if charges exceed the written terms or the lender identity is unclear, use the state complaint directory to reach the appropriate agency.
Official reference: South Carolina Code — Deferred Presentment Services. Checked November 11, 2026.