The list of life's unexpectancies is so extensive that even counting them would take a long time. One of them is a shortage of money, which can have some severe implications. You, like anybody else, may find it challenging to make ends meet until you get your next paycheck, and that's when you need a helping hand. Fortunately, finding a suitable lender in South Carolina does not require much effort. With an offer of up to $550 in short-term loans, Loanplaces.com may come into practice.
Is Getting a Payday Loan a Wise Decision?
Taking out a payday loan means you no longer need to rely on your upcoming paycheck as most of it will be destined to pay off your payday debt. Most payday loan lenders require paying back a loan within two to four weeks. Thus, having prepared the amount you owe plus credit charges altogether is what you have to keep in mind. Otherwise, you may end up suffering greater stress later. In case when you don't have enough money to pay off your debt, you may have the option of rolling over your loan. Credit rollover, also referred to as credit renewal, is the extinction of credit repayment terms, usually considering extra fees.
What is a Payday Loan Alternative in South Carolina?
Many Americans try to avoid taking out payday loans to prevent themselves from opting for relatively high-interest loans. Getting a cheaper alternative is always a good option, but what if you know how to pick the right option that will work best for you. Here are some examples of payday alternatives you highly recommend to refrain from taking out.
Cash Advance from Credit Card
There are some payday loan alternatives you should avoid. And the one we are going to be talking about is getting a cash advance from your credit card. Although a cash advance allows you to get the cash a lot quicker, it comes with a lot of added fees. For example, you pay a fee for the cash advance itself as well as pay an interest rate on top of the amount you actually took out.
Auto Title Loan
Another type of payday loan alternative to avoid is what we call the auto title loan. You might be tempted to get an auto title loan because of the lower interest rates, and it's easier to get approved. However, if you default on your loan, the lender might seize your vehicle. This might create an even worse financial situation for many people because you depend on your car for transportation.
Helpful tips when Deciding Payday Loan Alternatives
Know how much you need to borrow because interest rates and fees can add up quickly
Determine how much you can afford to pay each month because the amount you can afford will determine your loan length.
Understand your credit history because your loan terms are highly dependent on your credit. If you have bad credit, then you might need to look for some specialized lenders.
Get pre-approval from multiple lenders so you can easily compare your options.
When you have your different options, you need to compare the rates, terms, and fees involved with each of them.
When you find your best option that matches all your criteria, just go ahead and apply.
As a result of changes CFPB has made, from July 2020 the lenders don't have to check if the borrower is able to repay the loan.
Thus, we encourage you to be careful and make sure you can afford the loan before applying.
Regulations of Payday Loans in South Carolina
|Annual Percentage Rate (APR)
|Minimum Loan Amount
|Maximum Loan Amount
|Minimum Loan Term
|Maximum Loan Term
|| 31 days
|Number of Rollovers Allowed
|| 15% of the amount advanced
[ Updated on 30-Aug-2021, 19:41 ]