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Easy South Carolina Installment Loans Can Help You To Meet Sudden Financial Needs
Installment Loans are short termed, small amount of unsecured loans. The repayment of the loan might be or might not be linked with the payday of the borrower. In this type of loan, cash is provided to the borrower against a credit.
This loan relies on employment and payroll records of the borrower to judge the capacity of the borrower to refund the loan. Installment Loans can be a perfect solution for monetary emergencies.
Unexpected expenses including medical reasons and other needs can be easily met with this kind of immediate loans. The best thing about the Installment Loan is that, the loan is arranged in a speedy manner and the borrower gets the cash in hand within a few hours of application.
Laws Regulating Installment Loans in South Carolina
The laws and rules regulating the Installment Loans vary considerably between countries and between the states of the USA. Some of the states in the USA have banned this kind of practices, whereas Installment Loans are legal and regulated by state laws in the other 37 states of the country.
In South Carolina Installment Loans are legal and strictly regulated by the state laws. According to the state law the maximum loan amount should not exceed $550 exclusive of fees, and the duration of the loan should not exceed 31 days. The state has also restricted the fees and finance charges by the licensee to 15% of the face value of the cheques.
The APR or annual percentage rate for a 14 day $100 loan according to the laws of South Carolina is 459%, but in practice, the APR does not come actually in use for the borrower as the loan is taken fora extremely short term not more than a month.
Installment Loans bear substantial risk to the lender and have a net 6 per cent rate of default according to reports.
Taking An Installment Loan in South Carolina
There are a number of licensed financial institutions or borrowers that provide South Carolina Installment Loans under the laws of the state. The application process is easy, and care is taken in every possible way to make the event seamless for the borrower. To be entitled for a Installment Loan the consumer needs to be employed and have a valid bank account at the time of taking the loan.
The consumer needs to fill an application form providing some basic identification and employment details. Many of the lenders provide the facility to do this form fill up formality online, to make the process easier and faster.
The consumer can fill the Installment Loan application form online through the website of the institution and get a call from the representative of the institution informing about the minimum documents the customer needs to produce at the time of taking the loan.
The consumer also needs to provide a post-dated check with the amount of the borrowed money added the fees, to the lender. The borrower can either return to the store and pay back the loan with the added fee and get back his post-dated check or he can also instruct the lender to cash the check from his bank.