“Payday lenders” loan money for a cost once you write them a check that is personal in addition to loan provider guarantees never to deposit your check from 14 to 31 times. The check you compose in their mind will be when it comes to quantity lent as well as the cost.
Say I Want $100. Just how can a payday lender charge me to borrow?
What the law states in sc claims that payday lenders can simply charge you as much as $15 per $100. Therefore, if you want $100, the check shall be for $115. Then the check will be for $230 if you need $200. Even though payday loan providers call this charge a cost, this has a 391% APR (Annual Percentage Rate) on a two-week loan.