Payday loans in South Carolina are legal but heavily regulated to protect consumers from predatory lending practices. Borrowers can take out loans up to $550 with a maximum term of 31 days. Lenders may charge a finance fee of up to 15% of the loan amount, which translates to an APR of approximately 391%. Rollovers and renewals are prohibited, and borrowers are limited to one outstanding payday loan at a time. Lenders are required to check a statewide database to enforce these restrictions. Despite these measures, concerns persist about high-interest rates and the potential for debt cycles, prompting ongoing legislative efforts to further regulate the industry.