Payday Loans in Sumter, South Carolina
Incidents happen, and we usually end up in a situation where we must pay for some unforeseen bills. Think about applying for a payday loan in Sumter, SC, to see if you are eligible.
The loan request process is quick and simple. To qualify, loan borrowers have to satisfy a few straightforward criteria.
What is a Paycheck Advance Loan? What Can It Be Used For?
A payday loan is where the borrower will get a small sum of cash on a short-term basis. This is deemed to be an unsecured loan because no collateral is needed.
When unexpected financial needs present themselves, for example past due rent or utility bills, car repairs, medical or vet costs, and so forth, people usually rely upon payday loans.
Payday Advance Loan Criteria In Sumter, South Carolina
In Sumter, South Carolina, paycheck advance loan borrowers are required to satisfy several criteria to qualify for a loan.
The borrower is required to:
- Show proof that they live in Sumter, SC
- Must be at least 18
- Receive a steady stream of income that they can provide proof of being at least $1,000 per month
- Provide active contact information including cell phone number and email address
- Provide their social security number
If a borrower does not meet the above criteria, they will automatically be denied a cash advance loan. Make sure you can provide the documents required when submitting your application.
Laws and Rules Concerning Cash Advance Loans in Sumter, South Carolina
The State of South Carolina has deemed payday advance lending legal. Still, they have put forth the below rules and laws for the cash advance lending industry:
- A single lender cannot offer a loan in excess of $600. Borrowers cannot have greater than two outstanding loans from different lenders. There is no minimum loan amount.
- The minimum loan term is not determined, the longest loan term length is 31 days. In South Carolina, borrowers may not rollover their loans.
- The fees and charges are different for each money lender. The service costs charged by the lender on a loan do not fall under interest. The service fees apply to every $100 loaned and can vary between 11-15%.
- An interest rate is required to be mutually settled upon. APR can be as high as 369%.
Will Payday Lenders in Sumter, SC, Complete Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we partner with will run a credit check on you, still, even if you possess no credit or dismal credit, you might still be eligible for a loan given that you can show that you are able to pay back the loan. Lenders are usually unconcerned about your credit if you provide proof of income and a strategy to pay back the loan.
Lenders will use a soft credit pull, which will not impact your credit score. This is only to get a feel of your credit history and basic information.
A hard credit check, dissimilarly, needs your permission. These credit inquiries are utilized for a variety of purposes, such as mortgages, credit card applications, and more.
You can still be approved for a cash advance loan with imperfect credit in Sumter, SC, provided that you can prove you will repay the loan.
So, when you request a loan, albeit in person or online, make sure that you have your income information ready and any other documents showing that you can pay back the loan. The more evidence you possess, the better chance you are to be approved.
When Will I Receive My Money in Sumter, SC?
When you receive your loan truly relies on the lender as some lenders advertise same-day payday advance loans, which means you will see your payday advance loan on the same day you request a loan, as long as you're approved.
Much of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses usually close for holidays and weekends. So, if you submit your application on a Friday, you may not get your money until Monday.
If you're needing a same-day payday loan in Sumter, SC, you will need to make sure you're applying by 10:30 am. All same-day loans going out that day will be approved by that deadline. However, you should submit an application earlier than that if possible, as it will boost the likelihood that you get your loan on the day that you apply.
One other factor that you should be aware of is despite if the lender grants your loan request and posts the credit to your checking account, sometimes the bank won't release that deposit right away. It's vital that you let your bank know that you plan to receive a payday advance loan, so they might make an exception in releasing the deposit earlier.
On the whole, it's best to prepare ahead of time to get money on the next business day. That way, you're not surprised if you cannot receive it on the same day.
Consider Borrowing From PaydayLoanRadar
If you possess underwhelming credit or no credit and are needing to get a payday loan, think about applying through us, as you usually have a higher chance of approval.
We work with more than one hundred different lenders who provide their services online. Frequently you will receive your funds on the following business day so make sure that you plan accordingly.
Although, you can always find the closest payday loan storefront to you and apply in person to strengthen the chances of getting your money on the same business day. When submitting an application in person, make sure that you have your government ID or driver's license; a passport is sufficient. Sometimes, lenders may require proof of address, so take along a utility bill to the store as well.
To locate the nearest paycheck advance loan store, please navigate to the list below and search for your city.
Payday Loan Direct Lender Companies in Sumter, SC
Below you will find a list of payday loan companies offering their services in Sumter, South Carolina. If you can't find a lender near your location in Sumter, consider applying in a nearby city in South Carolina. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Sumter, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.