Payday Loans in Bradley, South Carolina: What You Need to Know
Payday loans are short-term loans that help borrowers meet unexpected expenses between paychecks. They’re usually due back on the borrower’s next payday. In South Carolina, payday loans are legal, but there are regulations in place to protect consumers.
How Payday Loans Work in Bradley
Payday loans are usually available for amounts between $100 and $550, with fees of 15% for every $100 borrowed. In Bradley, borrowers can have one outstanding loan at a time, and the loan term can’t be longer than 31 days.
When a borrower applies for a payday loan in Bradley, they must show proof of income and provide a post-dated check for the loan amount plus fees. If the borrower can’t pay the loan back on time, they may be charged additional fees and interest.
Benefits of Payday Loans in Bradley
- Quick access to cash when you need it
- No collateral required
- Approval is often based on income, not credit score
However, payday loans also come with risks and drawbacks that borrowers should be aware of before taking out a loan.
Risks and Drawbacks of Payday Loans in Bradley
- High fees and interest rates can trap borrowers in a cycle of debt
- Multiple loans can lead to a dangerous debt spiral
- Failure to repay can result in collection efforts, including lawsuits and wage garnishment
Applying for a payday loan in Bradley should be approached with caution and only used as a last resort.
Interesting Facts and Statistics about Payday Loans in Bradley, South Carolina
- South Carolina has one of the highest rates of payday lending in the country, with 1,190 payday lenders operating in the state as of 2021.
- The average payday loan amount in South Carolina is $425.
- In 2020, South Carolina borrowers paid more than $69 million in fees and interest on payday loans.
Apply Now for a Payday Loan in Bradley
If you need a payday loan in Bradley, South Carolina, TheGuaranteedLoans can help you find a lender. We’re a connector service, not a direct lender, and we’ll work to match you with a reputable lender that meets your needs. Fill out our online application to get started.