Approved Payday Cash

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South Carolina Law Changes

F.A.Q.

At Approved Cash Advance Centers, Inc. we believe that knowledge is power. In anticipation of regulation changes happening in February of 2010 we have prepared a list of questions we have been receiving from our customers.

We want our customers to be prepared for these changes and encourage you to submit any questions you may have to SCRegulationChanges@approvedcashadvance.com. If we do not immediately know the answer, we will contact the state and update this FAQ sheet.

  • I have heard that South Carolina is going to be using a statewide database, what does this mean?

Beginning in February all licensed payday advance lenders will be required to report open loans to a statewide database. This database will limit each consumer to only one open loan at a time.

If you currently have more than one payday advance we encourage you to consider paying down these advances so they are smaller amounts that you can afford to pay off in full in February.

  • What are some of the reasons the statewide database would deny my eligibility for an advance?

The new regulations will prohibit our ability to advance to a customer under the following circumstances:

  • Customer already has an open advance with either us or another lender;
  • Customer repaid a previous advance with us or another lender on the same business day. The statewide database will require a one business day ′cool-off′ period, please see below.
  • Customer has repaid their 8th transaction in a calendar year with us or another lender in the last two business days. The statewide database will require a two business day ′cool-off′ period once a borrower has had eight loans in a 12-month period, please see below.
  • Customer has entered into an extended payment plan with us or another lender in the state. Please see below for details on the Extended Payment Plan.
  • How much will I be able to borrow?

Currently lenders are allowed to only lend $300.00 per transaction. Beginning in February each customer will be allowed a single loan in the database at a maximum amount of $550.00.

If you currently have multiple loans with lenders and can provide us with proof of timely payment and proof of payoff in February, Approved Cash Advance will gladly increase your lending amount with our company.

  • Will I still have the right to rescind my advance if I change my mind?

Yes, customers will have the right to rescind (pay the principal only of the loan to close the transaction), at no cost, on or before the close of the following business day from when the advance contract was entered.

  • I have heard that I will need to take a ′cool-off′ in between loans, what does this mean?

The new regulations do have two different ′cool-off periods′ that we want customers to be aware of.

The new regulations do require that the customer go into a ′cool-off period′ after each transaction. This cool-off period is NOT a full 24-hour cool-off, instead you will be able to return the next business day and borrow, if need be. For example, if you pay your payday advance at 4:00 PM on Friday, we will be able to loan to you again at 9:30 AM on Saturday.

If the loan you pay off is the 8th transaction in a 12-month period the database will enter you into a two day cool-off period. Once the database provider is announced we will make sure you are given a phone number so you can track how many transaction you have had.

Every subsequent loan taken after the 8th in the calendar year will also require a two-day ′cool-off′ period.

  • Will the two-day ′cool-off′ period take into consideration all loans that I have done in a 12-month period, regardless of the company?

Yes, for example, if you had four advances with a company other than Approved Cash Advance Centers, Inc. and four subsequent advances with our company on the eighth transaction you will be required to take the two day ′cool-off′ even though it is only your fourth loan with our company.

  • What is an extended payment plan?

Extended Payment Plan: Customers will be allowed to enter into one Extended Payment Plan (EPP), at no additional cost, every 12 months. The length of time is measured from EPP to EPP, not by calendar. Some details to consider are as follows:

  • You must request the EPP before your due date.
  • The loan will be split into four equal payments.
  • Each of these four payments will be due on your following four pay dates.
  • Upon entering the EPP you will need to write us four checks for the loan.
  • After each payment we will return one of the four checks to you.
  • If payment is missed the lender may ′accelerate′ payment by depositing the checks. It is the lender option to either deposit the checks en masse or each check on the remaining due dates for the EPP.
  • If I am in an Extended Payment Plan, will I be eligible for an advance at a different location?

No, the Extended Payment Plan will be reported to the statewide database as an open transaction. Until the Extended Payment Plan is satisfied you will not be eligible for another advance transaction elsewhere in the state. Please do not forget to take the ′cool-off′ periods into consideration when entering an extended payment plan.




Approved Cash Advance is always on the lookout for new ways to serve our customers. Our goal is to become your personal short-term financial solution center. Come on in, we look forward to serving you!