COLUMBIA, S.C. – The South Carolina Department of Consumer Affairs (SCDCA) finalized a settlement with Cash Central of South Carolina, LLC (“the Company”), a supervised lender. The settlement ends disputed litigation stemming from the Company’s operations in the State from 2013 through 2015. While the Company does not admit any liability or wrongdoing, to avoid further expense and the uncertainty of litigation, under the terms of the settlement, the Company agrees to provide refunds to affected consumers. 

SCDCA filed suit against the Company in 2016 alleging it charged interest rates in excess of what was permitted by law. The loans ranged from $750 to $5,000 with APRs between 146% and 246%. South Carolina law allows a creditor to charge the interest rate it chooses. But if the rate will exceed 18% APR, the creditor must first file its rate chart with SCDCA and post the filed rate for public view. The Company disputed SCDCA’s position, but SCDCA and the Company agreed to a mutual settlement to avoid further litigation.

SCDCA identified certain South Carolina consumers who may be eligible for a refund and will reach out to these individuals over the course of the next year.

SCDCA encourages consumers to background a business before getting a high-cost loan. Consumers should check SCDCA's website listing of the maximum rate that lenders assessing more than 18% APR can charge. Simply visit consumer.sc.gov and click “Fees and Licensee Lookup” then “Supervised Lenders” under the “Maximum Interest Rates” section.

About SCDCA

Established in 1974, DCA has more than fifty years of experience in protecting South Carolina consumers while recognizing those businesses that act honestly and fairly. Cultivating a marketplace comprised of well-informed consumers and businesses prevents deceptive and unfair business practices, allows legitimate business activity to flourish, resulting in the promotion of competition and a healthier economy.

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