Is there a law that mandates a limit to how much of your monthly income a bank can charge on a loan

in the state of South Carolina

Is there a law that mandates a limit to how much of your monthly income a bank can charge on a loan payment?

There are laws to protect consumers. But your debt to income was considered by the bank when you obtained your loan. You must have met the criteria in order to get the loan. You could try to refinance the loan to obtain lower interest or a longer time span to pay the loan thus lowering your total monthly payments. Give it a whirl!

Is there a law that mandates a limit to how much of your monthly income a bank can charge on a loan payment?

Payments on a %26quot;bank loan%26quot; are set by the term of the loan at the time the loan is initiated.

Th individual agrees or not. If not, no loan.

There's no %26quot;law%26quot; involved.