South Carolina Payday loan laws

member profile picture
Posts: 175
Credits: 4898.4
[Donate]

Does anyone know the laws in South Carolina regarding internet payday loans?




Hi kbraveboy

According to the laws in South Carolina, a payday loan company can advance loans up to $300 with a maximum fee of $15 per $100. The amount of loan taken is for a maximum period of 31 days. The borrower has to give a post dated check to the lender and the terms and conditions must be put in writing signed by the person. In South Carolina, the lender cannot renew the loan amount.

For your information, the effective apr in South Carolina is 459 for qualifying on the loan amount.

You can get some more information on the payday loan regulations from the attorney general in your state.

http://www.scattorneygeneral.or g/

US Dept of Justice : http://www.usdoj.gov/

Sub: #1 posted on Mon, 05/01/2006 - 13:39

john john

(Posts: 1234 | Credits: 270.82)

So if I borrowed $400 from Sonic, and I have to pay back $508 in 2 weeks, is that right? I know, I know. Just found out about how bad Sonic is.

Sub: #2 posted on Mon, 05/01/2006 - 13:42

kbraveboy kbraveboy

(Posts: 175 | Credits: 48.98)

Please let me know if they are licensed in SC.

Sub: #3 posted on Mon, 05/01/2006 - 13:44

kbraveboy kbraveboy

(Posts: 175 | Credits: 48.98)

They are required to be licensed with the state. I had faxed someone at the state dept, they were supposed to fax the information back to me about Quikpayday.

It's too late today, but I will call her tomorrow to follow up on that.

Sub: #4 posted on Mon, 05/01/2006 - 13:54

set4sail set4sail

(Posts: 412 | Credits: 90.98)

(I see posts are appearing out of order again- I wonder if it's a problem with my computer? lol)

I will. I'm kind of peeved that the person hadn't already sent the info for me. I had asked on your behalf over a week ago.

Sub: #5 posted on Mon, 05/01/2006 - 13:58

set4sail set4sail

(Posts: 412 | Credits: 90.98)

When you hear something about Sonic, assume it that they are going illegal in a certain way. First of all, South Carolina does not allow payday loan advances more than $300. This is one violation done by Sonic. Secondly, if you calculate the interest rates, you might find it more than 15%. This is also against the law.

So, before you pay them anything, ask them to give you the statement of the total debt owed. This is important so that you have something in writing from them. Send your letters through certified mail with return receipt requested and keep copies documented in a file.

Sub: #6 posted on Mon, 05/01/2006 - 14:41

john john

(Posts: 1234 | Credits: 270.82)

If the fees are $15 per 100, that would be $460 to pay back...But I'm no math whiz....lol

Sub: #7 posted on Mon, 05/01/2006 - 14:49

Jessi Jessi

(Posts: 3369 | Credits: 269.59)

Very good, Jessi. :) No payday loan company can offer the loan amount beyond 31 days and it should be within the permissible rates.

Kbraveboy, do let us know your thoughts. Don't make a wrong move while you are dealing with Sonic.

Sub: #8 posted on Mon, 05/01/2006 - 15:00

john john

(Posts: 1234 | Credits: 270.82)

i owe a payday loan company. if i don't pay them, can they take me to court in south carolina and prosecute me for not paying them?

Sub: #9 posted on Fri, 12/12/2008 - 06:08

Unregistered


Hi Paula,

It depends on whether the company is legal or not.

Can you please tell us the name of the company so we can look they up for you?

Sub: #10 posted on Fri, 12/12/2008 - 09:50

dawnlango7 dawnlango7

(Posts: 1147 | Credits: 48.27)

Attachment
More information
  • Files must be less than 1.25 GB.
  • Allowed file types: txt pdf jpg jpeg png.
Post as a guest
CAPTCHA
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Post as a member

Share post

Page loaded in 2.694 seconds.