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South Carolina Payday loan laws

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




john
Posts: 1255
Credits: 27081.5

Sub: #1 Hi kbraveboy According to the laws in South Carolina, a payda
Mon, 05/01/2006 - 13:39

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/




kbraveboy
Posts: 175
Credits: 4898.4

Sub: #2 So if I borrowed $400 from Sonic, and I have to pay back $508 in
Mon, 05/01/2006 - 13:42

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.




kbraveboy
Posts: 175
Credits: 4898.4

Sub: #3 Please let me know if they are licensed in SC.
Mon, 05/01/2006 - 13:44

Please let me know if they are licensed in SC.




set4sail
Posts: 413
Credits: 9098.35

Sub: #4 They are required to be licensed with the state. I had faxed som
Mon, 05/01/2006 - 13:54

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.




set4sail
Posts: 413
Credits: 9098.35

Sub: #5 (I see posts are appearing out of order again- I wonder if it's
Mon, 05/01/2006 - 13:58

(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.




john
Posts: 1255
Credits: 27081.5

Sub: #6 When you hear something about Sonic, assume it that they are goi
Mon, 05/01/2006 - 14:41

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.




Jessi
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Sub: #7 If the fees are $15 per 100, that would be $460 to pay back...Bu
Mon, 05/01/2006 - 14:49

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




john
Posts: 1255
Credits: 27081.5

Sub: #8 Very good, Jessi. :) No payday loan company can offer the loan a
Mon, 05/01/2006 - 15:00

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.




Unregistered

Sub: #9 payday loans
Fri, 12/12/2008 - 06:08

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?




dawnlango7

Posts: 1147
Credits: 4827.05

Sub: #10 Hi Paula, It depends on whether the company is legal or not.
Fri, 12/12/2008 - 09:50

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?




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