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.
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.
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.
By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
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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.org/
US Dept of Justice : http://www.usdoj.gov/
Posts: 147
Credits: 4897.5 Send message to kbraveboy
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.
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Credits: 9045.65 Send message to set4sail
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.
Posts: 147
Credits: 4897.5 Send message to kbraveboy
Please let me know if they are licensed in SC.
Posts: 380
Credits: 9045.65 Send message to set4sail
(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.
Posts: 1251
Credits: 27080.9 Send message to john
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.
Posts: 3244
Credits: 26996 Send message to Jessi
If the fees are $15 per 100, that would be $460 to pay back...But I'm no math whiz....lol
Posts: 1251
Credits: 27080.9 Send message to john
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.
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?
Posts: 1142
Credits: 4833.05 Send message to dawnlango7
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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