need help with laws in s.c.

How much have you paid toward your loans?

To my knowledge, yes that is the same as rolling over your loan.

Roll Overs are prohibited in SC (as you probably know). Please advise how much you've paid toward your loans.

South Carolina doesn't allow any rollovers. Which loan company are you dealing with? It seems like they are making money from you in illegal ways. Call them and get your account reviewed. You must have paid the full balance by now and need to get the account marked paid in full

Actually these are not considerd rollovers, As long as you give them cash and then rewrite a new check to get the loan again this is perfectly legal UNLESS there is a cooling off period in SC

Yes, Leah....you're right. It's not a rollover, because the consumer isn't just paying a refinance fee like an internet pdl charges. The full amount of the loan (principle & finance charge) are paid in cash to the storefront pdl, they give the postdated check back to the consumer, and mark the loan as paid in full and close it out. Then, a new loan is drawn up, perfectly legal. But, some states have a cooling of period of so many days after a consumer takes out so many consecutive loans. In my state, you can take out 6 consecutive loans from a storefront, then have a cooling off period of 8 days before you can apply for a new loan from them. When most people hit their 6th loan, they just go to another lender to borrow rather than wait the 8 days out to re-borrow. It's a vicious cycle.

Leah is right. If you pay off the old loan completly, then turn around and write a new check then it's considered a new loan. SC doesn't require a cooling off period in between loans, so they are allowed to do that legally.

I would check into what happens when you default. Some places will allow you to set up a payment plan. Also just try talking to them. They may be willing to set up a payment plan without even defaulting.

Since these are storefronts you are dealing with, do not just ignore them. They can sue you and stuff if you don't pay them. Look over everything and make sure they are operating within the laws.





If they are not following the laws then contact your banking dept. Since they are legally operating companies (assuming they are licensed) then they can be fined and such. Your state's banking dept can be a big help when you are working with companies that are licensed under them.