Legal Payday lenders in SC - PLEASE HELP!!!

Hello awarncik and welcome, let's take this one step at at time. I need to move this topic to the payday loan section so it will get the attention it deserves, then we can work on figuring out which of these are legal or not. Then I will post your laws. :)

My email address has now be changed to the correct one - Email address, Removed by Shazzers for your protection.

You will find the Payday loan laws for South Carolina here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Thinkcash is an installment loan?

yes i believe so, i pay $889 for a $700 loan every 2 weeks

Could you please list the following information so we can help you.
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far. :)

awarncik:
Quote:

all are internet
-Thinkcash borrowed $500, paid $502.68 so far
-National payday borrowed $500, ???paid so far
-payday max borrowed $200, Paid so far $225
-cashbanc borrowed $500, paid so far $ > 500
-magnum borrowed $500??, paid $350 so far
-cash transfer centers borrowed $700, paid $889
-discount advances borrowed $540, paid $94.50
-loanshop borrowed $300, paid $200

I have been getting a new loan every 2 weeks of $700. I pay $889 and then renew the loan of $700 & get $700. Then i pay back $889 on loan of $700. I don't kinow if this an instalment loan or not???

awarncik:
Quote:

i already have closed my acct. Just trying to figure out which PDL's are legal in my sate of SC

Ive been doing a search on some of these companies, and it looks like Magnum Cash is legal to lend. You will need to make arrangements with them to pay of the remaining balance. Here is some information on them:
Magnum cash advance
866-406-6800
403 Foulk Rd Suite 203, Wilmington, DE 19803

I will search the other ones and get back to you on them! :)

I do have a question for you on Thinkcash. Since that is a personal loan, have you looked at the agreement you signed with them regarding payments and interest? You will need to speak with them about making partial payments. You will also need to send all of these a wage assigment revocation letter. Just in case it was in any of your agreements that you signed stating they would evoke a wage assigment on your pay if you defaulted. All this consists of is a letter telling them you are revoking any and all wage assigments you may or may not have agreed to. You also will need to give a copy of it to give to your payroll person to be sure they know not to take any money out of your pay and forward it to any of these companies.

Think Cash is backed by the First Bank of DE, so it is 100% legal for them to charge what they do.

Thanks Goudah, I wasn't sure about Thinkcash. :?

Hmmmmm, I just spoke with someone in the Consumer Finance Division S.C. and was told that Internet PDL loans are not licensed nor permitted to loan to S.C. residents. :? I called: (803) 734-2020

That is good news right.That means they cannot pursue legal action. Thanks for all your help

help shazzers - is this good news about the PDL's being illegal

I have two internet PDL and I am in SC. I need to get a grip on these they can spin out of control so fast. My last two payments have been returned due to insufficient funds. By the time my paycheck gets direct deposited my overdrafts have sucked up the whole check leaving me with no loans paid and no money to pay bills. here are the companies I am dealing with:

Pay day loan yes-Loan 250.00-Paid 150.00

Paydaymax-Loan 400 -paid 312.00 owe-$753.00

What can I do?