PDL in SC

Date: Wed, 10/01/2008 - 09:18

Submitted by anonymous
on Wed, 10/01/2008 - 09:18

Posts: 202330 Credits: [Donate]

Total Replies: 1

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?

Here are the laws for the state of South Carolina: South Caroli

Here are the laws for the state of South Carolina:
South Carolina State Information

Legal Status: Legal

Citation:
S.C. Stat. Ann. 34-39-110 et seq.

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Lesser of: NSF fee of $10 or actual charge
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: South Carolina State Board of Financial Institutions
Address: Consumer Finance Division, P.O. Box 11905 Columbia SC 29211
Phone: (803) 734-2020
Fax: (803) 734-2025
Regulatory Contact: C. Dean Bratton,, Commissioner of Consumer Finance
http://www.scconsumer.gov/

It seems to me that your loans are in violation of SC law when they let you roll over the loan to your next payday. You may want to file a complaint with your state.

lrhall41

Submitted by wssu92 on Wed, 10/01/2008 - 11:37

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