Check n go SC
Date: Thu, 06/27/2013 - 11:31
So I know they are leagal, but how can they provide a $4600 loan? This is what the law states. I know I will pay back what I owe, but are they breaking the law?
Payday loan laws in South Carolina
Statutory citation: S.C. Code §§ 34-39-110 et seq.
Legal status: Legal
Lending specifications:
Maximum loan amount: $550
Loan tenure: 31 days
Fees and finance charges: 15% of principal
Finance charge on a 14-day $100 loan: $15
APR on 14-day $100 loan: 390%
Debt limits:
Maximum no. of outstanding loans at a time: Not Specified
Rollovers allowed: None
Collection restrictions:
Collection fees: NSF fee of $10 or actual charge (the lesser one)
Payday loan laws in South Carolina
Statutory citation: S.C. Code §§ 34-39-110 et seq.
Legal status: Legal
Lending specifications:
Maximum loan amount: $550
Loan tenure: 31 days
Fees and finance charges: 15% of principal
Finance charge on a 14-day $100 loan: $15
APR on 14-day $100 loan: 390%
Debt limits:
Maximum no. of outstanding loans at a time: Not Specified
Rollovers allowed: None
Collection restrictions:
Collection fees: NSF fee of $10 or actual charge (the lesser one)
because
like it or not they are not a PDL,but A CSO(credit service organization)their is that in their contract.you have to really look,but it their so that is how they can.
