South Carolina Payday loan laws

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/

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.

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.

Please let me know if they are licensed in SC.

(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.

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.

If the fees are $15 per 100, that would be $460 to pay back...But I'm no math whiz....lol

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?

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?

I have a question for you. Can you please tell me if you receive a collection letter from a payday loan company in the mail are they allowed to put the company name on it or not. I was told it is against SC law to have the name on the envelope. Please help me with this.

OK Now I'm wondering if anyone is going to answer my question

What was your question?

if the loan company deposits your check and it bounces, what recourse in south carolina do they have

Does anyone know the laws concering internet payday loans ? I know the south carolina laws but what is the law for the internet it has to be different right.

It depends if the loan is legal.

If the loan was legal they can eventually sue you in civil court for a judgement and garnish your wages to get the money back.

You can not be charge in criminal court.

The regulation is the same for internet and store front but the internet companies have to be licensed in the state of SC to lend legally.

If you give us the name of the PDL and how much you borrowed and paid back we can help you further.

I borrowed 345.00 and would like to pay them at the end of the month.

Contact Ace to make payment arrangments.

IS PAYDAY LOAN YES LEGAL?

No they are not licensed in most states.

I have two payday loans in sc. One is for 250 and another for 600. I can't afford to pay them. Is this a crime in sc and can they take you to jail? Are they legal is sc

is who legal?more details please.

No it is the same. All payday loans internet and storefront are ILLEGAL to South Carolina residents.

So if you received a pay day loan from the internet but you live in SC and the loan was more than $300 - the company broke the law?? What are the steps that have to be taken before wage garnishment can be executed? I have read that in SC wage garnishment is prohibitted except for child support or student loans, is this correct? What would happen if a company sued you?

i doubt a ipdl will sue,but they can't garnish no matter what if what you say is true.the worst is they get a judgement and try to collect on the judgement,but if they serve you properly they wouldn't win as the loan is illegal.if they don't serve properly.you can have any judgement vacated because of improper service.i wouldn't worry about an illegal pdl or CA suing.

I have 4 payday loans & am not able to pay my regular bills because of having to constantly renew them ever 2 wks. 2 are for $600, one for $375 & one for $500. I ended up with all of them because my husband was hurt & has been out of work for over a yr. I got 2 of the 4 in the last 3 mths. I was told by a friend after the fact that it is illegal now is SC for the lender to lend to you if you already have a payday loan. Is this true? If so; what is my recourse? What happens if I just stop renewing them and stop pymt on the checks to keep my bank acct from having NSF charges. Please answer ASAP as they are due again on 9/18 & if I don't pay my utilities instead; I will not have water or power. Thanks!

It would be a lot less confusing if you would start your own topic, when you do list the following information:
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.

I am trying to find the SC law on "internet" payday lending - does a Delaware based payday company lending to a consumer in SC follow Delaware law or SC?

I have several internet loans and have been told that they do not have to follow SC law but I don't know if this is correct...does anyone know?

I was wondering that too. One of mine is in West Indies and they said I had to follow those rules not SC that when I signed the contract that gave the ok that I would abide by West Indies laws.

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wrong, the pdl is in delaware and the consumer is in SC . They are telling the comsumer that the laws of Delaware prevail. Not so, the comsumer state laws prevail.

That's what i said!!! They will follow SC laws and not the Delware laws...I think you misunderstood me.Loan company need to follow the laws of that state where the consumer is residing.

With the new SC Payday Loan Law can you go in arbitrate with these payday loan companies and determine between both parties the amount you are going to pay?

vetteman50




With the new SC Payday Loan Law can you go in arbitrate with these payday loan companies and determine between both parties the amount you are going to pay?


I heard that if you have 2 payday loans with the new rules you won't be able to rewrite one of them. Also if you make payment arrangements with one the other won't be able to make arrangements with you. I have 2 so I guess I'm screwed too.

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So, I have recently went and got a IPDL because I needed help to catch up on some bills. I was orginally trying to go through Check into Cash and they referred me to Loan Point USA? I didn't even know they did that. But, I got in contact with them, and I was only needing 200 when the guy that took my app said I was approved and then said I can get upto $600 I was like naw that's too much I really don't need that much. Well the guy asked me how much I needed, I told him $200 to $300. He replied well we can't go lower than $400. Now, normally I do my research on these things but this was one of those moments were I needed the help and really was vulnerable, so I said OK, I'll do the $400. That was on Friday, I am now reading all these reports and it's Sunday. I have not gotten my money yet and I see post after post stating that it is illegal for a PDL place to do more than $300 in the state of South Carolina. I need hard evidence that this is true, and where to find it, Also any advice that anyone can give please give me info. I have to pay back $520 and plan on paying $300 my first payment and the rest the 2nd payment. Any help and any advise is greatly appreciated.

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Is Yes payday loan, Magnum payday loan, USFash Cash legal in South Carolina? Please Help!

has anyone heard of usfastcash? and is it legal to make 3 seperate debits from my account in the same day totaling 170.00 then taking 495.00 from my account today when the loan was 300.00? whenever we call they arent open or wont speak to me

we are in conway sc btw sorry

bump...there is a poster in SC who might like to see this...

I have a internet loan for 300.00 from One Click Cash, and they charge a 90.00 service fee every two weeks that do not go to paying off the loan. Are the able to do that?

I live in SC/

No, it isn't legal by any means, but they aren't a licensed/legal lender. It would be in your best interest to close your account. Illegal/unlicensed payday lenders are relentless, they will continue to debit your account until there isn't anything left, and that account will never be safe again, it is at risk. Please [URL=http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html]CLICK HERE[/URL] to find out how to deal with illegal lenders.

I have a payday loan from VIP Cash/Qloot from Nevada. My loan was for $400.00 two years ago. They have been taking $180.00 a month out of my account since then. Today the took $230.00 out of my account. When I called I asked why the increase and the response was that they had a note on my file to start paying it down. Well they have received more than 400.00 back from me. Is this legal? I have talked to the Sec. of State's Office and they have verified that they do not hold a license in the state of SC. What are my options? When I spoke to VIP/Qloot this morning, they said are you questioning if we are legal in the state of SC? I responded yes I am and they said they would call me back. I'm sure I won't ever receive that call.

I am being harrased by a internet loan comapnay that is telling me i took out a loan for $500 in 2008 and now i owe $1200 for not paying them they are being really un professional and tere harrasing me my husband and my father in law there telling me to go to wal mart to use money gram to send the loan they have called me from a 313 area code and a 323 area code there calling me a criminal and threatening to take me to jail and so much more help me please.