As a recipient of a Car Title Loan, there are important rights and responsibilities that you should be aware of. By visiting our site, you should know that we are not licensed in all states, nor is providing car title loans legal in all states. If you submit an application in a state where we are licensed, we will do our best to help you. If you submit an application from a state where we are not licensed, we will forward you to a provider who may be able to help with your request.
We hope that the below information will provide you with additional information about the process, should you need it.
If you reside in the state of South Carolina and obtain a loan from us, know that the maximum rate for a 12 month loan is 180%. If we refer you to another lender in another state, be sure to check with them in regards to their rates & terms.
Reputable lenders understand the value of good customer relations. If you have a problem with your lender, a complaint can be filed either with the company’s home office or the state agencies that regulate these companies. Usually a WRITTEN request to the lender is the easiest and the quickest way to get the facts and the help you need.
If you have obtained a loan with us and have a complaint, listed below are the names and addresses that you may wish to contact. If you have obtained a loan with another provider, consult them directly for best contact information.
OUR SOUTH CAROLINA MAILING ADDRESS & CONTACT INFORMATION
2 Office Park Court, Suite 103 Columbia, SC 29223
(888) 874 – 9838
If you reside in a state other than South Carolina, check with your lender or your state’s regulatory agency.
SC Department of Consumer Affairs Regulatory Enforcement
P.O. Box 5757
Columbia, SC 29250-5757
Telephone: (803) 734-4200
Statewide: (800) 922-1594
State Board of Financial Institutions Consumer Finance Division
1205 Pendleton St., Ste. 306
Columbia, SC 29201
Telephone: (803) 734-2020
ANNUAL PERCENTAGE RATE (APR)
This is the cost of your loan stated as a yearly rate. All lenders must calculate the APR the same way so you can compare different loans and determine which the best deal is for you.
This is how much money you are actually borrowing. It includes the cash you get plus any other payments or payoffs of another loan and credit insurance which you may have purchased.
This tells you how much the loan costs you in dollars and cents. You may be able to save some money if you pay off your loan early.
This is how much you will pay for your loan if you make all payments as stated in your contract.
This describes the number and amount of your payments and when your payments are due. Note that ACH drafts are not required to make loan payments.
Many lenders require collateral for your loan. Collateral can be things such as cars, boats, jewelry, electronics, etc.
Lenders are not permitted to use certain things for collateral such as:
Furniture (Other than antiques)
Radios (Unless you own more than one)
Televisions (Unless you own more than one)
Wedding Rings (Unless the lender finances the purchase of the item)
If you do not make your payments on time you can be charged a late charge. Ask your lender or refer to your loan papers for details about this charge including the amount.
If you and your lender agree, you can renew your loan. Renewing a loan is like taking out a new loan and you will pay any finance charges again, like on a new loan.
Generally, when you renew a loan of $1,000 or less, you must be able to receive in cash at least ten percent (10%) of the payoff amount of your old loan.
There are several types of credit insurance. Credit Life, Credit Accident and Health, and Credit Property are a few. If credit insurance is purchased with a loan, a claim form should be given to the borrower along with the policy. To file a claim for benefits on credit insurance, ask your lender for a claim form and instructions on how to complete.
NOTICE OF RIGHT TO CURE
If you do not make your payments, the lender must give you a written “Notice of Right to Cure” (right to bring your account up to date) before it takes any legal action or repossesses the collateral. This notice gives you up to twenty (20) days to catch up your payments. You should let the lender know anytime that you move because you might not receive this important notice. The lender only has to give you this notice once unless you renew your loan.
If you do not bring your account up to date within the twenty days, your lender can repossess the collateral and sell it to pay your loan. If there is a balance due after the collateral is sold, you may be responsible for the balance. A lender does not have to go to court to repossess the collateral but the lender does have to get a court order to enter your house or a closed garage without your permission.
This pamphlet is a summary of your rights and obligations, but it is not a complete list of all your rights and obligations under this loan. If you need more information, please call one of the numbers on the front of this pamphlet.
If you are unable to pay your bill, a lender. CANNOT:
- Threaten use of force, violence or criminal prosecution against you.
- Communicate with you many times in a short period of time.
- Contact you at work if you or your boss told them IN WRITING not to do so.
- Communicate with you before 8:00 am or after 9:00 pm (without your permission)
- Contact you if you are represented by an attorney and the lender is aware of this, unless the attorney fails to respond to the lender.
- Tell anyone not signed on the contract that you have not paid.
- Put a notice about your debt on your door (unless it is sealed in a plain envelope)
- Swear or curse at you.
- Have money you owe taken out of your pay.
- Pretend to be a lawyer.
IF YOU DO NOT WISH A LENDER TO CONTACT YOU BY PHONE OR PERSONAL VISIT, YOU MUST WRITE TO THEM REQUESTING THAT THEY STOP: BEWARE, HOWEVER THAT CLOSING ALL COMMUNICATIONS WITH THE LENDER MAY FORCE THE LENDER TO TAKE LEGAL ACTION.
Licensed by the South Carolina State Board of Financial Institutions Supervised Lenders, License #: S-8076