Payday Loan Law – South Carolina Payday Loan State Data Base

By | Sep 30, 2009

South Carolina has turned down an appeal protesting its previous decision to award a contract to Veritec Solutions for the establishment of an online database system for tracking payday loans applied for by residents of South Carolina.

The South Carolina chief procurement officer for the Information Technology Management Office, Mike Spicer, denied the protest by the Prism Group and the Tom Sawyer Group. The companies have 10 days to file an appeal.

The two South Carolina companies protested the award to Veritec claiming the award was arbitrary, erroneous, and in violation of state law, along with allegations the award made was not the best for the state of South Carolina.

Veritec already maintains several other payday loan state data bases. They proposed a fee based system that may collect up to $15 million over five years. The Prism Group and Tom Sawyer Company proposed a system that could collect $8 million over the same period.

The payday loan data base system is required under new South Carolina payday lending rules passed earlier this year.

Share
2 Comments so far
  1. Same Day Cash Advance Loans October 22, 2009 12:47 pm

    Payday loans help you tide over temporary financial crisis. If you are in dire need of some fast cash, then you can consider the option of taking a payday cash advance.The lending company take a day’s time to process and approve your loan. Once approved, the amount is transferred directly to your loan account and you are informed accordingly. When approved, you can get payday advance within a day.

  2. Pay Cash Advances October 23, 2009 6:24 am

    Are you in a financial crunch and want to get out of it quickly? Then a payday loan is the perfect option for you. The loan is granted to all those who have the ability to pay back the loan on the stipulated date even if they hold a bad credit history. All applicants who are eligible for the loan can avail of amounts as high as $1000. The person has to pay back his entire payday loan including the interest charges before the next payday’s money is deposited into the account. The repayment duration of a payday loan is from two to four weeks.

Leave a Comment

If you would like to make a comment, please fill out the form below.

Name (required)

Email (required)

Website

Comments

What is 6 + 6 ?
Please leave these two fields as-is:
IMPORTANT! To be able to proceed, you need to solve the following simple math (so we know that you are a human) :-)
© 2009-2019... Consultants for Lenders, - Payday Loan Biz Resources & Courses How to Start Title Loan Business Website Legal Terms Disclosure
Share
Share