1. Grace Period

SeaCoast Financial, LLC allows a grace period of ten (10) calendar days after the scheduled payment due date. During this period, borrowers may make their payments without incurring a late charge.

2. Late Fees

If payment is not received within the grace period, a late fee may be applied. The late fee will be the lesser of (i) five percent (5%) of the unpaid installment amount, or (ii) Fifteen Dollars ($15.00). Only one (1) late charge may be assessed per delinquent installment. SeaCoast Financial, LLC will not impose any delinquency charge in excess of the maximum amount permitted under the South Carolina Consumer Protection Code (S.C. Code Ann. § 37-3-203).

3. Fee Caps

Late fees are capped at the lesser of five percent (5%) of the unpaid installment or Fifteen Dollars ($15.00) per delinquent installment. No more than one late fee will be
charged for a single missed payment, regardless of the number of days the payment remains unpaid. Late fees will not be compounded or assessed on previously charged late fees.

4. Communication Process

If a payment remains unpaid after the due date, SeaCoast Financial, LLC may notify the borrower after the expiration of the ten (10) day grace period. Notifications may be sent via telephone, email, U.S. mail, or text message (where consent has been provided), advising the borrower of the delinquency and the amount required to cure.

Prior to acceleration of the loan or referral to collections, the borrower will receive a written Notice of Right to Cure in accordance with S.C. Code Ann. § 37-5-110.

5. Multiple Missed Payments

For multiple missed payments, a separate late charge may be assessed for each delinquent installment, subject to the limitations described above. Payments received will be applied in accordance with the loan agreement and applicable law, typically first to accrued interest, then to principal, and lastly to authorized fees. No additional default or penalty interest will be imposed unless expressly authorized by the loan agreement and permitted by South Carolina law.

6. Reporting to Credit Bureaus

If payments remain unpaid for thirty (30) days or more past due, the account may be reported to consumer reporting agencies in accordance with the Fair Credit Reporting Act (FCRA). SeaCoast Financial, LLC will provide any required notices before furnishing adverse information. Reporting of delinquency may affect the borrower’s credit score.

7. Payment Plans

If a borrower experiences financial hardship and cannot make timely payments, the borrower should contact SeaCoast Financial, LLC immediately. The Lender may offer a modified payment arrangement or temporary deferment on a case-by-case basis.

To be eligible, borrowers must contact the Lender prior to charge-off or referral to collections and, if requested, provide reasonable documentation of hardship. Any modification will comply with applicable South Carolina law and will be documented in writing.

8. Waiving Late Fees

Late fees may be waived or reduced at the sole discretion of SeaCoast Financial, LLC.  Waivers may be considered for first-time delinquencies, documented hardship, bank processing errors, or other reasonable circumstances. Any waiver will comply with South Carolina consumer protection laws and will not result in charges exceeding statutory limits.