SeaCoast Financial, LLC Late Payment Policy

Ensuring clarity and fairness for all while maintaining the integrity of our loan repayment process

1. 1. Governing Law: This collections policy is governed by the laws of the state of South Carolina, explicitly referencing the South Carolina Consumer Protection Code and any applicable federal and state laws, including usury laws and the Fair Debt Collection Practices Act (FDCPA). In the event of a dispute, South Carolina law will apply.
   2. Payment Terms: As the loan agreement outlines, payments are due on the scheduled date. Borrowers have a 3-day grace period before the account is considered delinquent. Payment options include online transfers, auto-debit, or checks. The grace period begins the day after the due date, and no penalties or fees will be charged.
   3. Late Payment Penalties: After the 3-day grace period, a late fee of 7% per day will accrue on the overdue balance, in addition to the loan’s original interest rate. All penalties comply with South Carolina state usury laws and the South Carolina Consumer Protection Code. Late fees will continue until payment is made or the loan is sent to collections.
   4. Notice of Delinquency: SeaCoast Financial will send notices to borrowers regarding their payment status according to the following schedule:

• • • • 5 Days Before Payment Due Reminder notice sent via email, mail, or text.
      • 24 Hours Before Payment Due: A second reminder notice is sent.
      • Day of Payment Due: Final notice indicating payment is now due.
      • 24 Hours After Payment Due Late fees will accrue if payment is not made within three days.
      • Three days After Payment Is Due: Borrowers are notified that late fees are being applied and daily charges will continue.

1. 5. Multiple Missed Payments: If a borrower misses consecutive payments, the late payment penalties will apply as described. Payments will be applied to the oldest unpaid balance first.  On the 65th day from the first missed payment, a full payment due notice will be sent to the borrower via email, mail, or text if two payments are missed.  On the 75th day, if the account remains unpaid, it will be turned over to a third-party collections agency.
   6. Notice of Distress: Borrowers may submit a Notice of Distress on the 65th day following the first missed payment. This notice allows borrowers to request a case-by-case review for alternative payment arrangements. SeaCoast Financial reserves the right to review these requests and determine appropriate resolutions based on the individual’s circumstances.
   7. Right to Cure: As South Carolina law mandates, borrowers have a right to cure. After the first notice of delinquency, borrowers have the right to rectify it before their account is turned over to collections. SeaCoast Financial will provide at least ten days for borrowers to bring their accounts current. If full payment is not received within this period, the account will move to collections on the 75th day after the first missed payment.
   8. Collections Process: If the account remains unpaid on the 75th day after the first missed payment, it will be turned over to a third-party collections agency. The agency will handle all legal actions, including attorney fees, court filings, and wage garnishments, if applicable.
   9. Collection Fees: The debtor will be charged any collection fees, including attorney or other related costs. These fees will comply with South Carolina law and be clearly disclosed at the time of delinquency. Fees will be capped as required by state regulations.
   10. Credit Reporting: SeaCoast Financial reserves the right to report delinquent accounts to credit reporting agencies. Borrowers will be notified in writing before their account is reported, and any delinquency will be reported following federal and state laws.
   11. Communication Guidelines: SeaCoast Financial will communicate with borrowers in adherence to the Fair Debt Collection Practices Act (FDCPA) and South Carolina state law. Borrowers will be contacted through their preferred method of communication (email, mail, text) and during appropriate hours. All communication will be respectful and non-harassing, with no more than one contact per day unless additional communication is legally necessary.
   12. Dispute Resolution: Borrowers may submit disputes regarding their loan, payment status, or delinquency notices for review by SeaCoast Financial. If necessary, disputes may be resolved through mediation or arbitration. All disputes should be submitted in writing, and SeaCoast Financial will review and respond to them within 30 days. Borrowers have the right to request a debt validation notice in writing, and SeaCoast Financial will provide proof of the loan and payment status upon such requests.
   13. 13. Right to Appeal or Contest: Borrowers can contest the debt at any time during collections. Borrowers may request a review of their payment history, loan agreement, or collection activities. SeaCoast Financial will provide all necessary documentation and allow the borrower to dispute the debt in writing. If necessary, a review panel will consider the dispute before further action.

This late payment policy is governed by the laws of the state of South Carolina, including, but not limited to, the South Carolina Consumer Protection Code (S.C. Code Ann. §§ 37-1-101 et seq.) and other applicable federal and state lending regulations. SeaCoast Financial, LLC complies with all relevant provisions, ensuring fair and lawful practices in collecting personal loan payments.

For questions regarding this policy or to discuss payment plan options, don’t hesitate to get in touch with our customer service department at (888) 31-FUNDED or via email at hello@seacoastloans.com