SeaCoast Financial, LLC Late Payment Policy

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

1. Grace Period: SeaCoast Financial, LLC allows a grace period of ten days after the scheduled payment due date. During this period, borrowers are encouraged to make their payments without penalties.
2. Late Fees: If payment is not received within the grace period, the Lender may charge the maximum delinquency charge (or late charge) authorized by law, following South Carolina law governing maximum late fees for personal loans.
3. Communication Process: If a missed payment occurs, SeaCoast Financial, LLC will notify the borrower ten days after the payment due date. Notifications will be sent via email or text, ensuring the borrower knows their delinquent status and the steps to rectify it.
4. Reporting to Credit Bureaus: Borrowers will be notified in writing before Borrower’s delinquent account is reported to any credit reporting agency. Such reporting of a delinquent account may affect the borrower’s credit score and overall financial standing. South Carolina law requires lenders to provide sufficient notice to borrowers before reporting delinquency to credit agencies.
5. Payment Plans: If a borrower experiences financial hardship and cannot make timely payments, the borrower should contact SeaCoast Financial, LLC immediately, as Lender may offer the option of enrolling in a payment plan. Payment plans must comply with South Carolina state laws regarding loan modifications and borrower protection.
6. Waiving Late Fees: Late fees may be waived or reduced in certain circumstances. SeaCoast Financial, LLC will ensure any waivers comply with South Carolina’s consumer protection laws.

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 (864) 874-6100 or via email at [email protected]