South Carolina limits borrowers to one payday loan at a time. When your choice is going of business or offering a product that consumers like and making money, the answer is clear. You offer installment loans.
Check ‘n Go just opened 25 new locations offering installment loans. These installment loan products are typically 12 months and can be cheaper than a traditional payday loan, if used responsibly. Technically, they’re not new. I know lenders that have offered this product for almost 2 years.
If you’re current payday loan software does not offer installment loans, there are many other systems that can get you started.
You can read the full article here titled “Payday Loan Restrictions Could Backfire.“
