South Carolina still teater tottering

The payday loan industry in South Carolina is trying to get the legislature to ease up on regulations imposed last year.

This year, on a 27-14 vote, the Senate rejected a bid to limit payday loans to the lesser of 25 percent of a borrower’s income, or $500, and imposed a seven-day cooling off period between loans.

Payday lenders do not want a cap on loans and can live with a two-day cooling off period. The payday loan industry has spent over $300k on lobbyist and political contributions. Let’s hope their side gets heard.

Completely marginalizing lenders or making it impossible to borrow is not the solution.

You can read more about payday loans in the The State.

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