South Carolina Citizen Journal

January 27, 2009

Pay Day Lending Bill

Filed under: Bureaucracy, legislature, South Carolina — NotforHire @ 9:53 am

Well, instead of simply putting a limit on the interest that pay day lenders can charge in our state, Bobby Harrell, Harry Cato and Bill Sandifer are set to increase our state’s bureaucracy by setting up a state run database to track who has loans with the companies, in order to limit customers to one loan at a time. Increasing the size of government to monitor who has a cash advance loan seems, oh, I don’t know, wrong?

One lender based in South Carolina currently charges interest of 391.07% APR for a two week loan, in case you want to know the kind of numbers that are used in the industry. Perhaps capping the rate they charge, with due allowance for the capital risk involved, would be a far simpler solution.

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3 Comments »

  1. You tell’em Citizen.

    Comment by Robert Ahern — January 27, 2009 @ 3:53 pm

  2. You know those places prey on the poor, taking money out of pockets that need it most. They should all be just put out of business.

    Comment by Susan Atwater — January 27, 2009 @ 3:55 pm

  3. 1)Who charges the rate of interest quoted? 2) An argument could be made that if the press was doing their job in the first place gathering and reporting these usery interest rates with names and phone numbers and ownership details,public outrage would have corrected it long ago.3)It is not too late to do number 2!

    Comment by ken — January 29, 2009 @ 3:54 pm


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