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South Carolina Debates Payday Lending Rules and Effects
State officials and advocacy groups clash over payday lending limits. Lenders argue two week loans with 15 dollar fees per hundred avoid heavier bank penalties, while critics say annualized rates reach 391 percent and trap the poor and elderly in debt cycles. The debate centers on Clemmons bill reforms and potential outlaw bids, with AARP backing stronger limits and some lawmakers warning of loan alternatives.
MENTIONED IN THIS ARTICLE
Advance America
Fulmer
AARP
Patrick Cobb
Aarp of
South Carolina
Cobb
Clemmons
North Carolina
Congress
Georgia
John Ruoff
S.C. Fair Share
Columbia
South Carolina General Assembly
Ruoff
Cies
Aiken
Perry
Bill Clyburn