SC moves forward on payday lending limits

By: Tom Campbell Email
By: Tom Campbell Email

February 20, 2008

COLUMBIA, S.C.---South Carolina government leaders are making progress on new rules for payday lenders.

The State Senate has agreed on a bill requiring lenders to check a borrower database and place a $500 limit on loans.

The proposal also bans multiple loans in a seven-day period.

The Senate has to vote on the bill one more time before it goes to the House.

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  • by Grant Location: South Carolina on Feb 25, 2008 at 02:24 PM
    The last payday loan I got was for $200 and I paid $30 for it. I am 32 years old, I think I can make my own decisions on how I want to spend $30. If I needed help spending $30, I certainly wouldn't ask the government for help when they can't even replace a toilet for less than $10,000. It actually worries me that the government is getting involved with little payday loans when there is a Billion Dollar war going on in Iraq and the education in this country, for lack of a better word, SUCKS! We are the greatest country in the world and half of our children still can't read? Um, well, that is not important I guess, but wait, if they could read, maybe they would be able to read all the literature that the payday loan stores give you when you get a loan so that they could make an educated decision about what they should do. On top of all this, it has been proven that payday loan stores actually help. Leave payday stores alone and let those of us who can use them responsibly use them.
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