Cash Pay Advance

The Department of Defense, concerned that the entrapment of payday lending undermines our military readiness, successfully convinced Congress to limit the interest rate for military borrowers to an annual rate of 36 percent. Short of such action, we think a bill passed two months ago by the Senate significantly improves and reforms the way payday lenders do business in South Carolina. The legislation sets up a state-run database to monitor loans and limits the number of outstanding payday loans, permitting only one loan at a time. If payday lenders mean what they tell the public in their multi-million dollar advertising campaigns that payday loans should only be used for limited, emergency consumer needs, the Senate bill holds them accountable for this purpose. Find Out More

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