Payday Loans and South Carolina
It appears South Carolina has more than a few well informed legislators in their state. Regarding payday loans, both the House and the Senate agreed that there is a huge demand for the payday loan product and that government should allow their citizens to decide which financial product makes the most sense for their individual situation.
Of course the dufasses that think they know what’s best for all of us were up on their high-chairs whinning and crying but thankfully they were shutdown!
We have no complaint that after long debate, the Senate and House agreed on a bill to limit borrowers to one payday loan at a time, a cap of $550, a cooling off period and the ability of payday loan providers to electronically debit their customer’s bank account. The implementation of a state-wide data base is of little consequence as well.
We’re simply pleased that residents of South Carolina still have access to payday loans and that their legislators “get it.”