Depends on what your definition of “reasonable” is
February 2, 2009 | Greenville News, South Carolina, industry, regulation | Comments (0)From an editorial in the Greenville (S.C.) News:
That said, it’s a good idea to put some reasonable limits on payday lending.
The bills in the Legislature are a good start, but lawmakers should seriously consider restoring provisions like the waiting period and income-based caps that ensure these products aren’t misused in such a way that people already in troubled financial waters wind up in even more dire straits.
The “reasonable” provisions that they want added to the South Carolina bill include an interest rate cap. So effectively, they want a ban. This is “reasonable?”
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