Payday loans offer a lifeline
February 15, 2009 | South Carolina, industry, media coverage, research, states | Comments (0)From Tim Mill of the Center for Consumer Freedom in today’s Beaufort (S.C.) Gazette:
….The suggested 36 percent APR limit translates to a $1.38 fee every two weeks for a $100 loan. Does that seem like a sound business model for lending money to strangers with poor credit? This foolish idea has proved to eliminate the credit option in some states, and borrowers have been left with more expensive alternatives.
Borrowers are best served when they have more choices. Not when legislators try to score cheap political points by eliminating what is a financial lifeline for South Carolinians.
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