Tough times, tough measures
November 30, 2009 | South Carolina, Times Gazette, industry | Comments (0)A major payday lending company is changing its business model in South Carolina. From the story:
An economy suffering from a deep recession and new payday lending regulations set to take effect next year has prompted the Cleveland, Tenn.-based company to turn in the payday loan business licenses for 12 stores, the company said last week.
In exchange, those stores will apply for supervised lending licenses, which would allow Check Into Cash to make longer-term consumer loans, based on a different underwriting criteria, and for unlimited amounts of money.
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