Corporate Flyer Blog

We are in the midst of a recession that is taking its toll on our country’s working class.  Many Americans are finding it hard to make ends meet and are barely getting by.  Access to short term loans, such as payday and title loans empower the working class by providing access to the cash they need until their next paycheck.

A typical payday loan costs consumers $ 15 dollars for every $ 100 dollars borrowed.  This is less costly than paying overdraft or late payment fees and gives consumers peace of mind until they are back on their feet.

A lot of people who are short on cash have to turn to a payday lender to meet their immediate cash needs.  However, lawmakers in South Carolina are looking to make it tougher for consumers to use this loan product.

Given current economic circumstances, folks are finding it hard to make ends meet.  You try to stretch your paycheck until the next one comes and you find yourself a little short.  So it is easy and makes sense to visit a payday lender to get the funds that will help you get by until your next check.  This is the story for thousands of people in South Carolina.

While some citizens see the benefits to using a payday lender,  South Carolina lawmakers don’t.  They plan to put restrictions on payday lending such as – setting minimum wait periods before a customer could go and obtain another payday loan, having only one loan at a time, and capping the amount borrowed to $600.

The bill is now headed to the Senate Banking and Insurance committee.  Many customers who rely on this source of short term cash oppose the passing of these restrictions.