South Carolina Payday Loan Legislation
South Carolina Payday Loan Legislation
Recently in the Charlotte Observer, there was an article talking about how the SC legislature may take action to limit borrowers to a single payday loan at a time. This article entitled, Will S.C. act on payday loans?, is respresentative of the growing debate on whether more regulation of the payday loan industry is needed.
On one side you have some payday loan companies and some of their patrons who do not want extra restrictions put into law about who can get a cash advance. On the other side are some politicians and consumer advocates, who want to limit the availability of cash advance loans, because they don't think they are a very good deal for consumers.
Both sides have valid points and legitimate concerns, and it is uncertain if cash advance loans will be banned in South Carolina as they have in other states.
In some ways, with the freedoms we enjoy in America, it seems wrong to take away the ability to get a payday loan. Afterall, people that don't want to get a cash advance can choose to avoid them, whether there is a law banning them or not. If someone decides to get one, it isn't hurting anyone else, even if it's expensive. It isn't much different than if someone decides to buy overpriced tennis shoes or an expensive cup of coffee-it is their freedom of choice.
Of course the politicians proposing these laws are doing it to try to protect consumers, since pay day loans can be more costly than they realize. Perhaps another way to help consumers would be to better educate everyone on the costs of payday cash advances, alternatives to paycheck advances, and how to set up a budget and build enough savings so that emergency cash isn't needed very often.
If you do get a payday loan, take advantage of the ability to quickly compare companies using a site like ours. By comparing the cash advance companies listed on CashAdvancePlanet.com, you can find one with the lowest fees. It still may not be cheap in terms of APR, but you may end up with a much better deal than if you just went with your usual payday loan company.
Posted by Cash Advance Planet
Mar 30, 2006 6:05 pm
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