Students Take Action Against Payday Loans
By J.J. CameronPayday Loan Writer
As the popularity of faxless payday loans increases in South Carolina, more and more consumer groups are taking action against these cash advances.
For example, Wednesday morning graduate students from the University of South Carolina met at the State House to persuade their representatives to pass new legislation restricting payday loans. The social work students say the high interest loans target those who lenders know will have a hard time repaying the loans.
USC grad student Tiffany Harris said: "They are just a debt trap for, specifically, low income families but also for military families and the elderly … a lot of times they get these loans because of a crisis, a bill needs to be paid, they can't afford to pay it. So they go out and get a very high interest two week loan, but chances are if they can't pay it now, they won't be able to in two weeks."
The students are asking law makers to, among other changes, restrict instant payday loans to one at a time per person. We'll keep you updated on their progress.
