South Carolina Payday Advance Foe Speaks Up
By J.J. CameronPayday Loan Writer
So, payday loans are here to stay in South Carolina, huh? Sue Berkowitz will just see about that!
As the Director of the South Carolina Appleseed Legal Center, Berkowitz is one of those people hoping to get new legislation introduced that will control payday cash advance lenders.
“Because we know that not every South Carolinian has a checking account. And those with checking accounts aren't taking out payday loans. So there's a defined group of people going back over and over again and getting themselves in a debt cycle they can't get out of," said Berkowitz.
Several groups against the payday industry met in Myrtle Beach Thursday night. They're proposing legislation to prohibit non-licensed lenders in South Carolina, while limiting the total number of payday loans one person can receive at a time. The governor, however, made it clear today that no such regulations are close to passing.
“I've talked with people that have got 6-7, one woman with 19 [instant cash loans] and it's like chasing your tail. You're borrowing from one to pay the other, to pay the other and that's got to stop,” said Berkowitz.
One of the reasons these resources appear to have a strong fiscal foothold in the state? The largest payday lending company in the country is in Spartanburg, Advance America. There are also 52 licensed payday businesses in Horry County and 58 in Florence County.
It doesn't appear as through the cash advance payday loan industry is going anywhere any time soon.
