Lenders in South Carolina can charge any interest rate they want as long as it is filed with the SC Consumer Affairs Commission. Some lenders have filed interest rates as high as 999%.
The alliance is made up of various faith communities, non-profits, community development organizations and individuals that support a rate cap of 36%. Collectively, this alliance represents people all across the state.
Payday and auto title loans alone drain $245 million dollars a year from our economy. These loans touch households, small businesses and municipalities. Financial stress from these predatory loans has an impact on health, business productivity and marriages.
Today, citizens in South Carolina could find themselves with loans that carry very high interest rates. In fact, lenders can charge any rate as long as they file it with the South Carolina Consumer Affairs Commission annually. It's time to end the debt trap!