Posted by Early on May 5, 2008 at 8:19 a.m. (Suggest removal)

I think this is a good thing, they pray on people by charging them 29% on a short term loan, bye, bye!
And, they always take up a decent spot in the strip malls, put a Chinese take out there instead!

Posted by JohnS on May 5, 2008 at 8:28 a.m. (Suggest removal)

Knee jerk politics. Telling people how to spend their money. The offices help those who have limited income. Would it be better to have your lights stay on or have them cut off and to wait until you get paid a week later. They say the fees are less than what a bank charges for a bad check or most credit cards charge on a $100.00 borrowed.

Yes it would be good if you did not have to use these people but if you don't have credit or family they say these people help in a time of need.

Posted by Early on May 5, 2008 at 9:05 a.m. (Suggest removal)

JohnS, here is the payback and APR on one of our local payday advance places. This is why they are doing this and, this is the rates for good credit! Note, it's how you compound the interest that makes these guys crooks hence the 456% APR

Loan, Fee, Due, APR%

$100 $17.50 $117.50 456.25%
$150 $26.25 $176.25 456.25%
$200 $35.00 $235.00 456.25%
$250 $43.75 $293.75 456.25%
$300 $52.50 $352.50 456.25%
$350 $61.25 $411.25 456.25%
$400 $70.00 $470.00 456.25%
$450 $78.75 $528.75 456.25%
$500 $87.50 $587.50 456.25%

Posted by UnoCubanito on May 5, 2008 at 9:10 a.m. (Suggest removal)

I have never used a payday lending before, but do believe that it is also NOT right for the government to dictate once again. Personal freedom has been hijacked by those who wish to tell everyone how he/she should or shouldn't be using or doing. I have heard of people who use them A LOT, but is it the lenders at fault or the person who use more than one just to do whatever is needed with it. It's funny that I am 26 years old and I came to this country from Cuba at the age of 11 yrs old. I love my freedom and ability to work freely, and make decisions that maybe good for me or not good for me, but I made those choices instead of it being written in a Law. How are we any different from my country Cuba? Sad when you think about how we live in a country of freedom to make choices in our lives and some are not right and we pay for them. Yet the only difference I can see between Cuba and the way the United States is about to become is as followed: Cuba you are told what is best for you, and given an education in what the government feels they need more of, and don't try to speak out. In the United States you have the choice to follow your dreams to whatever it comes out to at the end, and speak out against things that are wrong. BUT at the end both are alike because the government will always remind you that they know whats best for you and you MUST deal with it like good citizens of that country.

Posted by CHRISJIII on May 5, 2008 at 9:53 a.m. (Suggest removal)

I think this industry really needs to have very strict regulatory oversight because it does prey on the poor.Maybe the state dodged a bullet in not electing Tommy Moore governor.

Posted by ColdBeer on May 5, 2008 at 10:16 a.m. (Suggest removal)

I hate seeing these places pop up. They have urban and suburban decay written all over them.

One of the TV ads for a car title loan place, in small print, actually lists and average APR of over 900%!

Posted by eyfigueroa on May 5, 2008 at 10:49 a.m. (Suggest removal)

cubanito: what an interesting point.

Posted by Lenny on May 5, 2008 at 10:52 a.m. (Suggest removal)

these places prey on the poor and the uninformed causing more problems than they help, I'd rather have my lights shut off for a month then use them

Posted by LowcountryMoose on May 5, 2008 at 10:55 a.m. (Suggest removal)

If the minimum wage was closer to a living wage, all of these places would go out of business.

Posted by 5thGenerationLocal on May 5, 2008 at 11:12 a.m. (Suggest removal)

Whatever happened to personal responsibility?

Posted by Early on May 5, 2008 at 12:05 p.m. (Suggest removal)

I agree CB, it's like all the sudden your in the old part of Atlanta. And if I see another nail salon go up, I'll puke!

Posted by CountryGirl on May 5, 2008 at 2:23 p.m. (Suggest removal)

I know someone that works at one of these places and she said A LOT of the customers are elderly, living on Social Security. Also, she said most of them are raising at least one grandchild or even more, and they use the business as an on going loan because it's easier to get than a bank loan.

Posted by Girleygirl on May 5, 2008 at 2:30 p.m. (Suggest removal)

Payday loans are a JOKE. I will try to go to a long lost relative or Make a Wish foundation before letting these people rob me!

Posted by Slick50 on May 5, 2008 at 3:07 p.m. (Suggest removal)

The SC Democrats have adopted a plank that calls on the Legislature to adopt a ban on payday lending. The resolution also bars the party or its candidates from taking money from the industry.

From what I am reading here, it appears the Dems are targeting a lobbyist, not an industry. Rest assured the state legislature will do nothing to curtail payday loans no matter how usurious their rates are.

Posted by Carolina_Politics on May 5, 2008 at 8:53 p.m. (Suggest removal)

This is just stupid. Payday lenders provide a legitimate service to people who need it. There is nothing wrong with this industry. Everyone falls into hard times or some emergency situation where they suddenly need to have the advanced cash and can’t wait. Sure, there are people who abuse the system and get caught up in debt, but that is not the state’s concern. That has to do with personal responsibility. If this ban were to actually become reality, which I doubt it will, all of these places across the state would shut down. People would lose their jobs and the state would lose tax revenue. If the state Democrats really want to help, they’ll tell their elected officials to keep their hands out of the marketplace.

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