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South Carolina payday loans

New county ordinance to limit payday loan providers

Payday lenders and check-cashing outlets become an alternative solution to old-fashioned banking institutions by offering short-term loans and certainly will charge interest that is effective as high as 460 per cent, county officials said. Board of Supervisors President George Shirakawa stated they passed the ordinance because such loan providers are "predatory" and target low-income residents.

In line with the Center for Responsible Lending, such financing companies are disproportionately situated in African-American and Latino communities, county officials stated.