South Carolina Groups Seek Payday Loan Limits

Historical archive, first published 2005 — payday-lending laws and rates have changed since. Preserved for the record.

South Carolina — Advocacy groups are pressing the South Carolina General Assembly to limit the number of payday loans borrowers can have. Currently, South Carolina law limits the size of cash advance loans to $300 and a max fee of $45. However, there's no limit to the number of loans a borrow can have at a single time.

This of course can lead to debt as many borrowers will take out additional payday loans to pay off existing ones. Thus begins the vicious cycle of debt.