Payday loans, title loans, and some personal installment loans in charge interest rates that trap South Carolinians who are struggling to make ends meet. With rates as high as 999%, these lenders prey upon the poor with commercials with catchy jingles and colorful storefronts. This episode features the SC Fair Lending Alliance which is focused on capping the interest rates lenders can charge: a more fair rate of 36%. Kerri Smith of Self-Help Credit Union and Susan Stall with Village Engage discuss the issue and opportunities for change.
Produced by The Greenville Podcast Company.
Image via SC Fair Lending Alliance