Can anyone say payday loan alternative product? It looks like the industry will soon be heading for one in South Carolina.
The Associated Press reports “A Senate subcommittee on Thursday approved a bill that requires a seven-day cooling off period between taking out the loans. It also restricts the loans to a maximum of $600 or 25 percent of a borrower’s income.”
Jamie Fulmer, spokesman for Advance America, says “the bill now heading to the Senate Banking and Insurance Committee will put payday lenders like the Spartanburg company out of business.”
