Factsheet: South Carolina Voters Overwhelmingly Support 36% Rate Cap

Factsheet: South Carolina Voters Overwhelmingly Support 36% Rate Cap

In South Carolina, payday and car-title lenders charge working families 395% interest, creating a debt trap that can keep South Carolina families in a cycle of debt for years. In fact, these lenders drain more than $245 million from South Carolinians, primarily from low-income families and communities of color. South Carolinians want reform that has been proven to stop the debt trap—a true rate cap on payday loans that repeals the ability of payday lenders to charge the high rates and restores a maximum limit of 36%.
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Payday and Other Small Dollar Loans

NAREB Takes Fight for Black Homeownership to Congressional Hearing

Source
The Charleston Chronicle
The rate of Black homeownership in America – now at 41.1 percent, according to 2019 U. S. Census numbers – is even lower than it was when the U. S. Fair Housing Act was signed into law 51 years ago on April 11, 1968. This means Black homeownership is 32.1 percentage points lower than that of Whites, which stands at 73.2 percent. It also means Black homeownership is 6.3 percentage points lower than that of Latino-Americans, which stands at 47.4 percent. These are just a few of the facts presented to a recent U. S. Congressional hearing by homeownership advocates. The hearing, held by the House
Mortgage Lending

Payday and Car Title Lenders Drain Nearly $8 Billion in Fees Every Year

Payday and Car Title Lenders Drain Nearly $8 Billion in Fees Every Year

Payday and car-title loans typically carry annual percentage rates (APR) of at least 300%. These high-cost loans are marketed as quick solutions to a financial emergency. Research demonstrates, however, that they frequently lead to debt that is nearly impossible to escape. In addition, these loans are related to a cascade of other financial consequences, such as increased overdraft fees, delinquency on other bills, involuntary loss of bank accounts, and even bankruptcy. For car-title loans, the end result is too often the repossession of the borrower’s car, a critical asset for many people...
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Payday and Other Small Dollar Loans

Letter to Bank Regulators: Stop Bank Payday Lending

Letter to Bank Regulators: Stop Bank Payday Lending

Some 250 advocates urged four federal regulators to end the predatory practice of bank payday lending on February 22, 2012. The CFPB, OCC, FDIC and Federal Reserve Board can and should stop Wells Fargo, US Bank, Fifth Third Bank and Regions Bank from trapping their customers in long-term debt at 400% annual interest. Maps, video, slides and the latest news on bank payday lending. The Honorable Ben S. Bernanke Chairman Board of Governors, Federal Reserve System 20th Street and Constitution Avenue, NW Washington, DC 20551 The Honorable Richard Cordray Director Consumer Financial Protection...
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Auto Title Loans and the Law

Auto Title Loans and the Law

This brochure was developed and published by the South Carolina Appleseed Legal Justice Center. What is an Auto Title Loan? An Auto Title Loan is a short-term loan, usually no longer than 30 days. Your car title is used to secure the loan. This means if the loan is not repaid, the lender may take the car and sell it to get the loan money back. Most title lenders will only make the loan if you do not owe anything else on the car. Who are Auto Title Lenders? Auto Title Lenders often target people with bad credit, low-income individuals, military members, and elderly people. The lenders make...
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