In a story written by Roddie Burris for The State, in South Carolina, Rep. Harold Mitchell, a representative for Spartanburg, is fighting to prevent heavier restrictions being placed on the payday loan industry.
Last week the House passed a bill that would do just that. Mitchell is now giving information and reports to the Senate in hopes that the House is as far as the bill will go. If it does pass, the bill would restrict borrowers from getting more than one loan at a time while allowing the amount of the payday loan up to $600, double the current amount.
While listening to arguments in favor of the bill, Mitchell states, “And there I was. I knew the majority of people using the industry were not those who are characterized as being victims.”
This is a huge argument for a lot of lawmakers who are trying to set greater regulations or eliminate the service all together. They say that the payday loans industry is “targeting vulnerable citizens”,but as Mitchell points out, that is just not the case.
Payday loans are a quick and convenient service. While they may not be the best option for some, they are the only option for others. Companies like Check City encourage their customers to be responsible borrowers. Taking away this service would only limit the number of responsible borrowing services.
Hopefully Mitchell will be able to show Senate members just how important payday loan services are and how they are a great benefit to the citizens in that area.
