The report unearthed that payday lending businesses target communities of color.
The commercial crisis of high-cost payday lending was bad before the COVID-19 pandemic hammered South Carolina’s economy, and it’ll just become worse in accordance with a brand new report released this week.
On Monday, the sc Appleseed Legal Justice Center circulated its report that is annual In, Impossible Out – which dives in to the devastating aftereffects of payday lending in the Palmetto State.
“According to a study carried out for the report, over 70 % of respondents borrowed money from high-cost loan providers to fund housing, a computer program bill, that loan payoff or medical bill,” a release through the company noted. “With the economy in double-digit jobless and eviction suspensions lifted, these payments that are basic nevertheless be due, even though many don’t have any methods to spend them.”
In April, a report rated sc very first nationwide among “States Where individuals [...]
