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Payday Loans News : Payday Personal LoansLawmakers’ Involvement Leads to Suit BrouhahaFrustrated consumers in
South Carolina have filed suit against cash advance lenders who allegedly
extend unconscionable personal loan products to vulnerable borrowers. They
may feel that legal action is their only option, given the fact that the
state Legislature failed completely in efforts to regulate or restrict the
payday loans this year. Now, news that some state lawmakers have signed on
to represent these consumers has sent shockwaves through the fast cash loan
industry and its lenders. Because these are the same legislators that will
reconsider prohibiting these personal loans when the General Assembly
reconvenes in January, some have accused the thirteen lawmakers of a
conflict of interest. |
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