An interest rate cap would harm SC consumers, reduce options

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2023-04-30 01:00:49

https://scpolicycouncil.org/featured/an-interest-rate-cap-would-harm-sc-consumers-reduce-options

A legislative proposal filed this year would reduce the borrowing options available to South Carolina consumers and could force lenders to leave the state. The Senate bill (S.518) would set a 36% cap on the annual percentage interest rate (APR) that can be charged for loans, which risks cutting off

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