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New Study Shows Payday Lending Economic Impact
Dr. Harry Miley, former Chairman of the SC Board of Economic Advisors, released a study in January detailing the economic impact of payday lending in South Carolina.
[Executive Summary] [Full Report]
More than 3,000 South Carolinians work in the payday lending industry, making payday lending comparable to the apparel manufacturing (3,000), forestry & logging (3,700) and broadcasting (2,900) industries in our state.
With national and state economies in their worst shape since the 1930's and 598,000 people joining the unemployment line in January, Dr. Miley says, "The 3,000-plus jobs generated by the industry today may be more important than ever."
Directly and indirectly, payday lending generates more than $94 million in labor income and $582.5 million in total economic output for South Carolina.
Legislators in Columbia are working on a bill to protect consumers while protecting your borrowing rights to make your own financial decisions.
Contact your legislators today and ask them to vote yes on House Bill 3301.
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There have been numerous unfounded attacks on the payday lending industry this past year like these.
FICTION:
- Payday cash advance customers are uneducated, downtrodden, unemployed, irresponsible people.
- You will pay exorbitantly for a payday cash advance.
- Payday lenders could still operate profitably if they charged a much smaller APR.
In response to these false claims, we have the FACTS to dispel these popular myths and misconceptions.
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