High-Cost Lending
In the state of South Carolina, many of our most vulnerable neighbors are being harmed by high-cost lending—specifically payday, auto title, and consumer installment high-interest loans. While these easy-to-get loans may seem like a great solution for a cash shortfall, they often create a vicious cycle of highly destructive debt. With no current cap on interest rates in South Carolina, Village Engage is working across the state to cap them at 36%.
The devastating impact of high-cost loans in the state of South Carolina.
Explaining the harm that the vicious cycle of high-cost debt inflicts on South Carolinians—and what we can do to confront this issue.
Digital Toolkit
We have created a toolkit to provide additional resources about high-cost lending in our state. Please share these resources with your elected officials so they know about the damage being done to so many of our neighbors.
Additional Resources
To learn about an alternative small-dollar loan product offered by CommunityWorks, a local nonprofit, in partnership with Self-Help Credit Union, click the button below. This statewide Revolving Loan Fund is an alternate loan product for people with no, or low, credit scores. We encourage you to contact CommunityWorks if you would like more information about contributing to or accessing funding from that new resource.
We need your help to let the people in our state know about the significant damage these high-cost loans cause in our communities. We ask that you join with us to end this high-cost debt trap here in South Carolina. Numerous other states—including North Carolina and Georgia—protect their citizens by capping interest rates on these types of small-dollar loans at 36%. Click below to learn more and join the effort!