WIS News 10 - Columbia, South Carolina | NC commissioner says hearing not about virtue of payday loans
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(Raleigh, North Carolina-AP) April 26, 2005 - The state banking commissioner said Tuesday he won't make moral judgments about payday lending in a hearing to determine whether North Carolina's largest lender is breaking the law.
Consumer advocates have argued for years against the small, short-term loans, like those made by Spartanburg, South Carolina-based Advance America. They say payday lending pulls low-income citizens into a cycle of debt.
North Carolina has had no law regulating payday loans since 2001. But the state argues the industry is breaking another law capping interest rates on traditional consumer finance loans.
Attorneys allege Advance America charges fees on the loans with effective annual percentage rates of more than 400 percent. The state's Consumer Finance Act caps annual percentage rates on small loans at 36 percent.
Posted 4:57pm by Chantelle Janelle
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