The Herald Loses Objectivity: Trashes House, Payday Loans

Go ahead, show us your true colors

That’s exactly what Rock Hill, South Carolina’s The Herald newspaper is doing when it comes to their payday loans reporting. Their staff opine that the recent bill that passed the S.C. House is “toothless” and does not protect consumers from supposedly “predatory” lenders. Of course, they would be on to something if not for the fact that pay day loans aren’t chewy (they go down like a smooth custard) and lenders are paid back on time by their customers about 90 percent of the time. Where’s the predation, the carnage? It isn’t there.

Rub ‘em out, yeah, see…

Through clenched teeth (cheeks?), The Herald describes in mock horror what the state House passed:

That bill limited borrowers to one loan at a time and required a seven-day cooling-off period between loans. More significantly, it capped the amount of a loan at 25 percent of the borrower’s income or a maximum of $500. And it required the State Board of Financial Institutions to keep a database of payday loans to prevent borrowers from shopping for loans from one payday lender to another… The House bill would limit borrowers to one loan at a time and establish a database to track loans. But it places no cap on interest rates, and it would double the amount of money a consumer could borrow — from $300 to $600. ... click here to read the rest of the article titled "The Herald Loses Objectivity: Trashes House, Payday Loans"