South Carolina Appleseed Legal Justice Center released a report titled “Easy In, Impossible Out” to examine the racial bias and negative impact payday lending has in communities across the state. Even before the COVID-19 pandemic, predatory lenders were thriving in South Carolina by robbing wealth from consumers, particularly people of color. With the possible end of COVID-related unemployment benefits, predatory lending is primed to become an even bigger economic crisis. Director Sue Berkowitz indicated that now is the best time to act to protect consumers, as more families will be vulnerable to the predatory practices of lenders who charge outrageous interest rates of 391 percent and trap people in long-term debt. This crisis threatens to make things worse for those struggling with fragile finances, especially for people of color.
Access the full report, Easy In, Impossible Out to learn more.
