P&C: We need tougher regulation for payday lending industry

The Post and Courier has an editorial saying the state is not going far enough to crack down on predatory lending practices within the payday lending industry.

Read more stories on this subject in our payday loans topic page.In part:
The payday loan bill passed by the S.C. House of Representatives last week addresses a few of the industry's shortcomings, but hardly enough. The Senate should strengthen the bill on behalf of consumers. More safeguards are needed, particularly in the face of ongoing economic woes and the rising rate of joblessness.

I couldn't agree more -- and I have said similar sentiments in the past.

Go read the editorial.

On Monday The Post and Courier reported that the payday lending industry had spent some $300,000 on lobbyists and donations in Columbia last year.