Woodstock Institute
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Illinois report being used to lobby for 'deeply flawed' SC limit on small dollar loans 'ignores broader context of the harm' of Illinois law, says financial policy analyst
Groups lobbying for a bill to limit small dollar loans for South Carolina consumers have pointed to a report showing a 2021 Illinois rate cap bill "has saved Illinois consumer more than $600 million." That report, however, "ignores the broader context of the harm of Illinois’ rate cap policy," said a financial policy analyst, who added the South Carolina bill is "deeply flawed and will harm vulnerable South Carolinians."