COLUMBIA, S.C. – Soft music plays when you look at the back ground of a new television advertisement campaign since it urges people to simply utilize payday advances for emergencies. One scene shows a broken-down automobile. Another illustrates a young child in a doctor’s workplace, his arm in a sling.
“Please borrow just that which you feel safe trying to repay when it is due,” says Darrin Andersen, president associated with the Community Financial solutions Association. a brand new emblem will tell borrowers which loan providers meet their trade group’s demands, Andersen claims within the advertisement.
The ten dollars million campaign, announced last month along with a few industry policy modifications, arrived as states from Virginia to New Mexico think about legislation to restrict payday lending techniques. Nonetheless it’s maybe perhaps not stopping customer watchdogs and individuals currently with debt from questioning the motives of a market whose loans’ yearly interest levels can surpass 400 %.
“Payday loan providers allow it to be simple for customers to obtain caught in predatory debt,” said Teresa Arnold, legislative manager for AARP in sc.