Payday lending has impacted the poor across the country – and not positively. Jesse Russell has more:

Payday lending – also known as predatory lending – as it targets the nation’s most vulnerable, has become such a problem that states have begun stepping up to place restrictions. Just last week South Carolina Senate panel voted to restrict payday lending, but the bill heavily targets borrowers and not the lenders. Currently lenders can charge $15 for every $100 borrowed, that’s a 390 percent increase over the year. The legislation would limit borrowers to five a year and require that one loan is paid off before a second is approved. In Oregon, where 80 percent of voters said in a recent poll that they stood behind caps on interest rates, a bill is moving forward that would set interest rate limits at 36-percent per year for all loans less than $50,000. Gwen Curan with the Oregon AARP testified at a Oregon House Consumer Protection Committee hearing two weeks ago:

[Curran]: "These kind of high interest consumer loans
are risky and jeopardize the economic security and peace of mind of
Oregonians of any age."