COLUMBIA, S.C. (AP) - A report released Wednesday gives a picture of payday lending in South Carolina, from January through December 2013. A 2009 law restricting the industry required the annual report, starting in 2010:
-1 million: The number of payday loans taken out in 2013. That’s 96,000 fewer than 2010.
-$402 million: Total amount of those loans, compared to $417.6 million in 2010.
-$60.4 million: Total fees collected from borrowers, compared to $62.2 million in 2010.
-127,920: Number of people who took out at least one payday loan in 2013. That’s 20,800 fewer than 2010.
-14 percent: Percentage of those borrowers who took out just one loan last year, compared to 16 percent in 2010.
-16 percent: Percentage who took out more than 12 loans, unchanged since 2010.
-14,989: Borrowers who entered an extended payment plan, or 12 percent. That compares to 11 percent of borrowers in 2010.
-9 days: The average time between the closing of one loan and opening of another. The 2010 average was 8 days.
-338: Number of payday loans not paid and referred to collections, representing 0.03 percent. That’s down from 1,274 loans in 2010.
Source: Veritec Solutions LLC, which operates the state database
Please read our comment policy before commenting.