Payday lenders allow people to borrow money when they write a postdated check. The check is written for the amount to be borrowed plus a fee and is cashed after the borrower receives their next paycheck unless they renew the loan. If you were to translate this fee into an Annual Percentage Rate, such as you might have on a credit card or home loan, what would you estimate the Annual Percentage Rate on a typical payday loan to be?

**The ACTUAL annual percentage rate on a typical payday loan in SC is 396%

Do you think that the state of South Carolina should further regulate the payday loan industry?

[Only asked of those who said “yes” or “not sure” when asked if the payday loan industry should be regulated]  Other states have regulated the payday lending industry in both of the following ways. Which of the following would you prefer for South Carolina:  [Rotate] Capping the amount of interest and fees that payday lenders may charge, or outlawing the business of payday lending?