Dollar Loan Center CEO Chuck Brennan discusses the problem with putting a cap on interest rates and finance charges on short-term loans at 36% in South Dakota. Representative Hickey and Hildebrand (President Barack Obama’s former deputy campaign manager) want the initiative to appear on the 2016 ballot.
“There’s no way to operate at 36 percent. That’s not how we are set up because we deal with folks who don’t have the best credit, who don’t have checking accounts, who are in a little bit of a pickle right now,” said owner Chuck Brennan.
As an owner of 11 Dollar Loan Centers in South Dakota, Brennan knows this would hurt their customers who are educated about loan terms up front and clearly understand their contracts. “Without companies like ours, people could be left with no help or resource to turn to,” Brennan said.