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Can Alabama Crack Down on Predatory Lending?

Can Alabama Crack Down on Predatory Lending?

On Thursday, President Obama is planing a trip to Alabama, where he’s likely to discuss payday advances, among other issues that are economic. Because the early 1990s, the vibrant colored storefronts of payday loan providers, with discreet names like CASHMONEY and CA$HMONSTER, have actually sprung up in (mostly) low-income communities over the united states of america. Alabama has one of many highest amounts of payday loan provider stores in the united states, and policymakers into the state want to break straight down on such “predatory” financing practices.

Pay day loans allow those in need of quick money to borrow an amount that is small of—$375 on average—and pay it when their next paycheck will come in. Read more