Can Alabama Crack Down on Predatory Lending?

Can Alabama Crack Down on Predatory Lending?

Pay day loans enable those looking for quick money to borrow a amount that is small of—$375 on average—and pay it when their next paycheck is available in. These short-term loans seem like a deal that is sweet those strapped for money, but most of the time they are able to trap borrowers in a period of financial obligation. The little loans in many cases are marketed for unforeseen expenses—car repairs or medical bills—but according up to a 2012 study through the Pew Charitable Trusts Foundation, almost 70 per cent of borrowers utilized the funds to pay for bills that are recurring.… Read More...

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