Can Alabama Crack Down on Predatory Lending?

Pay day loans enable those who work looking for quick money to borrow a small sum of money—$375 on average—and pay it when their next paycheck is available in. These short-term loans appear to be a sweet deal to those strapped for money, but generally they are able to trap borrowers in a period of financial obligation. The tiny loans tend to be marketed for unforeseen expenses—car repairs or medical bills—but according up to a 2012 research from the Pew Charitable Trusts Foundation, very nearly 70 % of borrowers utilized the cash to pay for recurring bills. Continue reading