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46,000 loans that are payday applied for in Alabama every week, database programs

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46,000 loans that are payday applied for in Alabama every week, database programs

Gallery: Payday Lenders Multiply Across The Birmingham Metro Region

A brand new state database that tracks payday financing reveals that people took away 462,209 pay day loans — totaling $146 million– from cash advance shops in Alabama in past times 10 days.

The Alabama Banking Department started monitoring the loans in August after winning a court battle within the development regarding the database to enforce a law that is existing limits individuals to having a maximum of $500 in payday advances in the past. The figures offered a glimpse installment loans TX that is neutral of much Alabamians borrow from payday loan providers into the state.Read More »46,000 loans that are payday applied for in Alabama every week, database programs