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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 pay day loans, among other issues that are economic. Considering that the early 1990s, the vibrant colored storefronts of payday loan providers, with simple names like CASHMONEY and CA$HMONSTER, have actually sprung up in (mostly) low-income communities throughout the usa. Alabama has among the greatest variety of payday loan provider stores in the united states, and policymakers within the state are making an effort to break straight down on such “predatory” lending techniques.

Payday loans allow those who work in need of quick cash to borrow a little sum of money—$375 on average—and pay it when their next paycheck is available in.