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

46,000 payday advances are 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 demonstrates that people took down 462,209 payday advances — totaling $146 million– from pay day loan shops in Alabama into the previous 10 days.

The Alabama Banking Department started tracking the loans in August after winning a court battle throughout the creation associated with the database to enforce a preexisting legislation that limits visitors to having a maximum of $500 in payday advances in the past. Continue reading “46,000 payday advances are applied for in Alabama every week, database programs”