Category Archives: Colorado Payday Loan

Payday financing reform: closing a financial obligation trap in Alabama

On busy highways and run-down roads throughout the state, you can’t miss them: big, bright indications guaranteeing simple money. From pay day loans to automobile title pawns to expectation loans on income tax refunds, Alabamians face a array that is dizzying of solutions built to trap customers in monetary quicksand. This particular fact sheet highlights the pitfalls of pay day loans in Alabama and will be offering policy methods to deal with them.

Legalized usury?

Payday advances enable borrowers with a banking account to make use of a check dated as time goes on (usually fourteen days later on) as security for an advance loan. To qualify, all a person requires is evidence of earnings (a pay verification or stub of federal federal federal government advantages).