Simple Cash, Impossible Financial Obligation: Just Exactly Just How Predatory Lending Traps Alabama’s Bad

Simple Cash, Impossible Financial Obligation: Just Exactly Just How Predatory Lending Traps Alabama’s Bad

In this essay

This report contains tales of people and families across Alabama that have dropped into this trap.

Executive Overview

Alabama has four that site times as numerous payday loan providers as McDonald’s restaurants. And has now more name loan companies, per capita, than some other state.

This would come as not surprising. Using the nation’s third poverty rate that is highest and a shamefully lax regulatory environment, Alabama is a haven for predatory lenders. By advertising “easy cash” with no credit checks, they victimize low-income people and families throughout their time of best economic need – deliberately trapping them in a period of high-interest, unaffordable financial obligation and draining resources from impoverished communities. […]