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

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

Gallery: Payday Lenders Multiply All Over Birmingham Metro Region

A brand new state database that tracks payday financing demonstrates that people took out 462,209 payday advances — totaling $146 million– from pay day loan shops in Alabama in the previous 10 months.

The Alabama Banking Department began tracking the loans in August after winning a court battle on the development associated with the database to enforce a preexisting legislation that limits individuals to having a maximum of $500 in payday advances at once. (suite…)

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