Payday financing has for ages been controversial. While pay day loan providers bill themselves as an essential back-up for folks in need of fast money to pay for unforeseen costs, these high-interest loans may be a trap for consumersвЂ“typically, the customers whom can minimum afford it.
Relating to data held during the Alabama Department of Banking, in 2019, Alabamians lent about $563.6 million from loan providers in Alabama and took away 1.6 million loans that are payday. These loans produced $98.4 million in charges into the cash advance lenders. Read More »