Can Alabama Crack Down on Predatory Lending?
On Thursday, President Obama is planing a trip to Alabama, where he could be likely to discuss payday loans, among other financial dilemmas. Because the early 1990s, the extremely colorful storefronts of payday loan providers, with slight names like CASHMONEY and CA$HMONSTER, have sprung up in (mostly) low-income communities throughout the united states of america. Alabama has one of many highest variety of payday loan provider shops into the national nation, and policymakers into the state are making an effort to break down on such D; lending practices.
Those who work in opposition to payday loan providers genuinely believe that they unfairly target the poor—hence the predatory moniker. (more…)