OUR VIEW: cash advance stats in Alabama staggering

OUR VIEW: cash advance stats in Alabama staggering

Saturday

The figures are astonishing. In the 1st 10 months that payday loan providers had to record their deals on a statewide database, Alabamians took away 462,209 payday advances.

The numbers are astonishing. In the 1st 10 days that payday lenders had to record their deals on a statewide database, Alabamians took away 462,209 pay day loans. Considering those figures, Alabamians take program to get simply over 2.4 million payday advances on an basis.An that is annual representative attempted to protect pay day loans, saying there’s little substitute for the 300,000 or more those who make use of the solution in Alabama. Max Wood, whom owns Check Spot stores in a few towns, says the database, which can be made to keep folks from amassing a lot more than $500 in payday advances at once, has triggered Alabama that is many payday to turn off currently. Wood states significantly more than 200 licensed payday lenders went away from company within the year that is last. He states other states which have enacted databases have observed the sheer number of loan providers shrink by 50 percent.While it’s apparent Wood believes the closures are a bad thing, other people disagree. Read more…