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

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

In this essay

  • Executive Summary
  • Tricks regarding the Trade
  • Victimized
  • Buyer Beware
  • Safeguards Needed
  • Exactly What Upcoming?
  • Acknowledgements
  • Letter to Richard Cordray

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

Executive Overview

Alabama has four times as numerous payday loan providers as McDonald’s restaurants. And possesses more name loan companies, per payday money center login capita, than some other state.

This will come as not surprising. Using the nation’s third poverty rate that is highest and a shamefully lax regulatory environment, Alabama is really an utopia for predatory lenders. By advertising money that is“easy with no credit checks, they victimize low-income people and families in their period of best monetary need – deliberately trapping them in a period of high-interest, unaffordable financial obligation and draining resources from impoverished communities. (more…)