High interest rates charged by payday loan companies have been a issue in Alabama for years.
MONTGOMERY, Ala. - Remarkably high interest rates charged by payday loan companies have been a issue in Alabama for years.
“And the banker, thank goodness, said to me, ‘You don’t need to do this. This is a terrible deal. We shouldn’t even offer this.’ And, to their credit, a lot of banks stopped offering these types of loans because they realized they were just exploitative,” she said. And this “cycle of debt” could be further prevented if state leaders would step in. For example, Alabama Arise suggests that instead of the borrower owing 17.5% in two weeks, they would have a full month to make that payment.
State Rep. Phillip Ensler was rooting for the bill. Ensler used to teach at Montgomery Public Schools and saw how these loans affect families struggling just to pay rent and buy groceries. Alabama Arise says the payday industry is powerful, with lobbyists that can prevent these types of bills from passing. The group is urges people to call their state representatives and share their concerns.
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