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46,000 loans that are payday removed in Alabama every week, database programs

46,000 loans that are payday removed in Alabama every week, database programs

Gallery: Payday Lenders Multiply Across The Birmingham Metro Region

A brand new state database that tracks payday financing suggests that people took down 462,209 payday advances — totaling $146 million– from cash advance shops in Alabama in past times 10 months.

The Alabama Banking Department started monitoring the loans in August after winning a court battle on the development of this database to enforce a law that is existing limits visitors to having no more than $500 in payday advances in the past. The figures offered a glimpse that is neutral of much Alabamians borrow from payday lenders within the state.