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

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

In this specific article

  • Executive Summary
  • Tricks associated with Trade
  • Victimized
  • Buyer Beware
  • Safeguards Needed
  • Exactly Just What Then?
  • Acknowledgements
  • Letter to Richard Cordray

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

Executive Overview

Alabama has four times as numerous payday lenders as McDonald’s restaurants. And possesses more name loan companies, per capita, than just about virtually any state.

This will come as no real surprise. Using the nation’s third poverty rate that is highest and a shamefully lax regulatory environment, Alabama is just a haven for predatory lenders. By marketing 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 debt and draining resources from impoverished communities. Continuer la lecture de « Simple Cash, Impossible Financial Obligation: Exactly How Predatory Lending Traps Alabama’s Bad »