06 ago The Alabama Residents, Say No to Pay Day Loans

The Alabama Residents, Say No to Pay Day Loans

If you’re in Alabama and considering a pay day loan, reconsider that thought.

Pay day loans are short-term loans that trap customers in a financial obligation period with a high interest levels and repayment that is unforgiving.

The interest rate on that loan can reach 461% annually, which is among the highest rates in the country, according to a study by the Pew Charitable Trusts if a two-week payday loan is not paid off on time in Alabama. What this means is you can find yourself having to pay $461 in yearly costs for the loan which was initially $100.

These predatory loan providers are discovered through the entire state, which includes 967 more cash advance storefronts than McDonald’s restaurants.

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