As this report illustrates, payday and title lenders prey from the many susceptible Alabamians, trapping them in a nightmarish period of financial obligation if they currently face monetary stress. They typically run in low-income areas and lure naive borrowers with ads providing quick access to money. They target down-on-their-luck customers that have small capability to spend down their loans but whom trust, wrongly, that lenders are susceptible to laws that protect customers from usurious prices and unfair techniques.
These predatory loan providers haven’t any motivation to do something being a lender that is responsible. (more…)Learn More