11 Auburn that is dГ©c research pay day loan providers target African-American areas
Gallery: Payday Lenders Multiply Throughout The Birmingham Metro Area
Alabama has more payday lenders per capita than all but four other states in britain, according to a brandname research that is new Auburn University.
Cash advance providers provide small uncollateralized loans which are short-term typically using flat fees as opposed to annualized interest. In Alabama, financial institutions are allowed to charge up to $17.50 per $100 borrowed вЂ“ that equals an annualized interest of 456 per cent.
Industry advocates state lenders provide a website that mainstream banking institutions can perhaps perhaps perhaps not вЂ“ the fee for a financial loan that is short-term usually less than dealing with a bounced check expense on an urgent medical bill or automobile fix. (more…)