All Resources

  • Show These Issues

  • Show These Resource Types

  • Show These Authors

Fact Sheet

Payday lending reform: Ending a debt trap in Alabama

On busy highways and run-down streets across the state, you can’t miss them: big, bright signs promising easy money. From payday loans to auto title pawns to anticipation loans on tax refunds, Alabamians face a dizzying array of credit services designed to trap consumers in financial quicksand. This fact sheet highlights the pitfalls of payday [...]
Issue
Payday & Title Lending Reform
Date
May 31, 2018
Author
Dev Wakeley
Fact Sheet

30 days to pay: A simple but important step forward on payday lending reform in Alabama

Alabama borrowers pay interest rates of up to 456 percent a year on payday loans.These high-cost loans trap many struggling Alabamians in a debt cycle that deepens poverty and hurts the state’s economy. SB 138, sponsored by Sen. Arthur Orr, R-Decatur, would extend the time that payday borrowers have to repay to 30 days, up [...]
Issue
Payday & Title Lending Reform
Date
February 2, 2018
Author
Alabama Arise
Fact Sheet

SB 284 offers Alabama consumers protections from high-cost loans and moves lending reform forward

Most states have laws against usury, or excessive interest. Alabama’s Small Loan Act of 1959 caps the interest rate on traditional small, short-term loans at 3 percent a month, or an annual percentage rate (APR) of 36 percent. But more recent laws covering payday and auto title lenders allow APRs many times higher than that. For [...]
Issue
Payday & Title Lending Reform
Date
March 23, 2017
Author
Alabama Arise
Fact Sheet

The high costs of payday and auto title lending in Alabama

How much should people have to pay to get financial help in a tight spot? Payday and auto title lending are two forms of high-cost credit marketed toward Alabamians who are desperate for short-term cash. These loans carry triple-digit interest rates that can threaten the economic well-being of borrowers who fall behind on payments.
Issue
Payday & Title Lending Reform
Date
August 13, 2015
Author
Stephen Stetson
Fact Sheet

Hard cash: Predatory lending in Alabama

On busy highways and run-down streets across the state, you can't miss them -- big, bright signs promising easy money. From payday loans to refund anticipation loans to title pawns, Alabamians face a dizzying array of credit services designed to trap consumers in financial quicksand. This updated fact sheet provides new information on predatory lending in Alabama.
Issue
Payday & Title Lending Reform
Date
October 7, 2010
Author
Stephen Stetson