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

Simple Cash, Impossible Financial Obligation: Exactly How Predatory Lending Traps <a href="https://personalbadcreditloans.net/reviews/speedy-cash-loans-review/">speedy cash loans near me</a> Alabama’s Bad

In this specific article

  • Executive Overview
  • Tricks regarding the Trade
  • Victimized
  • Buyer Beware
  • Safeguards Needed
  • Exactly Just What Then?
  • Acknowledgements
  • Letter to Richard Cordray

This report contains stories of an individual and families across Alabama who possess dropped into this trap.

Executive Overview

Alabama has four times as numerous lenders that are payday McDonald’s restaurants. And has now more name loan loan providers, per capita, than just about other state.

This would come as not surprising. Using the nation’s third highest poverty price and a shamefully lax regulatory environment, Alabama is really a haven for predatory lenders. By advertising money that is“easy with no credit checks, they victimize low-income people and families in their period of best economic need – deliberately trapping them in a period of high-interest, unaffordable financial obligation and draining resources from impoverished communities. Continue reading “Simple Cash, Impossible Financial Obligation: Exactly How Predatory Lending Traps Alabama’s Bad”