Bill will give Alabama pay day loan borrowers more hours to cover

Bill will give Alabama pay day loan borrowers more hours to cover

Birmingham-Southern College President Emeritus Neal Berte speaks to get payday reform legislation at the Alabama State home. From kept, Reps. Neil Rafferty, Merika Coleman and David Faulkner. (Mike Cason/mcason@al.com)

Alabama lawmakers from both events and advocacy teams talked today to get a bill to provide loan that is payday more hours to settle loans, a big change they stated would help protect economically delicate borrowers from spirals of financial obligation.

Birmingham-Southern College President Emeritus Neal Berte joined up with the legislators and officials with Alabama Arise together with Alabama Appleseed Center for Law & Justice at a continuing state House press seminar.

Alabama law permits payday loan providers to charge a charge all the way to $17.50 per $100 lent on loans with terms because brief as 10 times. Continue reading “Bill will give Alabama pay day loan borrowers more hours to cover”