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payday loans lewisville tx

Can Alabama Crack Down on Predatory Lending?

Can Alabama Crack Down on Predatory Lending?

Payday advances enable those looking for quick money to borrow a amount that is small of—$375 on average—and pay it when their next paycheck is available in. These short-term loans seem like a sweet deal to those strapped for money, but generally they could trap borrowers in a period of financial obligation. The tiny loans in many cases are marketed for unforeseen expenses—car repairs or medical bills—but according up to a 2012 research through the Pew Charitable Trusts Foundation, nearly 70 per cent of borrowers utilized the cash to pay for recurring bills.