New Cash Advance Protections Revoked by the buyer Financial Protection Board

New Cash Advance Protections Revoked by the buyer Financial Protection Board

Payday financing has always been controversial. These high-interest loans can be a trap for consumers–typically, the consumers who can least afford it while payday loan providers bill themselves as an important safety net for people in need of quick cash to cover unexpected expenses.

Based on data held in the Alabama Department of Banking, in 2019, Alabamians lent about $563.6 million from loan providers in Alabama and took away 1.6 million loans that are payday.Read More