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46,000 pay day loans are applied for in Alabama every week, database shows

46,000 pay day loans are applied for in Alabama every week, database shows

Gallery: Payday Lenders Multiply All Over Birmingham Metro Region

A brand new state database that tracks payday financing suggests that people took away 462,209 payday advances — totaling $146 million– from cash advance shops in Alabama into the previous 10 days.

The Alabama Banking Department started monitoring the loans in August after winning a court battle on the development associated with the database to enforce a preexisting legislation that limits visitors to having a maximum of $500 in pay day loans at some point. Read More…