Pass Payday Loan Reform in Alabama
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Payday lenders use exorbitant interest rates and predatory terms to trap some of Alabama’s most vulnerable citizens in a cycle of debt. The attorneys at Bond & Botes, P.C., believe our state can do much better to protect our good working people.
To get the message across loud and clear to our elected representatives that we will no longer stand for predatory lenders taking advantage of our neighbors, we ask for your help. Please sign our petition demanding immediate action on payday loan reform in Alabama from:
- Senate President Pro Tem Del Marsh
- Senator Slade Blackwell, Chair, Banking and Insurance Committee
- Senator Greg Reed, Senate Majority Leader
- Senator Quinton Ross, Senate Minority Leader
A Black Hole of Debt
Payday lenders advertise their services as a convenient way to get quick cash. For many individuals, traditional lending services are not available, often due to a low income or poor credit.
In a moment of need, these vulnerable people sometimes turn to payday loans. Before they know it, they’re caught in a cycle of high-interest debt that means stealing from future earnings and limiting the ability to achieve a decent standard of living. In many cases, the only way out is bankruptcy.
Interest on payday loans averages 391 percent across the country, and it can be as high as 456 percent in Alabama — among the nation’s highest interest rates. Based on our population, our state has more predatory lenders than anywhere else in the country.
These companies work hard to convince us that they provide a needed service in lending to people unable to participate in traditional options for loans. But the truth is that payday lenders enrich themselves at the expense of those who can least afford it.
Legislature Fails to Take Action on Predatory Lending
In 2016, it seemed that our state leaders finally might provide some protection for our citizens by reining in the predatory payday lenders. Community activists demanded reasonable interest rates and payment terms.
A bill began making its way through the Legislature, but it died in the Financial Services Committee of the Alabama House.
In February 2017, a bi-partisan group of legislatures introduced a bill to allow Alabamians to vote to change the Constitution of Alabama of 1901 to cap interest rates on certain consumer loans and lines of credit, including payday loans, at a maximum interest rate of 36% annually.
Add Your Voice for Change
We believe the predatory payday lenders have been allowed to run roughshod over our vulnerable citizens for long enough. Won’t you join us in demanding that our Legislature takes action on this important issue? Our neighbors deserve better.
Please act now to help protect Alabama’s families from predatory lending practices. Add your name to our petition to demand action from the Legislature.
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