In this specific article
This report contains stories of people and families across Alabama that have dropped into this trap.
Alabama has four times as numerous lenders that are payday McDonald’s restaurants. And has now more name loan companies, per capita, than virtually any state.
This would come as not surprising. Using the nation’s third poverty rate that is highest and a shamefully lax regulatory environment, Alabama is just an utopia for predatory lenders. By marketing “easy money” with no credit checks, they victimize low-income people and families throughout their time of best monetary need – intentionally trapping them in a period of high-interest, unaffordable financial obligation and draining resources from impoverished communities. Continue reading …