Wood disputed that Alabama ended up being away from line with use and stated the database figures are not astonishing.
Gallery: Payday Lenders Multiply Across The Birmingham Metro Region
A brand new state database that tracks payday financing implies that people took away 462,209 pay day loans totaling $146 million from pay day loan shops in Alabama into the past 10 months.
The Alabama Banking Department started monitoring the loans in August after winning a court battle throughout the creation associated with the database to enforce a law that is existing limits individuals to having a maximum of $500 in payday advances at once. The figures offered a neutral glimpse of exactly how much Alabamians borrow from payday loan providers into the state. Anybody, whom talks about these figures, we challenge them to not have their eyes started since it is shocking,” Shay Farley, appropriate manager for Alabama Appleseed, which includes lobbied to get more laws for payday lenders.