46,000 loans being payday sent applications for in Alabama every week, database programs

Gallery: Payday Lenders Multiply Throughout The Birmingham Metro Region

A brand name brand new state database that tracks payday financing shows that folks took straight straight down 462,209 pay time loans — totaling $146 million– from cash loan shops in Alabama in past times 10 days.

The Alabama Banking Department began monitoring the loans in August after winning a court battle from the development about the database to enforce a legislation this is certainly current limitations site visitors to using at the most $500 in payday advances within the past.