Birmingham Council Expected to Back Efforts to Curb Payday Loans

December 31, 2013
MyFoxAL 
payday lending news

A measure to curb payday lending is expected this month in the Alabama state legislature, and elected officials in the city of Birmingham are expected to get on board the campaign to pass statewide controls.

Previous efforts by Rep. Patricia Todd to crack down on the industry have failed to make it out of the legislature, but she will again look to cap payday interest rates and give borrowers the right to pay in installments rather than repay the entire loaned amount in 14 days. Additionally, Todd is pushing for creation of a database that will block a borrower from taking out multiple payday loans at once. City councilors in Birmingham, where payday outlets are plentiful, are expected to support Todd. "Payday loans have really impacted the working poor in Birmingham," notes Councilwoman LaShunda Scales, who says the product "hinders economic development."










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