As this report illustrates, payday and title lenders prey regarding the many vulnerable Alabamians, trapping them in a cycle that is nightmarish of once they already face economic stress. They typically run in low-income neighborhoods and appeal naive borrowers with adverts offering quick access to money. They target down-on-their-luck customers who possess small capacity to spend their loans off but whom trust, wrongly, that lenders are at the mercy of regulations that protect customers from usurious prices and unfair methods. Continue reading “Safeguards Needed”
