Alabama Legislators Seek Limits on Payday Loans

The people marketing title and pay day loans are criminals, through and through. Crisis effects us all but making a title or pay loan is tanamount to dealing with the devil. The Alabama legislature MUST take action. Its fairness and will help the local economy when working families aren't fleeced by this criminal element

This legislation is long overdue.

its no doubt that the payday and title loans are preying on less fortunate people. Whether the people are stupid or have a valid emergency situation with no options, the interest rates being charged is uncalled for. There needs to be some regulations in place to limit this type of business. I would be happy to see less of these predator loan businesses.

"They are too stupid?" But you didn't have a problem collecting a paycheck based on their stupidity, did you? Did you tell them they had other options, or were you too scared you might lose your job? That's what I thought. Some compassion you have. What you're saying about these loan places is common knowledge. It's often not stupidity but desperation that drives people to get loans like this, especially with our "recession." Many states already have laws restricting how much and how often you can get one of these loans. But it won't stop people from borrowing money from such places. Native American tribes aren't governed by these laws, so in states where such laws exists, individuals can get loans from reservations. Also, a person get money from Canada, Bermuda, etc. They aren't hurting any business by putting a cap on these loans, and they sure won't pass any laws prohibiting people from borrowing from Canada or offshore lenders, lest the "mother banks" that support them lose money, the same banks that have ties to Wall Street. Just window-dressing legislation is all it is in other states, and it will be in Alabama as well (especially here). People need education and actual places to assist them with the financial maze this country feeds upon to keep itself (that is, the power brokers & crooks in D.C.) in business or office.

Let's see if the Republican controlled House and Senate feel the same way as the Democratic sponsors and broad rage of supporters. My bet is they won't since it's going to hurt a business. Only time will tell.

I worked for a short period at a payday loan company, and I watched people come in every 2 weeks paying an interest charge of 75.00 on the same 500.00 loan that they had taken out over a year before. Think about it, they are paying 1950.00 per year for a 500 dollar loan. They were actually happy about it. I was amazed at how these people handed over substantial percentages of their income to pay for nothing but interest. The companies discourage people from using the legal avenues available to them to pay off the loans and just keep collecting the interest. It is time that we protect stupid people from themselves. These companies need to be shut down. In an ideal world, these places could be a God send. But the consumers of these loans are actually too stupid to be allowed to destroy themselves.