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Year 2 million payday loans in Alabama in last

MONTGOMERY — Alabamians took down a lot more than two million payday advances within the just last year with borrowers using on average eight loans each, based on figures through the state’s brand brand brand new pay day loan database.

Their state Banking Department on Wednesday presented information captured by a situation payday database to people in the Alabama customer Protection Task Force, friends designated with suggesting modifications to Alabama’s credit rating guidelines, such as the laws and regulations that govern the pay day loan industry.

The figures indicated that very nearly 2.1 million loans had been applied for because the database had been initiated. There have been 246,824 borrowers that are unique went along to payday loan providers for cash, based on the database.