MONTGOMERY, Ala. (WAFF) – just last year, 189,231 Alabamians took away 1.6 million payday advances worth about $563.6 million from loan providers within the state. They paid about $98.4 million in fees, based on a database held by the Alabama Department of Banking.
“It’s positively massive,” Dev Wakeley, an insurance policy analyst when it comes to modern advocacy team Alabama Arise, stated recently in regards to the costs compensated by borrowers.
“All this cash is getting syphoned away from communities & most from it is out of state.”
