46,000 payday advances are applied for in Alabama every week, database programs

46,000 payday advances are applied for in Alabama every week, database programs

Gallery: Payday Lenders Multiply All Over Birmingham Metro Area

A brand new state database that tracks payday financing demonstrates that people took away 462,209 pay day loans — totaling $146 million– from cash advance stores in Alabama within the past 10 weeks.

The Alabama Banking Department started tracking the loans in August after winning a court battle throughout the creation associated with database to enforce a preexisting legislation that limits visitors to having no more than $500 in payday advances at once.