An employee of a payday/title loan chain has written a letter to the editor in The Montgomery Advertiser, protesting proposed regulation to prevent people from making multiple loans.
You can read the letter HERE. She writes:
The chain she works for discloses the interest charged for their payday advance "services" in small print at the bottom of their website:
Since there are NO regulations in Alabama, the Annual Percentage Rate is likely in the 664% range.
You can read the letter HERE. She writes:
" It seems like about this time every year, the rhetoric from the far-left liberals opposing the industry really begins to crank up."
Payday Loan 14-day APR Range: 391.07% - 664.29% APR varies per state regulations...
Since there are NO regulations in Alabama, the Annual Percentage Rate is likely in the 664% range.
Oohh, those far-left Leebruls! Messin' everything up!
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