Payday Loan Companies come under fire in Alabama


ALABAMA’S PAYDAY LENDING BUSINESS PRACTICES ARE BEING DESCRIBED AS TOXIC BY LAWMAKERS. WELCOME BACK… I’M CONNER BOARD.. AND I’M MIKE BLACK….TODAY A GROUP OF LEGISLATORS ANNOUNCED THEY WANT TO REFORM “PAYDAY LENDING COMPANIES.” OUR STATE CAPITOL BUREAU REPORTER RESHAD HUDSON HAS MORE… 3 RESHAD: MOST PEOPLE GO TO PAY DAY LOAN COMPANIES TO GET SHORT TERM OR SMALL AMOUNT LOANS— BUT SOME LAWMAKERS SAY THESE COMPANIES ARE TAKING ADVANTAGE OF SOME OF THE MOST VULNERABLE PEOPLE. LORA BOSWELL IS LIKE MANY HARD WORKING ALABAMIANS AND SAYS SHE OFTEN COMES UP SHORT FINANCIALLY. Lora Boswell, supports payday loan bill A CIRCLE OF DEBT IS HOW IS LORA BOSWELL DESCRIES HER PAYDAY TO PAY ON LOANS , INSTEAD OF 10 DAY.Rep. Danny Garrett Trussville 3 REPUBLICAN REPRESENTATIVE DANNY GARRETT IS SPONSORING THE BILL— AND IT’S BACKED BY HIS DEMOCRATIC COLLEAGUES IN THE HOUSE. Rep. Merika HAS ONE OF THE HIGHEST PAYDAY LOAN INTEREST RATES AT 456 PERCENT, FOLLOWED BY MISSISSIPPI. I SPOKE WITH A COUPLE OF PAYDAY LOAN COMPANIES WHO DECLINED AN ON CAMERA INTERVIEW, AND REFUSE TO COMMENT ON THE LEGISLATION, BUT THEY DID SAY THEY ARE HERE TO HELP PEOPLE WHO ARE IN NEED. RESHAD: THESE PAYDAY LENDING BILL HAVE BIPARTISAN SUPPORT AND LAWMAKER HOPE THEY ARE ABLE TO PASS. REPORTING IN MONTGOMERY RESHAD HUDSON…

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