Alabama judge throws out lenders that are payday lawsuit

Alabama judge throws out lenders that are payday lawsuit

MONTGOMERY, AL (WSFA) – A Montgomery County Circuit Court judge is tossing away case filed by payday loan providers who desired to challenge their state’s creation of a database that is central monitor the loans. Payday advances are short-term, often high interest loans that may have rates up to 456 per cent.

Those that brought the suit stated the Alabama State Banking Department ended up being surpassing its authority by producing the database, capping loans at $500 and ensuring customers do not get multiple loans that go over the limit. Continue reading “Alabama judge throws out lenders that are payday lawsuit”