silpol » from archive
Alabama's Payday Lenders Sue To Keep Their Business In The Shadows -
"A database to track, regulate, and publicize predatory paycheck lending would unfairly and illegally hamper the payday loan business in Alabama, according to a lawsuit filed last week by a group of businesses with names like Cash Mart and Quick Cash. The lenders, whose business model relies upon charging stratospheric interest rates that can effectively trap desperate borrowers in perpetual debt, are seeking to prevent the state from establishing a centralized record of their loans." ‎- silpol