According to the Alabama State Banking Department, over 214,000 people in Alabama had payday loans last year, with the majority of them having taken out four or more loans. An effort is underway this legislative session to require all loans to last 30 days, which would bring APR on the loans down to 220 percent. The average payday loan APR in Alabama is 300% plus, but high-cost lenders are able to charge up to 456% APR interest.
The 2014 North Alabama Annual Conference adopted a resolution regarding Predatory Lending in Alabama. (To read the resolution, see the 2014 North Alabama Conference Journal Vol. I / PreConference Book p 92.)
Panelists for the event include: David Faulkner (Rep. District 46) and Danny Garrett (Rep. District 44), who have both been involved in the legislative effort to provide relief for borrowers; Dr. Neal Berte, President Emeritus Birmingham-Southern College; and Joan Witherspoon-Norris, Director of Social Justice for the YWCA. Jabo Waggoner (Sen. District 16) will be in attendance.