Group rallies to limit payday loans in AL

Group rallies to limit payday loans in AL

February 4th, 2014 by Associated Press in Local - Breaking News

MONTGOMERY, Ala. - About 50 people rallied on the Statehouse steps in Montgomery to show their support for legislation limiting interest rates on payday and title loans.

Members of the Alliance for Responsible Lending gathered today to support bills from Democratic Rep. Rod Scott of Fairfield and Patricia Todd of Birmingham that limit interest to 36 percent. The group backing the bills includes representatives of Alabama Appleseed, the Alabama Federation of Republican Women, the state NAACP, and AARP.

Pamela Tarver of Montgomery told the group that she took out a $700 title loan four years ago to pay her rent. The lender kept offering her more credit and she increased it to $3,800. She said she has paid more than $14,000 in interest and fees and still owes money.