Alabama proposes to increase borrowers’ time to repay payday loans

The Alabama legislature is considering a bill that would give borrowers who take out payday loans additional time to pay them back. The bill reportedly has bipartisan support in the Alabama Legislature.

Currently, payday lenders in Alabama can require that loans be paid back anywhere from 10 days to 31 days. The bill would set a 30-day minimum period. A small measure, but one that the bill's sponsor said would help borrowers by allowing them to budget the repayment into their monthly bills, instead of having to potentially repay it in less than two weeks.

Lendedu has the story, here.

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