States are learning how to fight payday loans

By Shawn Martin


Alabama State Seal
Alabama State Seal

State by state this country is slowly getting it right. States are learning how to fight payday loans with new laws, and it is about time.

Alabama is the latest state to call for a statewide database that will record all payday loan transactions and keep track of peoples activities.

The idea is to avoid giving people multiple payday loans at one time and keep track of those who do not pay them back in a timely manner.

California, Pennsylvania, and other areas are also requesting similar databases.

13 states already have their own databases and have put into action that make sure lenders qualify for a new loan without having an outstanding one already.

Veritec Solutions LLC, the company who designs and services the databases, also runs call centers to help people who are denied loans.

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