A meeting was held recently in Troy City to inform residents about predatory loaning businesses, WSFA12 reported on June 12.
According to Troy City Councilwoman DeJerilyn King Henderson, many consumers did not know that they are likely paying more in interest to payday loan businesses compared to financial institutions. The public meeting held on June 11 also informed people about their rights when dealing with payday loan companies. Henderson further said that payday loan companies often target people who earn less and cannot afford to apply for regular loans. The city of Troy is one of the cities in Alabama that do not regulate payday loan companies.
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