Payday Lenders Sue to block Alabama Loan Database

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(MONTGOMERY, Alabama) – There has been news that the Alabama Department of Banking is preparing a database of all the borrowers of loan. This database will keep the record of the loan amount along with the personal details of the person having the loan. This will help the department to prevent the person from having loan if he has the $500 or above loan amount pending. Although they claim that it is for the benefit of all, but still there are so many things to worry about as this is not applicable on other domains like banks, online payday loans etc. Continue reading