short-term lending

Loan Business-Moratorium
4:13 pm
Wed September 4, 2013

Montgomery Bans New Quick-Loan Businesses

The city of Montgomery is enacting a temporary ban on new business licenses for payday lending companies.
Credit Gregory F. Maxwell / Wikimedia Commons

The city of Montgomery is enacting a temporary ban on new business licenses for payday lending companies.

The 90-day moratorium approved by the City Council on Tuesday also includes businesses that let consumers pawn their car titles.

Alabama cities including Birmingham and Tuscaloosa have enacted similar moratoriums.

Short-term lenders have been controversial among Alabama lawmakers for several years. The companies include title loans, payday loans and check-cashing businesses.

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