Gov. announces payday loan database to protect borrowers, lender - WAFF-TV: News, Weather and Sports for Huntsville, AL

Gov. announces payday loan database to protect borrowers, lenders

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HUNTSVILLE, AL (WAFF) -

A new measure will soon be in place to help protect borrowers from excessive debt and interest payments.

Wednesday, Governor Bentley announced new regulations that will establish a centralized payday loan database in Alabama.

Bentley said the database will protect both borrowers from taking on too much debt, and lenders from not recouping money due to defaults. The database is expected to be up and running by January 2014.

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