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Committee votes down payday loan restrictions

payday loans

 

An Alabama Senate committee has voted down a proposal to give payday lending customers longer to repay their loans.

Lawmakers voted 6-8 against the bill that would give borrowers 30 days to repay a loan instead of as little as 10 days.

Opposed senators said they believed people would turn to internet lenders if the payday lending stores weren't available in the state.

The committee vote was a blow to groups who have been seeking more restrictions on the industry. State Sen. Tom Butler said the loans become debt traps for families. 

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