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Payday advances can be an effective credit option for many people, providing the flexibility they need to weather short-term financial difficulties. Kristina Scott of the Alabama Policy Project mischaracterizes payday advances as “a broken product,” when, in fact, thousands of Alabamians choose payday advances over other options, such as bank overdraft fees, because they are often less expensive and the process is straightforward and transparent.

Alabama is one of 33 states that permit payday advances, with state laws in place to regulate this financial product. For instance, customers are only allowed only one rollover on a loan. If the customer requests more time to repay the advance, we offer an extended payment plan at no extra cost to the consumer.

The vast majority of our customers pay off their advances within two weeks (95 percent of the time), but an extended payment plan offers a safety net for those who have difficulty doing so.

More than 90 percent of customers who choose payday advances say they are satisfied with their experience and value the service. Compare that with the customer satisfaction ratings of banks and credit unions who, last year, charged Alabamians on average $238 in checking account overdraft fees and penalties, according to a study conducted by Bretton Woods Inc.