Installment Loan Act Would Expand Predatory Lending in Louisiana

Installment Loan Act Would Expand Predatory Lending in Louisiana

The Louisiana Installment Loan Act ( home Bill 501 / Senate Bill 365 ) would expand the loan that is payday in Louisiana by enabling payday loan providers and vehicle title loan providers to provide longer-term “installment loans.” Installment loans act like payday that is high-interest, but enable borrowers to obtain bigger loans for extended amounts of time. The installment loans wouldn’t normally change current pay day loans, but will be a totally brand new product with a high prices for people that create a much better danger that borrowers are certain to get caught into the predatory lending debt trap. Continue reading “Installment Loan Act Would Expand Predatory Lending in Louisiana”