Policy Quick: Installment Loan Act Would Expand Predatory Lending in Louisiana

Policy Quick: Installment Loan Act Would Expand Predatory Lending in Louisiana

The Louisiana Installment Loan Act ( House Bill 501 / Senate Bill 365 ) would expand the loan that is payday in Louisiana by enabling payday loan providers and automobile name loan providers to supply longer-term “installment loans.” Installment loans act like high-interest payday advances, but enable borrowers to get bigger loans for longer amounts of time. The installment loans will never replace existing pay day loans, but is a totally brand brand new item with a high charges for people that create a much greater danger that borrowers can get caught within the lending debt trap that is predatory. Leggi tutto “Policy Quick: Installment Loan Act Would Expand Predatory Lending in Louisiana”