installmentloansvirginia.org Installment Loan Near Me

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 ( home Bill 501 / Senate Bill 365 ) would expand the cash advance industry in Louisiana by enabling payday loan providers and automobile name loan providers to provide 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 change current payday advances, but is a totally brand new item with a high prices for people that create a much greater danger that borrowers are certain to get caught when you look at the predatory lending financial obligation trap.

Payday loan providers in Louisiana currently make high-interest loans of $50 to $350 that needs to be paid back within 60 times. The proposed bills would additionally enable loans from $500 to $1,500, with payment durations lasting from …