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Louisiana

Parish Commission in Shreveport Seeks to Rein In Predatory Lending

Steve Dubb
February 16, 2018
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“Payday Loan Place Window Graphics,” Taber Andrew Bain

February 15, 2018; Next City

In Louisiana, there are over 1,000 payday lenders’ storefronts, which is more than three times greater than the number of McDonald’s storefronts, wrote columnist Robert Mann in the New Orleans Times-Picayune in 2015. A typical payday loan, Mann points out, charges the customer $115 for a $100 payday check. Payment of the $15 interest is due within two weeks; if the customer cannot make the payment, another $15 is added in interest. The result: annual interest rates approaching 400 percent per year. And for the state, the costs are estimated to total more than