LOUISIANA BUDGET PROJECT’S ANTI-PAYDAY LENDING INITIATIVE
Payday lenders knowingly trap thousands of Louisianans in long-term cycles of debt that often results in bankruptcy, bank account overdrafts and delinquency on other bills. Payday lending also drains money from local and state economies, and it is correlated with higher rates of violent crime, property crime and home foreclosure.
LBP is conducting a statewide initative to educate Louisiana residents about the hazards of engaging in high APR payday lending, alternatives to high APR payday lending and resources for gaining a better understanding of money management.
You can learn more about the harmful affect of payday lending in Louisiana by attending one of LBP’s workshops or reviewing the additional resources on payday lending below. For more information about LBP’s payday lending initiative, please contact David Gray or Ashley Herad.
The Louisiana Budget Project thanks the Rose Foundation for Communities and the Environment, whose grant support is funding this initiative.
PAYDAY LENDING RESOURCES
LBP Research, Reports and One-Pagers
- Payday Lending in Louisiana (2011 report)
- Payday Lending in Louisiana (Fact sheet)
- Quick Facts About Payday Lending in Louisiana
- Locations of Payday Lenders by Poverty Rate
- Locations of Payday Lenders by Median Household Income
- Locations of Payday Lenders by Percent African-American
- PEW Charitable Trusts Safe Small-Dollar Loans Research Project
- Center for Responsible Lending
- Insight Center for Community Economic Development
- Consumer Financial Protection Bureau
- Office of the Comptroller of the Currency
- USA Today runs Stateline’s story on payday regulations (USA Today, 2014)
- LBP analyst David Gray on WBOK-1230AM (WBOK-1230AM New Orleans, 2013)
- PEW Criticizes Payday Loans (The Advocate, 2013)
- Payday Loans Suck Up Billions in Fees in States Where They’re Unregulated (The Washington Post, 2013)
- Find The Loan Behind the Loans (The New York Times, 2013)
- High-Interest Lenders Tab Elderly, Disabled (The Wall Street Journal, 2008)
*Note that the interactive maps operate best on the Mozilla Firefox web browser. LBP received data on the location of payday lenders from the Louisiana Office of Financial Institutions in July 2013. Demographic data on poverty, income and race/ethnicity are from the American Community Survey 5-Year Estimates (2007-2011).