Louisiana Allows Lenders to Charge up to 1,043% APR
LBP releases a payday lending fact sheet with key statistics about the impact of predatory lending on working families. Louisiana has one of the highest concentrations of payday lenders in the country, which undermines many of the successful anti-poverty policies.
Poor state regulations allow lenders to charge up to 1,043% APR for a $50 loan, and 782% APR for a $100 loan. Working families in Louisiana pay an estimated $205 million in fees per year, money that could be spent in more productive ways such as paying off other debt, investing in education, or owning a home.
Read the fact sheet here. For more information, see the 2011 LBP report, “Payday Lenders: Trapping Louisiana’s Working Families in a Cycle of Debt.”