Payday Loans Archives - Louisiana Budget Project

April 13, 2022

Payday Lending Traps Louisianans in Triple-Digit Interest Debt

PDF of this blog

Polling data showing overwhelming public support for a 36% rate cap on payday loans.

April 2022

Payday lending: significant financial harms
Payday loans in Louisiana carry annual percentage rates (APR) of interest averaging 400%. These high-cost loans are marketed as quick solutions to a financial emergency.… Read more...

May 10, 2018

Payday lending expansion halted

The House Commerce Committee on Wednesday rejected a push by the national payday lending industry to expand its Louisiana operations and make the debt trap deeper and longer for vulnerable borrowers. Witnesses testified to the harms payday lending already subjects Louisiana families to, as well as the availability of much cheaper and less harmful alternatives.

Number of the Day

37,000 - Number of senior citizens and individuals with developmental disabilities who receive care in a nursing home, in other long-term care facilities and through waivers for community-based services set to receive a notice from Louisiana Department of Health that they may lose Medicaid coverage under the budget as currently crafted by the legislature. (Source: Louisiana Department of Health)

May 7, 2018

The rush to adjournment

This morning marks the annual ritual when members of the public are invited to testify to the Senate Finance Committee about the state budget.

Number of the Day

3 percent - Amount that local school boards could charge teachers’ unions for collecting dues on their behalf, under legislation backed by business interests. The costs would likely be passed on to teachers. (Source: Will Sentell, The Advocate)

May 2, 2018

What to do when TOPS is underfunded?

The House version of next year’s budget funds the TOPS scholarship program at only 80 percent of current year funding.

Number of the Day

167 - Average annual percentage interest rate (APR) for a new predatory payday loan product that would be authorized by legislation passed by the Louisiana Senate on Tuesday evening. Current law caps interest rates at 36 percent APR. (Source: Center for Responsible Lending)