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Editorial: ‘Payday loan’ interest should really be restricted

Editorial: ‘Payday loan’ interest should really be restricted

It does not seem like a high rate of interest — 16.75 percent appears pretty reasonable for an urgent situation loan. That’s the most rate that is allowable “payday loans” in Louisiana. It is concerning the exact exact same in most other states.

However these short-term loans, applied for by individuals who require supplemental income between paychecks, often seniors on fixed incomes additionally the working bad, often leads to chronic and very nearly hopeless indebtedness, based on David Gray during the Louisiana Budget Project, a non-profit advocacy team.Read More