Payday Lending in Louisiana. Connect to the internet to check out the opinions

Payday Lending in Louisiana. Connect to the internet to check out the opinions

a show on pay check credit in Louisiana. Provided from the Together Louisiana state dilemmas Conference on January 15th, 2014.

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  • 1. Pay day financing in Louisiana state problem summit March 15th, 2014
  • 2. Exactly who? strategies? WHAT?
  • 3. Exactly who Uses A Payday Finance?
  • 4. Family members with young children getting $15,000 — $40,000 annually Disproportionately AfricanAmerican or Latino a low credit score History requirement supplemental income for issues and fundamental bills cultural Safeguards people
  • 5. What amount of consumers remove payday loan in Louisiana?
  • 6. Payday adore Louisiana 23per cent of Louisiana homes use predatory lending 6th highest from inside the usa North America Average: 18percent About 57,000 Louisiana homes sign up for cash loans each year Starting Point: Louisiana allowance challenge
  • 7. Pay Check Business Model
  • 8. Payday business design massive amounts & massive amounts was used # of McDonalds # of Pay day outlets 12,800 20,600 230 936
  • 9. Payday business structure = numerous duplicate financial loans and debts capture. Nearly all payday loans go to “immediate perform borrowers” brand-new financing had within a 2 week duration 76percent financial loans to one-time customers 2per cent primary personal loans to repeat consumers 11% New funding after 14-30 time stop 6percent unique financing after thirty day pause 5%
  • 10. Payday business design = a number of duplicate personal loans along with financial obligation capture. (more…)
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