'Together Louisiana' leaders assert that payday lenders able to charge interest rates ten times higher than felony loan-sharking laws currently allow, making them "legal loan sharks." They want a cap on the annual interest rate for entering into short-term loans and are working with legislators to get one, in partnership with in partnership with Habitat for Humanity, AARP, the Conference of Catholic Bishops, the Louisiana Budget Project and the Southern Baptist Convention.Read more
One week after 400 people filled Elm Grove Baptist Church in a meeting about payday lending, 100 Together Louisiana leaders rallied on the front steps of the Capitol exhorting lawmakers to curb the most predatory practices in the payday lending industry. They were joined by lawmakers that pledged to fight for bills that would fulfill this goal.Read more
With Louisiana residents paying more than $196 million in fees and interest to payday lenders in 2011, and such loans factoring into 20% of bankruptcy filings in Baton Rouge, leaders of Together Baton Rouge are beginning to educate and organize parishioners and residents about the dangers of payday lending and action they can take to protect themselves. Their most recent gathering, at Elm Grove Baptist Church, was standing-room only, as participants heard a presentation on the issue and shared their experiences with each other.
Residents: Time to Act on Loans, The AdvocateRead more