Tell the Louisiana Lawmakers: Stop Letting Payday Predators Exploit Black Communities!

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Tell the Louisiana Lawmakers: Stop Letting Payday Predators Exploit Black Communities!

The Louisiana legislature wants to make it easier for payday loan companies to prey on Black communities. HB 501 and its companion, SB 365, would allow:

payday loans of $500 - $1500, up from the current $350,
lenders to charge interest rates from 209% to 245%.

These bills would have disproportionate negative impacts on Black communities because, as we’ve seen in other states, payday lenders set up shop in 2x as many Black communities as White ones, even when adjusting for income.

In Louisiana, 79% of payday loans are lent to borrowers on the same day they paid back their previous loan, while 87% of loans went to borrowers who re-borrow within two weeks of paying back their old loan. Currently, $241 million in fees are paid by Louisiana residents to payday lenders.

Fortunately, support for this payday lender giveaway is waning, and if we put pressure on the House Commerce Committee we can shut it down for good.