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Group seeks restrictions on cash advance prices, borrowing regularity

Group seeks restrictions on cash advance prices, borrowing regularity

BATON ROUGE – Payday loans, fast cash wanted to help individuals away from economic jams, often have them in even worse jams than they borrowed, says a policy analyst for the Louisiana Budget Project because they wind up paying back far more.

A debtor whom removes a $100 loan an average of is having to pay $270 for that privilege, David Gray told the Press Club of Baton Rouge Monday. That’s because quite often, the debtor has to simply take down another loan to settle the very first and then duplicate the period nine times, repaying interest and charges each and every time before he finally receives the initial loan covered.