Installment Loan Act Would Expand Predatory Lending in Louisiana

The Louisiana Installment Loan Act would expand the payday loan industry in Louisiana by enabling payday lenders and automobile name loan providers to provide longer-term “installment loans.” Installment loans act like payday that is high-interest, but enable borrowers to get bigger loans for longer amounts of time. The installment loans wouldn't normally change current pay day loans, but will be a totally brand new item with a high prices for people who create a much…