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Group seeks restrictions on pay day loan prices, borrowing frequency

Group seeks restrictions on pay day loan prices, borrowing frequency

BATON ROUGE – Payday loans, quick cash wanted to help individuals away from monetary jams, often buy them in even even worse jams simply because they crank up repaying more than they borrowed, states an insurance plan analyst for the Louisiana Budget Project.

Monday a borrower who takes out a $100 loan on average is paying $270 for that privilege, David Gray told the Press Club of Baton Rouge. That’s because most of the time, the debtor needs to simply take another loan out to settle the very first and then duplicate the period nine times, paying rates of interest and costs each and every time before he finally gets the initial loan covered. Continue Reading