Here are some fast details about the lending that is payday in Louisiana, published by LBP analyst David Gray.

Here are some fast details about the lending that is payday in Louisiana, published by LBP analyst David Gray.

Fast Factual Statements About Payday Lending

PAYDAY LENDING RESULTS IN LONG-TERM DEBT TRAP

  • Based on industry representatives, payday lending was designed to trap borrowers in long-term rounds of financial obligation

“The concept in the business is [that] you’ve got to obtain that customer in, strive to turn him in to a customer that is repetitive long-lasting client, because that’s really in which the profitability is.” – Dan Freeman, CEO of money America

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