Payday Loans in Louisiana
- Nickname: The Pelican State
- Population: 4.65 million
- Capital: Baton Rouge
- Website: www.louisiana.gov
Louisiana is known for many things: Cajun culture and food, the fishing industry, and gorgeous bayou landscapes. But behind all the fun of Mardi Gras, the Pelican State has a financial dark side. At nearly 19%, Louisiana has the third-highest poverty rate in the country, and this means that roughly a fifth of the state’s population lives in poverty. To put that statistic in perspective, the national average is 11.8%.
Louisiana also ranks third for the level of hunger and food insecurity experienced by the state’s residents (nearly 16% of people in the state experience difficulty getting enough food and nutrition as a result of lack of money).
In the Bayou State, the median household income is just $47,905, whereas the average household income in the U.S. as a whole is $61,937. That means Louisiana residents make about $14,000 less than average Americans.
Payday Loans in Louisiana
Payday loans are prevalent in Louisiana, where the industry doubled in size from 2000 to 2010. According to the Louisiana Budget Project, nearly one-quarter of people living in Louisiana have relied on payday loans to make ends meet. The state has about 329 payday lending companies operating 945 locations around the state. These companies issue over 3 million loans per year that cost borrowers about $145 million in fees annually. According to the Federal Deposit Insurance Corporation, about 57,000 Louisiana households (or about 3.2% of all households in the state) borrowed a payday loan in 2009. The typical payday loan borrower in Louisiana will take out about 9 payday loans per year and will be in debt for more than half of the year.
# of Payday Loan Centers
# of Banks
% Under Poverty Level
Consumer Protection in Louisiana
How to Report a Lender in Louisiana
If you have complaints about predatory lenders in Louisiana, you can report them to the Louisiana Office of Financial Institutions. They have complaint forms that can be submitted via mail, fax, and email. You can also contact a national organization like the Consumer Financial Protection Bureau or a private local organization like the Better Business Bureau if you notice any lenders engaging in illegal or predatory behaviors.
Louisiana Office of Financial Institutions
- Address: P.O. Box 94095 Baton Rouge LA 70804
- Phone: (225) 925-4660
- Fax: (225) 925-4548
- Website: http://www.ofi.state.la.us
Payday Loans in Louisiana Cities
Come back soon to check out these payday loan guides for the following cities in Louisiana:
Baton Rouge | Hammond | Shreveport | New Orleans