A majority of Louisianans believe that it is important to strengthen consumer protection laws to prohibit excessive annual interest rates for payday loans. Additionally, Louisianans believe that the very high APR’s (annual percentage rate) payday lenders in the state can charge consumers should be capped or limited.
After hearing that payday lenders in Louisiana can currently charge up to 780 percent annual percentage rate (APR) most (60%) Louisianans age 18 and older support that the state law should be changed to prohibit annual interest rates above 36 percent. Moreover, the majority (64%) of Louisianans age 18 and older believe that government leaders in Louisiana should work to set limits or place caps on payday lending rates and fees.
The 2013 AARP Louisiana Survey on Payday Lending was a phone survey fielded by RDD Inc. between October 2and October 7, 2013 and yielded 600 completed interviews. The final sample was weighted by age and gender for adults age 18 and older residing in Louisiana. For more information, contact Aisha Bonner at 202-434-3531.