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Religion and payday loans collide at La. State Capitol during se …

BATON ROUGE, LA (WAFB) –

Religion and expensive
payday loans collided with each other Tuesday at the Louisiana State Capitol.

The fight to reform payday
loans is shaping out to be a real struggle. A rally was held Tuesday on the
steps of the Capitol by religious and legislative leaders.

Penny Fisher and others
were amongst those who spoke at the rally. She told her tale of woe about dealing with the payday industry. Penny talked
about how it cost her $4,980.50 to borrow $300. She said it took her years to
get out of debt.

“I do this because I don’t
want anybody else to get caught in this trap, because it is a trap. If I knew
then what I know now, I would have done a lot of things differently,” said
Penny.

Industry leaders say the
information being sent out is really dis-information and simply not true.

Payday loan business owner
Troy McCullen is said to be the largest payday loaner in the state. He attended
the rally.

“Our fees are 20 percent
of what you borrow. [A] Flat fee – 20 percent of what you borrow. [If] you
borrow $100, the fee on that is $20 and by law you cannot take out another loan
until that loan is paid off,” he said.

“You can always do a
better job. There are probably some things that could be tweaked, but to throw
out an entire industry is just a bit extreme to me,” he added.

Not so says the author of
the legislation reform.

Senator Ben Nevers, (D)
Bogalusa, says intense lobbying is taking place on the industry side. He
pointed out the “horror stories our people in the state” spoke about. “We
certainly want lending opportunities for our people in our state, but we do not
want people to prey upon people who are less fortunate than you and I are,” he
said.

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All rights reserved.

Link:
Religion and payday loans collide at La. State Capitol during se …

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