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Payday Loans Hammond (LA) | Online Payday Loans Louisiana

Get a Payday Loan up to $350 in Hammond, LA. Payday loans may trap the borrowers in some serious debt if they will not pay back which could become very difficult for them to escape from. Payday loans are predatory, which benefits lenders and harm borrowers. Mostly advertised as an emergency solution but Payday loans are usually used for recurring expenses. The high interest rates and the short term duration’s make default likely, especially for those who struggle to earn a daily bread for their family. The vulnerable population, such as elderly, low income families, minorities, people with disabilities, and military members are being targeted the most and being affected the most too.
payday loans hammond la

payday loans hammond la

The Elderly-

The 2012 data from Pew Charitable Trusts tells that payday loans users of senior citizen age group is less than loans used by any other age group. But in many permissive states like California, Florida, and Ohio there has been a growth in the payday loan usage rates among seniors. Recent Lawsuits have been brought to monitor those payday loan firms which consider targeting seniors.

Retirees also have option of pension advances which are similar to bad credit payday loans allows them to borrow money in exchange for a portion of their pension checks. But these loans can harm the seniors as they carry exorbitant interest rates.

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Low-Income Borrowers-

The low income communities are greater in number than any other when it comes to lending payday loan States like Michigan and Texas, among other have greater concentration of low income families because business is booming in these areas and low income families with bad credit have few alternative options for borrowing. In a research done by Pew Charitable Trusts  tells that most people who have taken payday loan who are struggling to cover their daily expenses can afford to pay no more than 5 percentage of a borrower’s gross paycheck whereas the average payday loan takes up 36 percent of that. Such borrowing habits are so profitable for the payday loan industries and very harmful for the low income groups.


Different communities of color are also getting trapped in the payday loan debt. People of these minor communities use more payday loans than the majority. Pew research shows that 12 percent of African Americans and 6 percent of Hispanics have used a payday loan, as compared to only 4 percent of whites. The payday lenders are setting up shops in communities of color targeting the minority and are taking advantage of their lower income and lower level of financial literacy. An analysis of payday lending storefront locations in Arizona is a perfect example. This minority population is suffering from greater risk of incurring financial harm from payday loans.

People with Disabilities-

According to Pew research, 12 percent of disabled people have used payday loans which are higher even from the percentage of unemployed people who have used payday loans which is 10 percent. Payday lenders take advantage of Social Security beneficiaries, they are regularly opening storefronts nearby government-subsidized housing and they have been criticized for the same. People with disabilities are already struggling for cash and using payday loans is only going to exacerbate the problem.

Military Members –

There is a high concentration of guaranteed payday loan lenders around the military bases. They target military personals and their families at double the rate at which they prey on civilians, mentions The Wall Street Journal. While the service members are being protected by the Military Lending Act that includes capping interest rates at 36 percent, Mick Mulvaney the CFPB acting director proposed halting examinations of lenders for violations. Military advocates have advised to keep a strict eye in the lenders but Trump administration’s policies are looking to deregulation of the industry. The service members need to be especially cautious of payday loans as they run amok without any fear of disciplinary act.

These targeted groups have a better alternative to payday loans rather than getting trapped in debt. Setting up savings plan and securing additional income is far better and safe alternative to any kind of borrowing. Also seeking help from government programs, nonprofit organizations, or banks and credit unions is worth. Taking lower cost installment loan is very good option which the lower income groups with bad credit should consider before going for a payday loan as it will help to build credit.

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