SHREVEPORT, La. (KTAL/KMSS) – City commissioners are asking Shreveport city council to pass a resolution to stop issuing permits for payday loan shops.
Caddo parish commissioners voted seven to four in favor of the payday loan resolution Thursday evening.
In the resolution, it states payday loan shops offer predatory lending rates and target low-income citizens further contributing to a cycle of poverty.
“Once you get it. it’s like your stuck. each month if you don’t pay it. it gets higher and higher.” says Shreveport citizen Rudolph Glass.
Glass also says it took him an entire year to pay off a $300 loan which is why he is asking the city of Shreveport to freeze issuing permits to new payday loan companies.
The resolution originally would have also placed a restriction on pawn shops, but commissioners removed it after hearing from pawnshop owners.