Shreveport, Louisiana, is a city in the northwestern part of the state close to the border with Texas. It has a population of 192,036 as per the 2020 census. It ranks as the largest city in Louisiana, following New Orleans and Baton Rouge.
Geographically speaking, Shreveport spans 120.5 miles, with 113.9 square miles being land and 6.6 square miles covered by water. The city is positioned on the bank of the Red River, which brings advantages such as barge transportation and river port facilities.
Regarding its economy, Shreveport serves as a center for commerce, industry and culture in the Ark La Tex region. The city’s economy heavily relies on sectors like the oil and gas industry, agriculture, river port operations, healthcare services, military investments and casino gaming.
Some noteworthy economic statistics for Shreveport are as follows:
- The median household income is $37,977 compared to $59,540 for Louisiana and $64,994 nationally (based on 2019 census data).
- 19.3% of residents live below the poverty line compared to 18.6%
- The average value of homes in Shreveport is estimated at $155,500 (as per Zillow).
- The sales tax rate amounts to 9.5%.
- Louisiana is known for having one of the combined state and local sales tax rates in the United States.
- Shreveport has a credit rating of A+, with an outlook that reflects its fiscal management, according to S&P.
Payday Loans in Shreveport
Payday loans have become increasingly popular among households in Shreveport, Louisiana, as an option. These short-term loans with interest rates offer cash before your next paycheck. While payday loans may seem like a solution for emergencies, they can also lead borrowers into a cycle of debt if not used responsibly.
In Shreveport, online and physical store locations thrive in the payday loan industry. Online payday loans provide the convenience of approval without leaving home. However, conducting research and exercising caution when looking for lenders and borrowing wisely is essential.
How Online Payday Loans Work
Borrowers fill out a simple online application, which requires providing personal details and bank account information. This allows the lender to assess the applicant’s income sources and repayment ability.
If approved, the borrower receives the loan amount deposited directly into their bank account as soon as the next business day. The total loan balance is due to be repaid on the borrower’s next pay date, usually within 7-14 days. This gives borrowers fast cash to bridge the gap until they receive their pay.
If the borrower cannot repay the total balance by the due date, they can pay a fee to roll over or extend the loan. This continues the cycle of debt. Online lenders typically charge $15-$30 for every $100 borrowed. Expressed as APR, the interest rate on a typical 2-week payday loan is 391% to 782%.
While convenient, online payday loans in Shreveport can be risky if borrowers are not careful. It is essential to borrow what you can afford to pay back on your next pay date and avoid rollovers.
Finding Reputable Online Lenders in Shreveport
Regarding payday lending, it can be quite a task to figure out which lenders are trustworthy and which should raise concerns in Shreveport. If you’re searching for an online payday lender, there are some things you should consider:
- Firstly, check if the lender has certifications or memberships with organizations like the Online Lenders Alliance (OLA), as they require the following practices.
- Research reviews and complaints were also filed with the Better Business Bureau and Consumer Financial Protection Bureau. Pay attention to feedback.
- It’s also wise to compare interest rates, fees, loan terms and eligibility criteria across lenders. Be cautious of lenders who are not clear about their rates and fees.
- Ensure you find disclosures regarding payment schedules, late fees, extensions and rollovers. Take the time to read through all the print!
- Furthermore, understand how the lender handles your information by checking their privacy and data security policies.
- Verify that the lender is licensed to operate in Louisiana and complies with state regulations.
- Lastly, be cautious of any “no credit check” loan offers as they could indicate predatory lending practices. Legitimate lenders will assess your ability to repay.
You can steer clear of predatory lending practices by evaluating lenders while paying attention to customer experiences and specific rollover policies. This will help you find online payday lending companies operating in Shreveport.