Home > Payday Loans Louisiana

Payday Loans Louisiana

Louisiana State – Payday Loans Information

Payday loans Louisiana are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal

Loan Terms:

Maximum Loan Amount: $350

Loan Term: 60 days or less

Maximum Finance Rate and Fees: 16.75% of face-value of check, + $10 documentation fee (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)

Finance Charge for 14-day $100 loan: $30

APR for 14-day $100 loan: 780%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Not Specified

Rollovers Permitted: None (cannot renew or rollover but licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan)

Cooling-off Period: N/A

Repayment Plan: Yes, once in a 12-month period. Four equal installments, no fees or interest.

Collection Limits:

Collection Fees: One NSF fee of actual bank charge (if disclosed) + the greater of $25 or 5% of check (if disclosed); Court Costs; Reasonable Attorney’s Fees

Criminal Action: Prohibited

Call for Cash: +1 (855) 462-5019

State Regulator

Get matched with direct lender Apply Now!