Payday Loans in Louisiana

Payday Loans in Louisiana

Do you need some extra cash urgently but have a poor credit rating? If yes, payday loans are the best choice for you, and guess what? Within 24 hours, you will receive your payments.

Payday loans are now available in Louisiana online, and if you are lucky, you could qualify in under 60 minutes.

Three Loan Packages Obtainable in Louisiana

  • Payday loans

Payday loans cover emergency expenses until your next paycheck enters. By the time you receive your next income, the loan will be deducted instantly.

 

To obtain a payday loan, you typically have to fill out a form, connect with a lender who approves your loan and send the demanded sum to the account you provide. You can earn up to $350 if you apply for a payday loan in LA.

 

Law Status Permitted 
Minimum Loan Amount $100
Maximum Loan Amount $350
Minimum Loan Term None
Maximum Loan Term Thirty (30) days
Maximum Annual Percentage Rates (APR)% 780%
Additional Fees Documentation fee of $10, 16.75% of every $100 borrowed
Collateral or guarantor  None
Non-Sufficient Fund (NSF) Fees One per loan
Number of Simultaneous Loans Unlimited 
Cooling-off Period None
Rollover  Unallowed
Extension, repayment plan Repayment plan once a year
Default Penalties 36% yearly
Credit Score Requirements Accessible for poor credit 

 

  • Installment loans

Installments loans resemble payday loans, except it has reduced interest rates and costs and a longer time for repayment. When you collect an installment loan in Louisiana, you agree to repay a specific sum on a regular basis, usually once a month.

 

These loans, which are available for as much as $5,000 in LA, can also be used to tackle unanticipated financial challenges.

Law status Authorized
Minimum Loan Amount $1, 000
Maximum Loan Amount $5, 000
Minimum Loan Term 90 days 
Maximum Loan Term 36 months (three years)
Annual Percentage Rates (APR%)(Minimum) 6.63%
Collateral or Guarantor None
Credit Score Requirements Unrestricted for poor credit score.

 

  • Personal loans

Personal loans are pertinent when you want to have fun or make a big purchase, but you are low on cash. Although the credit score you have affects the interest and the sum you will get, personal credits can be obtained with an awful FICO rating. 

 

Law status Approved
Loan Amount (Minimum) $1,000
Loan Amount (Maximum) $35,000
Minimum Loan term  90 days
Maximum Loan term  60 months/5 years
Minimum Annual Percentage Rates (APR%) 4.99%
Collateral or Guarantor None
Credit Score Requirements The credit rating you have doesn’t matter

 

Is it possible to get a payday loan in Louisiana?

Yes! In Louisiana, you can get a payday loan. Lending firms, on the other hand, must adhere to a set of tight guidelines if they want to operate in Louisiana.

 

To begin, all Louisiana lenders are required to be licensed by the Office of Financial Institutions (OFI), and you may check if a lender is licensed here.

 

Secondly, you are only allowed to borrow up to a maximum of $350 in Louisiana, and lenders must not charge above 16.75% of every $100 borrowed and 10$ in documentation fees. The total interest fee must not exceed $45.

 

Rollovers are disallowed, and lending firms aren’t mandated to examine your FICO score record or check if you can take care of the credit. Also, a lender can’t charge you if you are incapable of paying back your loan.

 

Other options you can choose from apart from payday loans in Louisiana  

  1. Personal/private loans

Private loans are appealing since they can be used for any purpose, as well as consolidate your debt. They are a great alternative with a fixed repayment plan and a low-interest fee. 

 

  1. Title loans

A secured credit type, title loans permit you to use your vehicle title as a guarantee in return for cash.

Most money lenders in Louisiana will grant you money that equals 25%-50% of your car’s value.

Title loans usually come with high-interest fees, so only borrow as much money as you must. 

 

What is the procedure for obtaining a Louisiana payday loan?

Payday loans are intended to assist people in financial need., and you can borrow up to $350 in LA. Be aware that payday loans come with high APR%.

 

In Louisiana, the lender Is a little bit relaxed about your ability to pay back the loan, and there are no limits on how many such loans you can acquire. This is very risky as you can quickly start struggling financially.

 

We advise that you only borrow what you need and know you can pay back.

You can apply for a payday loan in Louisiana online through our website

 

What does it take to get a payday loan in Louisiana?

  • Be a US citizen
  • At the time of application, you must be at least 18 years of age.
  • Provide a functional account in your name.
  • Make monthly earnings of $1,000 and above
  • Submit your original home address, email, and active phone number. 

 

A sample APR% calculation for a payday loan in Louisiana

In Louisiana, if you take out a $200 payday cash advance for a minimum of 14 days, you’ll pay an interest rate of:

(APR%): 780%

Loan procured: $200

Finance charge (for 14 days): 16.75% of $200= $33.5

Documentation fee: $10

So, finance charge $10 $33.50= $43.50

To return: $243.50

APR%= $43.50/$200= 0.2175 365 days= 79.39/14= 5.671= 567%

 

FAQS

What is the easiest payday loan to get online in Louisiana?

No payday loan can be described as easy.  It varies for each person,  so if you want to get the best payday loan experience, you will need to compare multiple apps for their loan sum, terms, and payment plan to track down the one great for you. 

How many payday loans can you have in Louisiana?

No regulation guides how many payday loans you can get in LA at a given time.

How do payday loans work in Louisiana?

Payday loans are accessible in Louisiana for a maximum of $350 and have a 30-day maximum loan term with no rollovers. These loans are also available online, but make sure the loan provider is licensed.

What’s the highest payday loan you can get in Louisiana?

You can acquire a payday loan for as much as $350 in LA.

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