How to Compare Loans in Louisiana
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An Overview of Louisiana Installment Loans
There are no strict laws governing lenders in the state of Louisiana. Therefore, the state is a great place for lenders since the rates and charges are not closely monitored.
Although much stigma has been attached to payday loans, they can relay help you during emergency situations. In any case, it is still important to get acquainted with Louisiana cash advance laws.
ome knowledge of the overall cost will help you determine whether to take a loan or not.
The Advantages of Online Louisiana Loans
Louisiana Payday Loans Laws
Lending is considered legal in the state of Louisiana. However, lenders are still expected to comply with the existing laws discussed shortly:
- Loans exceeding $350 are not allowed at a time
- Loans should not be given for a period longer than 60 days
- Charges and fees allowed include 16.75% of face amount of check and $10 documentation fee
- APR for a two-week $100 loan equals 780%
- Lenders are allowed to charge a one NSF fee per loan
Borrowers can take more than one loan. However, you are not allowed to renew or extend the term of a loan since all loans should be repaid on time.
You can take a new loan while still repaying the old loan as long as you pay 25%for the latter. Of course, this would mean additional fees.
It’s always vital for a borrower to be very attentive to details and thoroughly read the fine print. Ensure you underrated all the details of a loan before signing anything. Since there are no strict requirements for Louisiana payday lenders to publicize its terms and conditions.
Any criminal action against you if you fail to pay is considered illegal. These loans are meant to protect you from predatory lending tactics.
Louisiana Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 391% |
| Max. Loan Amount | $350 |
| Min. Loan Term | Not specified |
| Max. Loan Term | 30 days |
| Number of Rollovers | 1 |
| Finance Charges | 16.75% of the amount advanced |
| Statute of Limitations | 10 Years |
Eligibility Criteria
Chances of rejection for a Louisiana payday loan are slim since you are not asked to furnish to provide numerous papers. Your credit history is also not put into consideration before being approved. All you need is:
- A bank account
- Proof of income
- A social security number
Money is disbursed to you quickly so you can cater for whatever emergency you had. You are expected to repay on your next paycheck.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Why Compare Personal Loans at Financer.com
Compare Louisiana Loans at Financer.com
Financer.com helps you compare the best personal loans in Louisiana and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Louisiana and take the guesswork out of doing all the legwork yourself.
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Louisiana Loans - FAQs
How much can I borrow with a payday loan?
Are payday loans legal in Louisiana?
Yes, payday loans are legal in Louisiana for up to $350.
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