Louisiana Payday Loans and Cash Advances
Short of cash and possibly having no idea where to get the money? We got you covered! Small-dollar payday loans in Louisiana, which is our specialty, are quite easy to apply and get approved for. These financial tools are meant for individuals with limited options for crediting elsewhere. In simple words, everyone who experiences temporary difficulties can take advantage of payday loans – we help residents of Louisiana find best lenders, apply and use their loans correctly.
Are payday loans legal in Louisiana?
According to Louisiana Statute regulating payday loans La. Rev. Stat. Ann. §§ 9:3578.1 et seq., deferred check crediting has legal status in the state. Our website connects you only registered lenders with exquisite reputation.
How to get a payday loan in Louisiana
At this day and age, it is very easy – and very fast! – to get a payday loan. Back in the day, borrowers needed to drive to the actual lender store and fill out papers there. Today, all you have to do is to get ready with scans of copies of a limited number of documents, fill in the fields of the application with your personal information, submit the form and wait for approval that usually comes within several minutes.
To qualify for a payday loan, you will need to meet the basic criteria. You need to be of the age of majority, and the resident of Louisiana to receive a loan from the state-registered lender. The loans are granted only to the citizens of the U.S.
What are the minimal and maximal loans I can count on in Louisiana?
In Louisiana, you can receive up to $350 in one loan; however, the number of loans you can take out at the same time is not limited, unlike it is in some other states.
What motivates Louisiana citizens to apply for a loan?
Consumer loans are quite popular in Louisiana since many households here find themselves in need of a financial bailout to make ends meet now and then. Other reasons to take out a payday loan are consolidating other debts or repaying a more expensive debt, facing unexpected expenses and bills, going on a holiday or repairing a car. You will not be asked to specify the purpose you will use the money for when applying for a payday loan.
Users often ask us:
How many payday loans can you have in Louisiana?
In the state of Louisiana, you can have as many loans as you want. However, we strongly recommend to not get entrapped in the excessive amount of debts. You can read more about installment loans and how they can help you get out of more expensive loans here.
What is the Louisiana law on extended payment plans for payday loans?
In Louisiana, you can have your credit canceled and resort to the so-called extended payment plan for a payday loan once a year. Such loans come with a grace period and need to be paid off in 4 equal installments.
What are the laws concerning payday loans in Louisiana?
The laws regulating the way deferred payment checks are issued in the state can be summed up as follows:
- the maximal loan amount is $350
- the maximal number of loans: unlimited
- the maximal APR: 780%
- the maximal loan term: 60 days
- rollovers: not permitted
How long is the statute of limitations on payday loans in Louisiana?
The laws applied to payday loans in Louisiana are fixed in La. Rev. Stat. Ann. §§ 9:3578.1 et seq., which is a considerably elaborate and well-thought-through regulatory document that protects consumer interests.
Here is how you calculate APR for your loan
- To calculate the APR applicable per day, divide the maximal APR throughout the state (780%, or 7.8) by 365: the result is 0.0121
- For a loan with a maturity date 60 days after issuing, the interest will be 60 x 0.0121, or 0,726
- The result from Step 2 should be multiplied by the principal debt, or $350 (maximal in the state of Louisiana): $254,1 – this APR cost applied to such a loan
- At the end of your loan period, you will need to pay $254,1 + the outstanding loan of $350, or $604,1.
As a result, you arrive at the following payday loan estimation:
- Loan Amount: $350
- Loan Term: 60 days
- APR (Annual Percentage Rate): 780%
- Total Repayments: $604,1
- Cost of Loan: $254,1
If you have any questions, you can ask them via our online EMS form. We will get back to you within the shortest time frame with the professional answers and help in receiving a payday loan in Louisiana.