Louisiana overview

Online Payday Loans Louisiana

The historical background of Louisiana is rich and colorful, which makes the state a very popular destination for tourists. The state also leads in the production of salt, natural gas, petroleum and sulfur. The state of Louisiana has a population of around 4,670,724 residents which makes it the 25th biggest population in the US. 

In the last years payday loans have attracted lots of borrowers with their simple and easy conditions and the residents of Louisiana do not make an exception. Louisiana payday loans are legal.

To avail payday loan in Louisiana or learn more about, please check out the local loans section.

Louisiana Law Regulations

Louisiana payday loans laws regulations

In Louisiana payday loan loans are legal and lend is a legal business according to La. Stat. Ann. 9:3578.1 et seq. Louisiana payday loan and their laws are a bit more complicated compared to other states in the US. in Louisiana payday loan lenders need to operate under certain limitations. A borrower can take a maximum of $350 payday loan amount at a time is $350.

However, in Louisiana, borrowers have the right to take as much outstanding loans that they need to as there isn’t a limit about the amount of loans borrowers can get. The length of any payday loan given in Louisiana cannot surpass 60 days, and no extensions are allowed. Lending companies in Louisiana are allowed to charge a documentation fee of $5.

Payday loan lending companies in Louisiana

Whether you are aware of it or not, payday loan industry is growing extremely fast. Since the advent of online lending, the number of Louisiana payday loans lenders has increased a lot and so have their clients. It is likely you would find a lender’s physical store near your workplace or home. The opportunity for payday loans online from your home adds another level of comfort and accessibility to the service. All loans come from direct payday lenders only.

Advantages of taking out a payday loan

Advantages of taking out a loan
Advantages of taking out a payday loan

Payday loans are on the top of short-term loan business and there are many reasons for that being so.

  • Lots of options

You get the option to apply by visiting a lender’s store or by just going online and visiting the lender’s webpage. Having the ability to choose your way of applying makes a big difference as some people have difficulties finding a lender’s office or simply do not have the time to drive around.

  • Fast service

Imagine that an emergency bill comes up out of nowhere and you are not even close to being able to handle it. In such cases, time can be crucial. With traditional bank loans, you will mostly likely have to wait for days or even weeks to get your loan. However, payday loans can secure you the amount you need in just a few hours (if you apply in a physical store) or on the following business day (if you apply online).

  • Bad credit is irrelevant

When dealing with traditional lending institutions, having poor credit can easily limit your options, making it almost impossible to get a loan with good terms. This is where payday loans come in. Payday loan lending companies do not care if your credit is good or bad. What they want to know is if you are going to be able to repay your loan by your next paycheck.

  • Your money, your choice

Unlike loans from most traditional lending institutions, you can pretty much do anything you want with your payday loan given it isn’t illegal.

Fees and charges

There are some things you need to know when requesting a payday loan:

  • APR

In Louisiana the yearly rate for 2-week payday loan of $100 cannot go over 780%.

  • Interest

In Louisiana, Interest charges for payday loans go like this:

  • If you default on a loan, the lending company can charge an annual percentage rate of 36% for the first year, and an annual percentage rate of 18% beyond the 13th month. The finance charge for $100 loan two-week is at a maximum of $30.
  • Fees for extending loans

  • Fees
    Fees for extending loans

    In Louisiana rollovers, refinancing or renewals of payday loans are not allowed. However, if you pay 25% of your loan, you may refinance the remaining 75%.

  • Collection fees

If the payment got declined, you’ve to typically pay a maximum of $25 in NSF fees.

  • Rollovers

Louisiana laws for a payday loan mention that payday loan lenders are forbidden from renewing any loans if there is a non-payment.

Louisiana Payday Loan Law – loans application

Payday loans are a fast and easy service but you still need to meet certain requirements in order to apply for one:

  • You have to 18 years or older
  • You need to resident permanently in the US or to be an American citizen
  • You must have a source of steady income

Provide the following information to successfully complete your application:

  • Your birthday, the number of your social security, and full name
  • Mobile or home phone number, email address, and home address
  • Salary and job details

Cities in Louisiana where lenders for payday loan can be found:

  • Abbeville
  • Alexandria
  • Amelia
  • Amite
  • Baker
  • Baldwin
  • Bastrop
  • Baton Rouge
  • Berwick
  • Bogalusa
  • Bossier City
  • Bourg
  • Boutte
  • Breaux Bridge
  • Broussard
  • Bunkie
  • Chalmette
  • Clinton
  • Covington
  • Crowley
  • Delhi
  • Denham Springs
  • Deridder
  • Donaldsonville
  • Harvey
  • Houma
  • Kenner
  • Lafayette
  • Lake Charles
  • Marrero
  • Metairie
  • Monroe
  • New Iberia
  • New Orleans
  • Opelousas
  • Ruston
  • Shreveport
  • Slidell
  • Sulphur
  • Terrytown


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