Louisiana Payday Loans Law
The historical background of Louisiana is rich and colorful, which makes the state a very popular destination for tourists. The state is also a leader 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 most populous state 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 payday loans laws regulations
In Louisiana payday loan loans are legal and lend is a legal businesses according to La. Stat. Ann. 9:3578.1 et seq. Louisiana payday loan 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 out as many outstanding loans as they want to as there is no limit restricting the number of loans a borrower can take out. The length of any payday loan given in the state of 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 the state of 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 most likely that you would find a lender’s physical store near your workplace or home. The opportunity to apply for a payday loan from your home adds another level of comfort and accessibility to the service.
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
With payday loans, you have 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.
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 by the next business day (if you choose to apply online).
Bad credit is irrelevant
When dealing with traditional lending institutions, having a bad credit can really 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 as long as it is not something illegal.
Payday loans fees and charges
There are some things you need to know when requesting a payday loan:
In Louisiana the annual percentage rate for a two-week $100 payday loan cannot exceed 780%.
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 a two-week $100 loan is limited to $30.
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%.
If your payment has been declined, you’ve to typically pay a maximum of $25 in NSF fees.
According to Louisiana payday loans laws, payday loan lenders are forbidden from rolling over or renewing any loans in case of a non-payment.
Louisiana Payday Loan Law – loans application and eligibility
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 be at least 18 years old
- 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 social security number, name and date of birth
- Phone number, home and email address
- Details regarding your employment and income
Cities in Louisiana where you can find payday loan lenders:
- Baton Rouge
- Bossier City
- Breaux Bridge
- Denham Springs
- Lake Charles
- New Iberia
- New Orleans