Louisiana payday loan laws overview

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.

Louisiana payday loans laws regulations

Louisiana payday loans laws regulations

Louisiana payday loans laws regulations

Payday loan loans are legal in the state of Louisiana 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. Payday loan lenders in the state of Louisiana 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 in Louisiana

Advantages of taking out a payday loan in Louisiana

Advantages of taking out a payday loan in Louisiana

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.

  • 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 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 in Louisiana

There are some things you need to know when applying for a payday loan in Louisiana:

  • APR

The annual percentage rate for a two-week $100 payday loan in Louisiana cannot exceed 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 a two-week $100 loan is limited to $30.
  • Fees for extending loans

  • Fees for extending loans

    Fees for extending loans

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

  • Collection fees

If your payment has been declined, you’ve to typically pay a maximum of $25 in NSF fees.

  • Rollovers

According to Louisiana payday loans laws, payday loan lenders are forbidden from rolling over or renewing any loans in case of a non-payment.

Payday loans application and eligibility in Louisiana

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:

  • 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

 

 

Kentucky payday loan laws overview

An interesting fact about Kentucky is that during the Civil War, being a slaveholding state with a huge abolitionist population, the state of Kentucky was caught in the middle of Confederate and Union and supply both forces with thousands of troops. The state takes pride in producing some of the nation’s best whiskey, tobacco and horses. Among the state’s agricultural products are products like soybeans, corn, wheat, fruit, cattle, hogs and others. The state of Kentucky has a population of roughly 4,425,092 residents which makes it the 26th most populous state in the United States. The state is also the 37th largest in the country and has the longest cave system in the world. Nowadays, payday loans are becoming a go-to solution for most borrowers in the state ot Kentucky. Kentucky payday loans are available both online and in lenders’ stores.

Kentucky payday loans laws regulations

Kentucky payday loan laws regulations

Kentucky payday loan laws regulations

According to the Stat. Ann. 286.9-010 et seq law, payday loan lending in the state of Kentucky is absolutely legal and lending companies can conduct their businesses with no legal issues. That same law, however, applies certain restrictions in the finance charges and fees, as well as the allowed amount and terms of every loan. Moreover, the forms of payday lending other than check cashers are illegal in Kentucky. Different states have different regulations, and a strange feature with Kentucky payday loan law regulations is its statewide database. It allows monitoring of all payday interactions by the regulation authorities. So if necessary, they can find out all information regarding the loan quickly and easily. That measure leaves payday loan companies with no other choice but to follow the laws, giving them no chances to bypass it.

In the state of Kentucky, a borrower cannot take a loan that surpasses the amount of $500, and borrowers are forbidden from taking more than 2 loans simultaneously. The length of any given payday loan in the state of Kentucky must not be below 14 and above 60 days, no extensions are allowed.

Kentucky payday loans lenders

In the state of Kentucky, you can find a payday lender’s office in almost every city and also you can submit an application for one by going online and visiting a lender’s store on the web. The addition of online applications for payday loans has made it accessible even to people who are unwilling or unable to visit a physical store.

Taking out a payday loan in Kentucky is typically a great idea

Payday loans come with a number of benefits despite their reputation of being a risky choice for the borrowers.

  • They are easy to find

It is most likely that you have a lender’s store near your home or near the place you work. Otherwise, you can always submit your application online without even having to leave your chair.

  • Service is as fast as it gets

Service is as fast as it gets

Service is as fast as it gets

It is hard to find a lending option that can get you the money you need faster than payday loans. While you’d most likely have to wait days or even weeks when taking out a loan from a traditional bank, with payday loans you get your cash within hours, or ifo apply for your loan online, you are able to get your cash by the next business day.

  • It is ok if your credit isn’t too good

Having bad credit has always been something that makes people feel helpless when it comes to borrowing money. Kentucky payday loans could be a breath of fresh air for those who do not have a good credit score. This is because payday loan lending companies do not look at the credit score when deciding whether to grant you a payday loan or not. As long as the borrower is able to make his payments on time, he will probably be approved for a loan.

  • Money is yours to spend

Traditional banks tend to set restrictions on how you can spend the loan they are giving you. With payday loans, you have the freedom to do whatever you want with it. The only limitation is to not spend it on something illegal. You can use the money to pay for car repairs, fix the leaky roof of your house or settle medical bills.

Payday loans fees and charges in Kentucky

In case you thinking of applying for a payday loan in Kentucky, there are some things you may want to know to help you make a more informed choice.

  • APR

The annual percentage rate for a two-week $100 payday loan in the state of Kentucky cannot exceed  459%.

  • Interest

Kentucky payday loans interest

Kentucky payday loans interest

In Kentucky, Interest charges for every $100 borrowed should not be more than $15.

  • Finance charge

  • Finance charge on a $100 payday loan given for a period of 14-days cannot exceed $17.65
  • Collection fees

In case your payment has been declined in Kentucky, the lending company cannot charge you with more than one NSF fee. Moreover, it can only charge this fee if it clearly states in the loan contract that such a fee is applicable.

  • Rollovers

According to Kentucky payday loans laws, payday loan lending companies are strictly prohibited from rolling over or renewing the loans in case of nonpayment of the debt.

Payday loan requirements in the state of Kentucky

Payday loan requirements

Payday loan requirements

To be eligible for a payday loan in Kentucky, you must meet the following requirements:

  • You need to be at least 18 years old or older
  • You have to be an American citizen or a permanent resident of the US
  • To show you’ll be able to make your payments you need to have a steady income

To complete your application, you must provide the following information:

  • Your social security number, name and date of birth
  • Phone number, home and email address
  • Employment details and income status

Cities in Kentucky where you can find payday loan lenders:

  • Albany
  • Alexandria
  • Allen
  • Ashland
  • Barbourville
  • Bardstown
  • Beaver Dam
  • Benton
  • Berea
  • Betsy Layne
  • Bluehole
  • Bowling Green
  • Burkesville
  • Burlington
  • Campbellsville
  • Campbellsvlle
  • Caney
  • Carrollton
  • Centertown
  • Central City
  • Clay City
  • Cloverport
  • Cold Spring
  • Columbia
  • Corbin
  • Covington
  • Crescent Springs
  • Crown
  • Elizabethtown
  • Florence
  • Frankfort
  • Henderson
  • Hopkinsville
  • Lexington
  • Louisville
  • Nicholasville
  • Owensboro
  • Paducah
  • Radcliff
  • Richmond