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Using Louisiana Payday Loan regulations
I am sure most of us have been around situations where we are sitting in the middle of a month and a sudden unexpected expenditure falls on out head. Expense in the nature of an equipment break down or medical needs can come without a notice and cause a severe stress on our heads. Almost all of us at this point look towards borrowing of money from some source or other. A payday loan becomes a solution here. Visiting a bank or standard financial institution is a tough task during this critical requirement period. Thus these loans serve the purpose of minimum processing period.
Payday loans application requires the borrower to approach the lending company and submit an online or a physical application. Each lender has multiple qualifying criteria against which this application is evaluated. Once it passes such test, the customer becomes eligible to borrow such loan and the money is disbursed in his bank account. The loan can be in the range of $100 - $1000 depending up on the financial evaluation of the applicant. A standard loan agreement requires the borrower to pay off the loan amount along with the agreed interest by the next pay date and complete the contract. The repayment can be done by the way of applicant providing a postdated check or a debit authorization.
Payday loans in Louisiana are allowed by the legislation but has woven a net of regulations around so as to prevent it from overcharging the customer at any point. Some of the guiding points around payday loans in Louisiana are:
- Under the Louisiana Deferred Presentment and Small Loan Act, a customer can borrow a maximum of $350.
- As per the guidelines, a lender can charge a maximum of $20 per $100 borrowed. An additional $10 documentation fee can be levied by the lender. In any case the total amount of fee being charged by the lender cannot exceed $55 when the amount borrowed is $200 – $350
- A borrower cannot renew the loan. He has to pay off the first loan before making another loan. As an exception, in case the customer pays off 25% of the loan amount and entire interest, he can get the remaining 75% principal refinanced. For example, if a borrower has taken $100 as a loan and is required to pay $25 as fee, he can refinance $75 only after he pays out $25 fee and $25 principal.
- A lender can take legal action against the borrower in case of any non-payment after the due date
- A lender can only charge interest @ 36% per annum for a year after the due date in case of any delays in payments. After that it becomes at 18% p.a.
- Lender can charge an addition check return fee in case of any default. This can be up to $25 as Non-Sufficient funds fee.
- A borrower can take more than one payday loan at one point of time. Although it is not a recommended situation however the law does not prohibit the case.
A must thing to remember is that payday loans are not meant to meet long term financial requirements. It is a stop gap arrangement only and any delays or prolonged use of such loans will cause a lot of financial outflow. Thus a decision to take or renew a payday loan must be taken after a deep financial analysis and a full proof money management. One should make a repayment plan before a borrowing plan.