$350 Instant Cash Via Payday Loans Louisiana

Louisiana is one of the U.S. states where payday lending is considered as legal. Unlike other states, Louisiana seems to be going in the reverse direction in terms of regulations as payday lenders here present a bill here to extend loan amount and loan term, however the bill died in the House Committee and Louisiana lenders has to abide to the State Payday Lending Laws. Louisiana Deferred Presentment and Small Loan Act, regulates the paid loan operations in the State.

Loan Amount in Louisiana – Restricted to $350

According to the Louisiana Deferred Presentment and Small Loan Act, it is forbidden to lend more than $350 in Louisiana. Lenders are strictly instructed to adhere to these rules along with obtaining a license with the Louisiana Office of Financial Institutions (OFI).

• Loan Rates, Fees and Term in Louisiana
• Interest rate is regulated to 16.75% of amount loaned, $45 max fee + $10 documentation fee
• A finance charge for 14-day $100 loan is $30
• APR can reach 391%
• The loans are given for a period of up to 30 days.
• Rollovers are not allowed.
• No more than 1 active loan contract.

Consumer Protection

Louisiana payday loans laws do not allow lending agencies to practice offensive tactics for collecting the repayment amount from the borrowers. Criminal action threats are prohibited and the company must send a mail notification before starting any legal proceedings against repayment failure. If the lender is found violating these rules, then he may be penalized and his license may got cancelled.

Payday Loans Louisiana Procedure

Both store front and web lenders are available in Louisiana. Online payday loans are preferable among consumers as compared to the former because they offer the convenience of applying for a loan without stepping out of the comfort zone. The procedure works as follow:

1. Fill out online application for with basic personal details(like name, address, age, SSN, contact number, email id, cash amount required).

2. From a huge network of 300 payday lenders, the suited lender sends the loan approval to the applicant on the same day.

3. The borrower then receives written loan agreement in which all the charges, fee and repayment term is clearly stated.

4. After through understanding of the agreement the applicant is supposed to send it back to the lender with his electronic signature to finalize the loan deal.

5. Once the lender receives this signed document, the loan amount is transferred into borrower’s bank account.

6. Then, on next payday, lender pay backs to the lender.

If in any case the borrower finds out that he would not be able to meet the repayment criteria, then it is his moral obligation to inform the lender on prior and look out for the options to save himself before getting loan default. Being listed as a default affects the credit rating badly and could be an epidemic for financial health. On the other side, if the borrower successfully abide to repayment terms and pay back in time, the his credit history would be improved which could be useful to borrowing big amounts in the future.