Louisiana Payday loans
Are Louisiana payday loans legal?
Yes according to the law, Louisiana payday loans are legal and as such Louisiana payday loan companies have rules they must follow. It means that companies must obtain a license for every location they operate and there are rules regarding interest rates, max loan amounts and so son. In the case of Louisiana payday loan companies, max loan amount is $350.
Louisiana Payday loans options
Here is a list of companies that offer Louisiana payday loans or alternatives. Please do your research as each offer has their own advantages and disadvantages.
Advantages of Louisiana Payday loans
- Many options There are many options available between stores and online vendors for you to get your hands on a Louisiana payday loan.
- Bad credit ok Even if your credit history is below par there is a good chance you will be approved because what Louisiana payday loan companies are looking for is a steady job.
- Easy application Application is super easy as all you need to do is to go through an online process and upload documents which will be verified electronically. There is no need for faxing out documents.
- Quick money If your in-store application is successful, you will get the money right away. With online vendors the money is ether deposited the same day or the next day.
Louisiana Payday loans fees
Louisiana payday loans laws are specific about interest and rates that companies can charge. Please make sure you find out all the details related to charges before you sign on the dotted line.
- APR & fees Max APR on $100 14 day loan is 780%. Fees max is $20 per $100, a $10 documentation fee. Total fees are $55 max on loans between $220 and $350. Finance charges for $100 is $30.
- Collection: Louisiana payday loans can charge the actual bank charge to their customer, so whatever is that the bank charges and no more. It can also charge up to $25 for attorney fees if your check bounces.
- Rollover charges Rollovers are not permitted in Louisiana payday loans. If you pay 25% you can refinance the remainder.
How to apply for a Louisiana Payday loan
Louisiana payday loan applications are easy to do and you can do so by visiting a store or online. Here are some criteria that needs to be met.
- 18 years old minimum
- American citizen or permanent resident
- A job
- Name, DOB, SS#, valid ID
- Address, email, phone
- Employment and income details
- Checking account details