Cash Advance in Louisiana

What Is a Cash Advance Loan

A cash advance or payday loan is a personal loan with high interest rates.

These are details on Louisiana payday loan regulations:

• Maximum Loan Amount: $350
• Minimum Loan Term: None specified, but generally seven days
• Maximum Loan Term: 30 days
• Loan Fees: $20 per $100 borrowed and a $10 documentation fee 
• Annual Percentage Rate: Varies on loan amount but averages around 400%
• Maximum Finance Charge: 16.75% of the principal loan
• Renewal: Prohibited 
• Rollovers: Prohibited
• Multiple Outstanding Loans: Allowed 

Louisiana offers an extended repayment plan as well. Borrowers can pay one loan in four equal installments once in twelve months, but the request must be made before the original payment is due.

NOTE: To know your loan's exact APR, consult with your chosen lender.

Requirements for a Cash Advance Loan

These are the general requirements for a cash advance loan:

• Be at least 18 years old
• A source of income of at least $1,000 per month
• Proof of income like pay stubs or bank statements
• Social Security Number
• Legal Louisiana resident
• Bank account details
• Contact details like phone number and email address

Louisiana Bad Credit Cash Advance Loans

Louisiana supports bad credit cash advance loans. Lenders typically focus on a borrower's capacity to repay over their credit score.

Get a Cash Advance Loan With Our Third-Party Lenders

Starting a cash advance loan can be difficult if you don't know where to look.

Fortunately, we can connect you with knowledgeable state-compliant third-party lenders to fully guide you throughout the process.

Fill out our inquiry form with your loan details and wait. A lender will contact you after pre-approval.

Choosing the Right Loan Type

Not all expenses can be covered by a cash advance Consider these factors when deciding what kind of loan to take out:

• Maximum loan limit
• Loan duration
• Added fees and interest
• APR
• Effect on credit score
• Possible late repayment consequences

Louisiana Laws About Cash Advance Loans

Louisiana's state government passed regulations within the Deferred Presentment and Small Loans Act to guarantee that no licensed lender abuses the loan payment system.

These regulations must be followed:

• If a borrower makes a late loan payment, the lender may charge 36% per annum for one year after the due date and 18% after that.
• The lender must accept a partial payment of $50 or more and apply the payment to the outstanding balance on the loan.
• A lender charges $20 for every $100 borrowed, plus a $10 documentation fee. However, the fees cannot exceed $55 when the loan ranges from $220 – $350.
• If the lender deposits your check and it is returned unpaid, the lender charges an additional $25 non-sufficient funds (NSF) fee and is entitled to be reimbursed any subsequent bank fees for processing the NSF check.

The Deferred Presentment Small Loans Act § 3578.4. 1(a) states the following regarding an extended repayment plan:

"A consumer who cannot repay either a deferred presentment transaction or small loan when due to a licensee may elect once in any twelve months to repay the licensee the amount due under the deferred presentment transaction or small loan using installments."

Conclusion

When expenses may become difficult to manage, Louisiana residents can consider getting an online payday loan through our third-party lenders to help them keep going.

Gain access to secure and straightforward loans and terms through the inquiry form on our website.

FAQs

This segment discusses common payday loan inquiries.