Payday Loan in Louisiana

A Pay Day Loan has become increasingly popular in the past few years. There are a lot of regulations that Pay Day lenders must adhere to. Many States have many differences in what they allow these lenders to do.
Many States have strict licensing guidelines as well.

How Payday Loan in Louisiana Works

Louisiana has some very strict rules when it comes to these Pay Day loan companies. The Legislature enacted the loan laws under the deferred presentment and small loan act.

This act allows the State to regulate excess charges and fees. It puts hefty restrictions on the lenders.
In the state of Louisiana the fees cannot exceed 16.75% of the check amount issued. If someone defaults on a loan, they will allow the lender to apply a fee equal to 36%.

They also prohibit any fees or charges other than what is listed on the loan agreement. Louisiana also keeps the Pay Day lenders from making any threats of prosecution toward customers that are willing to make a partial payment agreement of at least $50.00

The State of Louisiana also limits loans to a maximum loan amount of $350.00. Consumers also have up to 60 days to re-pay the loan. There is no minimum term limit. In other words they cannot penalize you for paying off a loan early.

The State strongly suggests all Pay Day loan providers clearly post their policy and all fees in an obvious place about their loan policies. They do not legally make them adhere to these rules.


Best Louisiana Payday Loan

No
Provider
Review
APR
Visit Site
1
AmeriAdvance
Varied
Go to AmeriAdvance
2
Paydaymax
431.79%-616.85%
Paydaymax
3
Plain Green Loans
59.84% �?378.95%
Go to Plain Green Loans
4
MyCashNow
401.13%-573.05%
MyCashNow
5
Discount Advances
401.13%-573.05%
Discount Advances
6
100 Day Loans
36%�?51.79%
100 Day Loans
7
Cashnet USA
243.25%�?83.04%
Cashnet USA
8
CashAdvance
Varied
Go to CashAdvance.com
9
Great Plains Lending
199.44% �?448.76%
Great Plains Lending

Many States such as California have relaxed laws and allow loans of up to $2,000.00 and a rate of 15% .This is a huge amount When you consider all the fees and the high interest rates involved.

Many States require these companies be licensed, Louisiana is not one of them.

Michigan allows 25% interest and they are allowed to charge an administration fee on top of that.

Florida allows only one loan at a time and caps interest at 10%, one of hte lowest in the Nation.

Kansas only allows the Pay Day loan companies to charge according to the loan amount. For instance if it is a $50.00 loan they charge a flat fee of just $4.00 and they cap loan limits at $860.00

The laws in Louisiana are designed to help keep people from getting on a Pay Day loan merry go round. Once they are on the merry-go round, it is very hard to get off the cycle. The low amount of $350.00 maximum loan helps ensure the cycle gets broken are designed to do just this.

The State of Louisiana and the 16.75% interest rate is a little higher than the National average.
There are many Pay Day Loan companies in Louisiana ready to lend you what you need.

Always consider an alternative such as a loan from a friend or a family member. Try to get the assistance you need from your local church or charity. Always take a loan very seriously and be responsible.

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