Louisiana Payday Loans

If you’re a resident of Louisiana, have less than perfect credit and find yourself in a financial emergency, you might be looking for an alternative to traditional bank loans. Louisiana payday loans could get you through this rough patch, but understanding how these types of loans work are important.

The most important thing to keep in mind is that a payday loan is a temporary fix, not a long-term solution.

Can I get a payday loan in Louisiana?

Yes, payday loans up to $350 are legal in Louisiana. The laws fall under the Louisiana Revised Statutes Annotated §§ 9:3578.1 et seq., which dictate the rules lenders must abide by in order to obtain a license.

  • Max Loan: $350
  • Loan Term: 60 days or less
  • APR: The APR for a 14-day $100 loan is 780%

Louisiana doesn’t have a limit on the number of loans you can take out at once, but keep in mind that the more loans you have, the more debt you will accumulate. The best decision is to have only one outstanding loan at a time.

Why might I consider taking out a payday loan in Louisiana?

  • Apply if you have poor credit. This is because most payday lenders also take your existing financial situation and ability to repay into account.
  • Simple process. Applying for a Louisiana payday loan takes little time. Some lenders let you complete the identity verification process using the Internet, so you don’t have to fax any documents.
  • Get money quickly. If you’re looking for fast cash in Louisiana, getting a payday loan could work well for you. With online loans, you can typically get the money in your bank account by the next business day.

What does a payday loan cost in Louisiana?

Depending on how much you borrow and how long your loan term is, you may face higher interest costs. Here’s a breakdown of what you’ll likely have to pay:

  • Financing fees. Direct payday lenders can charge up to $20 per $100 borrowed and a $10 documentation fee. The total fees cannot exceed $55 for loans between $220 to $350.
  • Collection fees. Payday lenders in Louisiana can charge a non-sufficient funds (NSF) fee based on the bank charge and either 5% of the check or $25, whichever is greater. You may also have to pay court costs and reasonable attorney fees.
  • Default fees. If you default, the lender can charge an APR of 36% for the first 12 months and an APR of 18% after the 13th month.

How can I apply for a payday loan in Louisiana?

You can apply online by clicking Get Started above. Eligibility criteria will differ between Louisiana lenders, but will generally include the following:

  • Must be over 18 years of age
  • You are an American citizen or a permanent resident of the U.S.
  • Have a regular source of income

Completing the application successfully requires that you submit different kinds of information:

  • Your name, date of birth and Social Security number
  • Details from a valid form of identification such as your driver’s license, passport or state ID
  • Your residential address, email address and phone number
  • Details about your employment, income and pay frequency

Alternatives consider before taking out a payday loan

While payday loans can be helpful in emergency situations, you should never rely on them as a long-term system of funding. These are high-cost loans that can quickly add to your debt.