Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
When you’re looking into a short-term loan just to get by, you don’t want to be bogged down by legal language. Our guide will tell you how much a short-term loan will end up costing you in Baton Rouge so you can make your decision to borrow quickly.
Whether you apply in-store or online, you and your lender will have to abide by Louisiana state law. This means you can borrow up to $350 and your loan term will be for 60 days or less. If you’re unable to repay your loan on time, you may qualify for a repayment plan, and lenders can only charge 16.75% in financing fees.
In addition, if you make a late payment, you’ll be subject to collection fees based on the bank charge and the greater of $25 or 5% of the check. Defaulting on a loan will be even more expensive. Your lender can charge you 36% per month for 12 months and 18% after for every month your balance remains unpaid.
Whether you go online or visit a storefront, you’ll have to be at least 18 years old, a US citizen or permanent resident and have a steady source of income.
You’ll have to provide some personal information.
Emily needed a little help making in through the holidays, but since she has a low credit score, she didn’t think she’d be approved by a traditional bank. After reading up on payday lenders in Baton Rouge, she found one that offered the $300 she needed.
The lender charged her a $10 documentation fee and a finance charge of $45, the maximum amount Louisiana law permits
On the due date a month later, she had to pay $355 to her lender. If she hadn’t paid her loan off on time, she would have had to pay more interest and collection costs. By keeping track of her spending and saving up for the total amount, Emily avoided the many fees that make short-term loans dangerous.
This lender is transparent about fees — but still a risky choice.
With limited information available online, you may want to consider other options.
Find a line of credit — even if you don’t have a perfect score.
You won’t be able to apply for a new loan unless you’re a returning customer.
Debt settlement for payday loans and more — with almost no information available before you sign up.
Applications now open to recipients of the Paycheck Protection Program.
Compare our 5 top picks for SBA loans, bank loans, startup financing and more.
Now is the time to support Black-owned institutions so they can continue fighting systemic racism and working to close the wealth gap that exists in America.
Compare our six top picks for SBA loans and more if you have excellent credit.
Find out your monthly payments with this FHA mortgage calculator.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.