Here’s what you need to know about short-term loans in Baton Rouge
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.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure
What should I know about short-term loans in Baton Rouge
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.
How much will a payday loan end up costing?It depends on how much you need to borrow. Taking out $350 will cost more than taking out $100 because the financing fee will be different. At the state maximum financing fee of 16.75%, if you borrow $350, you’ll end up paying back $408.63. If you borrow $100, you’ll have to pay back $116.75.
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.
Compare short-term lenders with the table below
Why a short-term loan in Baton Rouge might work for you
- Easy application. Most applications only take five to ten minutes to fill out if you have all of your personal documentation ready to go.
- Low maximum loan amount. You can’t borrow more than $350 through a short-term loan in Baton Rouge and other cities in Louisiana. This limits the chance of you falling into high levels of debt.
- Get cash quickly. If you apply at a storefront you can get the money you need immediately. When you apply online, you can get your money as soon as the next business day.
- Loan term limits. The maximum loan term is 60 days, but if you aren’t able to pay back your loan by its due date, you can choose to repay the money you owe in installments. However, you can’t do this more than once every twelve months.
Here’s how you can apply for a short-term loan
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.
- Your name, address, email and phone number
- Your date of birth, Social Security number and a state-issued ID
- Your employer’s name, address and phone number
- Your gross monthly income
- Your checking account details
Help during the holidays
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.
Short-term loans near you in Baton Rouge, Louisiana
Here’s where you can visit short-term lenders
- National Cash Advance. 11445 Coursey Blvd, Baton Rouge, LA 70816
- Paycheck Loans. 8345 Florida Blvd C, Baton Rouge, LA 70806
- Payday Today. 11457 Florida Blvd, Baton Rouge, LA 70815
- Quick Cash. 9705 Florida Blvd #101, Baton Rouge, LA 70815
- Speedy Cash. 10828 Florida Blvd, Baton Rouge, LA 70815