Editor's choice: OppLoans Installment Loans
- APR starting at 4.66%
- Funding as soon as the next business day
- Accepts fair credit
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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. A payday loan, or cash advance, could get you through this rough patch, but understanding how these types of loans work is important.
The most important thing to keep in mind is that a payday loan is a temporary fix, not a long-term solution.
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.
Louisiana doesn’t have a limit on the amount 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.
If you have any complaints about a lender, contact the Louisiana Office of Financial Institutions.
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:
You can apply online by clicking Go to site on your chosen lender above or by walking into your nearest short term lender’s store. Eligibility criteria will differ between Louisiana lenders, but will generally include the following:
Completing the application successfully requires that you submit different kinds of information:
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. If you find yourself struggling to pay back your loan, you might want to contact some of Louisiana’s support programs, such as the Temporary Assistance to Needy Families or the Family Independence Temporary Assistance Program (FITAP).
A payday loan can be a good way of financing an emergency, but you’ll need to be wary of the high costs of default and the possible extra charges that come with your loan. It’s best to exhaust all other options before turning to payday lenders.
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