Borrow up to $350 with a Louisiana payday loan.
If you’re a resident of Louisiana and in need of funds quickly, you might be considering applying for a payday loan. Although payday loans are highly regulated in the state, you can still borrow money when you need it.
Read on to learn more about the laws in place to help protect you.
LendUp Payday Loans
Apply for a payday loan conveniently online and borrow between $100 and $250.
- Min. loan amount: $100
- Loan term: 7–30 days
- Total costs: Depends on your state, loan product, loan amount and the term of the loan.
- Must be 18+ (19+ in Alabama)
- No security deposit needed
- Confidential and secure
- Visit the site to see if available in your state
Are payday loans legal 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.
You can use the funds for any legitimate purpose. Like all payday loans, you have to pay back the principle and interest in a single installment. Loans may have terms up to 60 days, and a lender may charge you a documentation fee of $10 and a financing fee of $20 for every $100 borrowed. However, the total amount of fees can’t exceed $55. This means that loan between $220 to $350 have their fees capped at $55.
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 only have one outstanding loan at a time.
If you have any complaints, contact the Louisiana Office of Financial Institutions.
A selection of lenders who offer Louisiana payday loans
Check the websites of any providers you’re interested in to confirm they operate in Louisiana.
Why a payday loan might benefit you
Here are some features to keep in mind when you’re making your decision.
- Bad credit is OK. Short-term lenders tend to apply slightly less stringent lending criteria when compared to banks. Instead of looking only at your credit score, they take your existing financial situation and ability to repay into account.
- Applying is easy. Some Florida payday loan lenders have storefront loans, and others work entirely online, meaning you can apply from anywhere.
- Get money quickly. In-store applications can be processed the same day so you can see your money within hours. Online applications take 24 hours to process, but the money will be directly deposited into your bank account.
- Use the money for any purpose. What you choose to do with the money you get is basically up to you. You can use this money to travel, pay bills, repair your car or just to get by during a rough patch.
What a Louisiana payday loan costs
The amount you pay depends on how much you borrow and the fees the lender charges.
- APR. The APR of a 14-day $100 payday loan can’t exceed 780%.
- Fees and charges. Direct payday lenders can charge up to $20 per $100 borrowed, plus a $10 documentation fee, but the total fees cannot exceed $55.
- Interest. If you default, the lender can charge an APR of 36% for the first 12 months and an APR of 18% beyond the 13th month.
- Loan extension fees. The state of Louisiana does not permit rollovers, renewals or refinancing on payday loans. However, if you pay 25% of your loan, you can take out another loan. The remaining 75% is subject to additional fees and interest.
- Early repayment fees. You don’t have to pay any fees or penalties if you repay your loan ahead of time.
- Collection fees. Payday lenders in Louisiana can charge a fee for insufficient funds based on the bank charge and either 5% of the check or $25 (the greater of the two).
- Attorney and court fees. If a lender decides to pursue civil action against you, they may charge you reasonable attorney fees and court costs.
How can I apply for a Louisiana payday loan?
In order to be approved for a payday loan, lenders require you to provide some personal facts.
- Be at least 18 years old
- Be a US citizen or a permanent resident
- Have a regular source of income
- Your name, date of birth, Social Security number and a valid form of ID
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Where else are payday loans available?
Compare payday loans in your state
Have any more questions about payday loans in Louisiana?
Can payday lenders in Louisiana initiate criminal action if I don’t pay my loan?
No, but they can initiate civil proceedings to collect overdue funds. You may be required to pay attorney’s fees and court costs associated with recovering the debt.
What is the maximum loan term of payday loans in Louisiana?
The maximum loan term for payday loans is 60 days.
Can I have more than one outstanding payday loan at the same time?
Yes, but keep in mind that taking multiple loans can lead to further financial hardship.
Can I file a complaint against a Louisiana payday lender?
Yes. You can contact the Louisiana Office of Financial Institutions. All complaints must be submitted in writing.