You can borrow up to $350 through a payday loan in Lousiana
If you’re a resident of Louisiana and in need money quickly, you might be considering applying for a payday loan. Payday loans have plenty of regulations to help consumers, but it’s in your best interest to learn about them here before applying.
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+
- No security deposit needed
- Confidential and secure
- Accepting new applications in the following states only: CA, LA, MS, MO, OH, TN, TX, WI
Can I get a payday loan in Lousiana?
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 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.
Lenders that offer payday loans
Check the websites of any providers you’re interested in to confirm they operate in Louisiana.
What does a payday loan costs 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.
- Early repayment fees. You don’t have to pay any fees or penalties if you repay your loan ahead of time, so it’s in your best interest to get ahead of your due date to avoid any extra charges.
- 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.
- 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?
Provided you’re over 18 years old, are a US citizen or permanent resident and have a regular source of income, you are likely eligible for a payday loan. When you apply, you’ll need to provide sensitive personal information like your Social Security number, details about your current employment and, for online applicants, access to your checking account.
Some things you should 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. If you find yourself struggling to pay back your loan, you might want to contact some of Lousiana’s support programs, such as the Temporary Asisstance to Needy Families or the Family Independance Temporary Asisstance 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.
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.
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 get on a repayment plan?
Yes. Lenders are required to offer a payment plan of four equal installments with no fees or interest every 12 months.
Can I refinance my loan?
Louisiana law doens’t permit rollovers, however, a lender can accept a 25% partial payment on the previous loan before starting a new loan. The lender may charge fees for this service and the remaining 75% of your previous loan.