Editor's choice: OppLoans Installment Loans
- APR starting at 4.66%
- Funding as soon as the next business day
- Accepts fair credit
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.
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.
You won’t be able to apply for a new loan unless you’re a returning customer.
Pause repayments, look for low-cost relief to cover expenses and other tips to keep your finances healthy while unemployed.
Compare 6 lenders offering loans that you can qualify for with a credit score under 580.
If you’re concerned your group disability insurance won’t replace enough of your income if you experience a disability, you can buy supplemental disability insurance.
Get your loan payments covered when you experience a disability and can’t work, but with limited coverage.
Preparing for retirement? This financial planning platform may be able to lend a hand.
Who long-term or short-term disability insurance works best for, and pros and cons to buying both.
You don’t need the best credit to qualify — but there isn’t much information online.
If your hospital already borrowed, consider these alternatives before payments are due.
American Debt Relief can save customers around 30% of the debt they enroll. But there are a few red flags.
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.