Louisiana Payday Loans

LouisianaFlagLouisiana authorizes cash loans for its residents. To regulate the industry however, state laws have been set up to prevent overcharging of rates and difficulties with settling the debt. Here , we provide you with a comprehensive list of the rules and regulations governing Louisiana payday loans. The only one of its kind today, paydayloansusa.biz aims to keep consumers informed when making short-term loan decisions.

We welcome any comments, questions and feedbacks for Louisiana payday loans. For information about laws on other states, please visit state locations page.

Payday Loan Process in Louisiana

Applying for a payday loan in Louisiana involves meeting several requirements set by the state and lenders.

  • Borrowers must be 18 years old and above
  • Must be a resident of US and Louisiana
  • Must provide proof of employment
  • Meet minimum salary requirements
  • Own a checking or savings account

Lenders are also flexible, providing payday loans to bad credit debtors, retired individuals or those who are receiving welfare checks. Application can be done through the internet and involves a simple process of filling up forms. Approvals are quick with less than a week before the loan money is deposited on the borrower’s account.

Louisiana Payday Loan Laws and Regulations

The state sets caps and limits for payday loan transactions. Here’s the updated breakdown of regulated rates and fees for Louisiana.

  • Maximum loan amount: $350
  • Loan Term: 60 days maximum
  • Finance charge for a $100 loan in 14 days: $30
  • APR for $100 loan in 14 days: 780%
  • Collection fees: 1 NSF fee bank charge plus 5% of check or $25, whichever is greater.
  • Maximum finance rate and fees: 16.75% of checks’ face value but no more than $45 with additional $10 for documentations. Rates after default are 36% for the first 12 months and 18% beyond.

Rollovers are not permitted in the state although borrowers can take advantage of partial payment laws. There is no specified maximum amount of outstanding loans at a time, leaving borrowers to transact simultaneously. The cooling off period and availability of a repayment plan are also unspecified.

Louisiana Consumer Protection

Regulators for state payday loans are the Louisiana Office of Financial Institutions. They can be contacted through their office, emails or various numbers:

Address: P.O. Box 94095 Baton Rouge LA 70804

Phone: (225) 925-4660

Fax: (225) 925-4548

Look For: John J. Braud, Deputy Chief Examiner

Web: http://www.ofi.state.la.us/
Email: ofila@ofi.la.gov

Consumers are advised to read up on payday loan rules and regulations to be aware of their rights. You can also contact the regulators to clear problems or lodge complaints regarding lenders.

Louisiana Payday Loan Alternatives

Payday loan alternatives can be anything from borrowing from friends to applying for a bank loan. Depending on how much you need, a cash advance directly from your employer might solve the temporary cash flow problem. Pawning off some electronics or selling them online is also viable alternatives. For larger loans, borrowing from the bank can offer lower rates with the luxury of monthly payments. Consumers are advised to seek out these alternatives first before opting to take payday loans in the state.

Map of  Louisiana


Payday Loans cities in Louisiana:
Abbeville Alexandria Amite
Arcadia Baker Bastrop
Baton Rouge Bogalusa Bossier City
Bourg Boutte Breaux Bridge
Broussard Brusly Bunkie
Chalmette Coushatta Covington
Crowley Cut Off Delcambre
Denham Springs Deridder Deville
Erath Erwinville Eunice
Farmerville Franklin Franklinton
Galliano Gonzales Grand Coteau
Gretna Grosse Tete Hammond
Harvey Houma Iowa
Jena Jennings Kenner
Kentwood Kinder La Place
Lafayette Lake Charles Lawtell
Leesville Libuse Lockport
Luling Madisonville Mamou
Mandeville Mansfield Many
Maringouin Marksville Marrero
Maurice Metairie Minden
Monroe Montgomery Morgan City
Napoleonville Natchitoches New Iberia
New Orleans Oakdale Opelousas
Pearl River Pineville Plaquemine
Ponchatoula Port Allen Port Barre
Raceland Rayne Rosedale
Rougon Ruston Saint Francisville
Saint Martinville Shreveport Slidell
Sulphur Sunset Terrytown
Thibodaux Tioga Ville Platte
Walker West Monroe Westlake
Winnfield Winnsboro Zachary

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