The state of Louisiana has a law that regulates payday loans and interest rates. As common to the other states of the USA, online payday loans louisiana are a means for a client to obtain money in an easy and reliable fashion, but with interest rates that are higher than usual (compared to some banks). Payday loans should be used only as an emergency short term financial solution, in order to avoid financial debt. As its name suggests, it should be used only to borrow money until payday.

There are no strict laws in the state of Louisiana that closely regulate lenders. A system is, therefore, a great place for borrowers as the prices and charges are not monitored closely and precisely. Even though there’s been a lot of stigmas attached to payday loans, most of Louisiana payday lenders will support people in emergency situations.  In any case, getting to know Louisiana cash advance laws is still relevant.

Money lending with interest rates in Louisiana is considered legal, but money lenders need to follow up with certain laws and rules. First of all, a loan must not exceed the sum of $350, and all loans should not be granted to a client for a period that is longer than 60 days. All charges and fees that are allowed by law must include 16.75% of the face amount of the check and the obligatory $10 documentation fee.  The interest rates are a bit high when compared to some other states, and they are approximately 780% for $100, for a period of two weeks. Lenders are allowed to charge only one NSF fee per loan.

The maximum finance fees are 16.75% of the amount that is requested, and the actual APR equals to 391%. But, if a client returns the loan on time, he or she will only pay the fees associated with the loan itself, which is much less than if a client decides to pay up annually. If a client cannot repay a payday loan in the due date, the law in the State of Louisiana allows a client to repay the loan amount in instalments. For all clients, there is an extended payment plan through lenders, but it is available only once in one year. Criminal actions are of course forbidden if a client defaults on his or her loan. However, a client may be subjected to an NSF fee of $35 and the remaining debt will be sent to a collection agency

A client can take a new loan while still repaying the old loan as long as he or she is willing to pay 25%for the latter. Of course, this would mean more additional fees, so it is not recommended. 

A client may have more than 1 payday loan in Louisiana. In fact, unlike most states, there is no limit on the number of loans a client can have at one time. However, it is of course always best to have one loan at any time. Nobody wants to build up too much debt, especially since the fees are high on online payday loans.

Online payday loans are available in Louisiana. Requirements for online payday loans are similar compared to all the other states. A client must be at least 18 years old and a U.S. citizen or having some other sort of legal work permit. The client must be employed within the current job for at least 90 days, and his or her net income (after taxes) should be at least $1,200 per month. The client also must have a checking or savings account at a bank or credit union, telephone number and valid email address. It is rare in practice, but sometimes a client may also be required to supply a copy of some or all of the following: recent paycheck, recent bank statement(s), VOID personal check, if available, a current utility bill with name and address, valid state issued driver’s license or identification card, or a valid social security card.

Chances of dismissal for a Louisiana payday cash advance are thin since most lenders do not ask for a client to supply all of those various papers. A client’s credit history is additionally not put into consideration before a final decision about a loan is made. In most cases, all the necessary documents for obtaining a loan can be divided into three categories: a client needs to have a bank account, some proof of income, and he or she must have a social security number. Money is disbursed to you quickly so you can cater for whatever emergency you had.  You are expected to repay on your next paycheck. 

Applying for a Louisiana payday loan is very simple. The client should visit the loan request page and take a couple of minutes to complete the form, and that could be achieved from a smartphone, since many payday loan lenders in Louisiana have a phone app. After a client submits the request, he or she will be notified usually in 1-2 minutes. If the financial transaction is approved, the client will have cash in the checking account within 1 business day. All of the online payday procedures are fast, easy, and most importantly, secured. All of the online payday lenders have a FAQ section, but nevertheless, it is important to ask the lender before accepting a loan about finance charges, how high the interest rates are going to be, as well as any other questions one may have. A client is never obligated to take a loan offer, if he decides to give up during the application process. 

 In Louisiana, all payday loan requirements may vary by lender and are subject to change, because of the laws and regulations, which allow variations. It I advisable to always ask the lender about their requirements. Local lenders rates change frequently, and clients should always ask a lender directly about terms and conditions of a loan. As mentioned before, because of high-interest rates, payday loans should be used as an emergency kit only.