Payday Loans Louisiana
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Payday Loans in Louisiana – General Info
A payday loan is a short-term fix to one of your short-term problems. This means these loans are great for emergencies or unexpected expenses, and not for an expensive acquisition or vacation, for example.
One must research very well on this topic, in order to avoid any issues that may occur as a result of late payments or non-sufficient funds.
You should apply to one of these loans only in desperate times when you are in need of money fast. You mustn't fall into any traps and make sure you know well the interest rates that come with the payday loans – interest rates that are almost always high.
If you live in Louisiana, you should know that some of the features of these loans are different from other American states, as it happens in any other state. So, to help you, we have compiled some information that will make you aware of the important details and dangers of payday loans.
Without any further ado, let’s get to the subject and find out more about payday loans Louisiana.
Things You Should Know before Getting Payday Loans in Louisiana
First of all, you must search only for lenders that are licensed. The laws of Louisiana, namely the Louisiana Revised Statutes Annotated §§ 9:3578.1 et seq., specify the requirements a lender must meet in order to obtain a license and act in a legal way.
Moving on to specific details about the Louisiana payday loans, we start with the maximum amount you can borrow, which is $350. The loan term is of 60 days or less and the annual percentage rate (APR) is of 780% for a 14-day loan of $100.
In Louisiana, if you find yourself unable to repay one of these payday loans, you can choose to repay the loan amount in installments. However, keep in mind that you can take advantage of this extended payment plan only one time every 12 months.
Applying for a payday loan in Louisiana has its benefits, of course. For example, even if you have poor or bad credit, you can still get an online payday loan – this is because most lenders will take into account your current financial situation as well as your ability to repay the loan.
Of course, as with every payday loan, the process you have to complete to access your requested funds is fast and simple. It can be done online as well, so no emergency will catch you completely off-guard.
Diving into more specific details, we take a look at the financing fees. There is a $10 documentation fee and you will be charged up to $20 for each $100 borrowed. For loans between $220 and $350, the fees cannot be higher than $55.
Also, another advantage of online payday loans in Louisiana is that you don’t have to pay any fees if you manage to repay your loan before its due date. This way, you can easily avoid any extra charges, which is something great for every person that borrows money.
In the case of NSF (non-sufficient funds), you will be charged either 5% or $25 – the greater amount is chosen – as well as possible court costs and attorney fees.
So, in case of an emergency, you can now say you are pretty well informed when it comes to payday loans in Louisiana.
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Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.
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APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since PaydayClick.com is not a lender and has no information regarding the terms and other details of short-term loan products offered by lenders individually, PaydayClick.com cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant.
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Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.
Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.
Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.
Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.