Louisiana Payday Lending Laws

Payday loans are legal in Louisiana; however, companies providing such service are limited by laws of the state. The main function of these laws is protection of borrowers from using payday loans as a long-term solution.
These limitations are:

• Payday loans granted in Louisiana have no minimum terms, though the maximum length is 60 days.
• The sum a person can borrow range from any small amount to $350 which is maximum.
• 20% interest rate is the maximum interest rate that can be charged in the state of Louisiana. Therefore, for every $100 borrowed an additional $20 interest charge applies. According to this limit, we can achieve the following figures: borrowing $350, you would have to pay back a totalof $420.

The payday loan business is represented in the state by over 1,009 payday lenders. Several others operate via the Internet.

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The application can be submitted online from wherever you are. You can do it at home or at work, spending only a couple of minutes to fill in the application. Then all you need is wait until we approve it. When your loan is approved, we will contact you and remit the money to your account. You don't even need to stay in line at the local payday loan company, waiting for them to process your application. The submitting application online will not affect your daily routine, it will save your time.

If you are interested in Louisiana cash advance, you should know some things about payday loan industry in Louisiana. The Louisiana Deferred Presentment and Small Loan Act governs operation of payday loan industry in the state.
The following aspects of Louisiana payday loans are controlled by the legislation:

• Fees associated with a Louisiana payday loan cannot total more than sixteen and seventy-five one hundredths percent of the face value of the check issued.
• In the event that the borrower defaults on their Louisiana payday loan, the lender can charge up to 36% in interest charges.
• All fees and interest charges must be presented in the contract given to the borrower and be written in a manner that is clearly understandable.

Customers who make a partial payment of $50 or more toward the payoff amount cannot be prosecuted or threatened with prosecution.

Largest Cities in Louisiana State : Alexandria, Lafayette, New Orleans, Baton Rouge, Lake Charles, Ruston, Gonzales, Metairie, Shreveport, Hammond.