• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Education
  • Career
  • Investment & Money
  • Accounting & Taxation
  • Transportation & Logistics
  • Industries

Business Finance Articles

Your First Financial Choice....

  • Business
  • Commerce
  • Management
  • Insurance
  • Banking Finance
  • Marketing & Advertising
  • Tech

Louisiana Payday Loan Laws – Check Max Service Charges

Last Updated on February 20, 2020 By Scott T. King Leave a Comment

If you are residing in Louisiana, and if, you find yourself in a situation where your expenditure exceeds your income. Hence, you face stress and look for an alternative or traditional bank loans. Mortgage loans require one month or so for processing which may do not suit you as you need money to synch your expenses.

In this particular scenario, payday loans or quick cash loans can get you through this rough patch.

Louisiana payday loans in Lafayette, Baton Rouge and other cities of Louisiana are online and offline and designed as a small amount of cash loan until salary.

Cash loan is lent and has to repay on the borrower’s very next Salary. Amount of loan is repaid by a personal check from the borrower.

The lender holds the check until borrow’s salary, then lender deposits this check in particular account of the borrower and the loan is thereby paid off.

Despite paper check, the loan amount may be debited through electronic access to the borrower’s bank account.

Legislation of Payday Loans in Louisiana

Payday lending is considered legal in the state of Louisiana, USA. Online Louisiana Loans industry regulates through Louisiana Revised Statutes Annotated La. Stat. Ann. 9:3578.1 et seq. Louisiana state practices quite tough regulations method to protect its residents from draconian contracts.

Payday lenders companies have to comply with the existing rules and regulations of Louisiana State to obtain a license to operate in Louisiana.

According to Louisiana payday loan collection laws, every direct lender company has to register itself under state law. Direct lender companies require completing the registration process. Then state gives them permission to issue credit check or no credit check loans to residents of Louisiana.

Nevertheless, few lenders do not get a license for issuing. They work under a different license and offer loans with different titles. These unlicensed lender companies usually give bad credit payday loans in Louisiana on the very high interest rate and drive revenue. So beware of them.

Louisiana Consumer Credit Law Information

Louisiana Payday Loan Laws for the Understanding of Borrowers

  1. Louisiana payday loans online are legal loans. Lenders use different names for payday loans such as cash advance, check advance, deferred deposit check loans, deferred presentment or small loans. It is an unsecured short-term loan which is secured by borrower’s personal check. The borrower gives an agreement to have the money back out of their bank account on the salary day of the borrower or at some future date ( usually within 14 days after borrowing money).
  2. Limit of these loans is $350 at a time. The borrower is forbidden to take loan more than the limited amount by the state of Louisiana. Loans must be repaid within 60 days not longer than that.
  3. According to Louisiana Payday Loan Laws; Processing charges are fixed. Legitimate payday loan companies cannot charge more than $55 as a processing fee. Louisiana laws allow the lender to charge $30 for every $100 borrowed + $10 documentation fee.
  4. The borrower is not allowed to renew or refinance. Either, he must pay off the payday loan completely or repay at least 25% of loan amount before making another.
  5. And if the borrower repays only 25% of loan amount then he can refinance the remaining 75% of the amount borrowed with an additional fee of $20.
  6. The lenders have some legal right for collection. If one cannot repay debt when it is due then the lender can take legal steps to collect the debt.
  7. The Louisiana Payday Loan Lenders can charge more money if one cannot repay on time. Maximum Finance Rate and Fees for Louisiana are 16.75% of face value of the check, + $10 documentation fee (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)
  8. In case, if the lender deposits borrower’s check and a check is returned unpaid due to the insufficient amount in the bank account. The lender can charge you an additional $25 for processing the NSF
  9. Borrowers are allowed to apply for multiple payday loans. There is no limitation on numbers of the loan. But it is not a good idea as it may cause additional financial hardships.

WARNINGs:

  1. Payday loans are short-term loans which are not meant to meet your long-term needs. If you use these loans for the long-term purpose, it will definitely cause financial hardship.
  2. Always check your company registration. Some Illegal companies are working in the US.

Filed Under: Banking & Finance Tagged With: Charges, Loans, Louisiana, Payday Loan

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I accept the Terms and Conditions and the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

What to look for when moving office?

The office as we know it has changed significantly due … [Read More...] about What to look for when moving office?

What is micro-lending?

“Poverty is unnecessary” Mohammad Yunus. Although … [Read More...] about What is micro-lending?

What Is HMO Licensing and Why Is It Popular With Landlords?

HMO or house of multiple occupancies is essentially a … [Read More...] about What Is HMO Licensing and Why Is It Popular With Landlords?

Is 2021 the year to Improve Business Sustainability?

Businesses are starting to invest in green materials, … [Read More...] about Is 2021 the year to Improve Business Sustainability?

How is the Car Market Expected to Perform in 2021?

2020 was clearly a year to forget for the automotive … [Read More...] about How is the Car Market Expected to Perform in 2021?

6 Ways To Improve Your Business’ Delivery Process

In most cases, when a company receives an order, they … [Read More...] about 6 Ways To Improve Your Business’ Delivery Process

Business School Essay Tips for Successful Studies

Applying for a business school is not a cinch. Every … [Read More...] about Business School Essay Tips for Successful Studies

How has Brexit Impacted the UK Economy?

The historic deal on the UK's future trading and … [Read More...] about How has Brexit Impacted the UK Economy?

Invoice Generator For Freelancers: A How To Guide

Becoming a freelancer is probably one of the most … [Read More...] about Invoice Generator For Freelancers: A How To Guide

Which Video Maker Tools Are Best for Beginners?

One of the new trends in marketing is that people are … [Read More...] about Which Video Maker Tools Are Best for Beginners?

How Can You Save More on Merchant Processing Overcharges

Merchant servicing is one of the branches of financial … [Read More...] about How Can You Save More on Merchant Processing Overcharges

The Importance of SEO Rankings for eCommerce

Appearing in the top few search results is the most … [Read More...] about The Importance of SEO Rankings for eCommerce

How Can You Save More on Merchant Processing Overcharges

Merchant servicing is one of the branches of financial … [Read More...] about How Can You Save More on Merchant Processing Overcharges

3 Ways Business Intelligence Helps Telecommunications

To say telecom enterprises generate massive data on a … [Read More...] about 3 Ways Business Intelligence Helps Telecommunications

Importance of LOGO in Business

Every minute in this globe, business revolutionists are … [Read More...] about Importance of LOGO in Business

Risk vs. Reward: The Wise Way to Invest

Every good investor has a strategy. You wouldn't apply … [Read More...] about Risk vs. Reward: The Wise Way to Invest

Benefits and Drawbacks of HughesNet

It’s so difficult these days to find a stable internet … [Read More...] about Benefits and Drawbacks of HughesNet

Minimum Wage in Virginia

Most companies and corporations are confined to meet … [Read More...] about Minimum Wage in Virginia

Expert Tips in Marketing Your Business

Are you thinking of starting your own Limited Liability … [Read More...] about Expert Tips in Marketing Your Business

ELSS VS PPF: Which Investment Option is Better For You

As both ELSS and PPF schemes help an investor to save … [Read More...] about ELSS VS PPF: Which Investment Option is Better For You

Most Viewed

Advertising Business Growth Business Ideas Business Needs Business Tips Career Advice Career Development Career Guide Career Options COVID-19 Credit Card credit card reviews Debt Management Differences Employee Entrepreneurship HRM Import-Export Importance Investment Loan Provider Loans MCQs Online Marketing Organization Pakistan Partnership Past Papers Payday Loan Payday Loans PPSC Production Pros Cons Quick Money Tips Roles and Duties Startups Strategies Students Help Tips Top10 Types UK UK Banks University USA

Recent Comments

  • Quratulain Merchant on What is micro-lending?
  • Um Yousuf on What is micro-lending?
  • Dr. Rajesh on What is micro-lending?
  • Nighat on PPSC MCQs: Curriculum Development
  • Muhammad Shan on PPSC MCQs: Pakistani Education Policies MCQs
  • IRSHAD AHMED on PPSC MCQs: Curriculum Development
  • Anpan Bismark on PPSC MCQs: Curriculum Development
  • Anpan Bismark on PPSC MCQs: Curriculum Development
  • Aisha on PPSC MCQs: Curriculum Development
  • Hat on Successful Small Business Ideas 2021

Footer

  • About US
  • Contact Us
  • Blog
  • Comment Policy
  • Terms & Conditions
  • Privacy Rights
  • Privacy Policy
  • Follow on Google News
  • Follow on Facebook
  • Follow on Twitter
  • Follow on Medium
  • Entrepreneur Skills
  • Business Cycle
  • Business Ideas
  • Speculator
  • Be Wealthy
  • Psychology in HRM
  • HRM in Business
  • Businessman Qualities
  • Salespeople Types
  • Health & Business
  • Business Success Rules
  • Stress At Work
Copyright © 2018 BFA - DMCA.com Protection Status .