Page last reviewed: 12 Nov 2018
Contents:
- Loan calculator – compare 16 companies in Louisiana;
- Legal information – consumer rights and obligations of lenders;
- Payday loan help – what to do if you are in trouble;
- Cities – detailed review of payday lenders in biggest cities in Louisiana;
Payday loans calculator
Legal information
Important features of Louisiana payday lending laws:
- The maximum amount of loan is $350.
- The loan term can not be less than seven days or exceed 30 days.
- The finance charge shall not exceed $20 for every $100 advanced, plus a $10 documentation fee. Hovewer, the total amount of the fees cannot exceed $55.
- A borrower can refinance the loan after paying all fees plus 25% of the amoun borrowed. Additional fees on the remaining balance will be charged.
- If you cannot repay the payday loan in time you will be charged 36% per annum for the first year and 18% per annum thereafter.
Summary of regulations could be found here.
Payday loan help
If you need help visit the National Foundation for Credit Counseling (NFCC) or call Toll-Free 1-800-388-2227 for assistance with credit problems and creditors.
Cities
For detailed review of payday lenders in each city, please click the link:
Summary
Article Name
Payday loans review in Louisiana
Author
Finsee.com