Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Louisiana.
Louisiana Payday Loan Laws
Louisiana Legislation State Information
Payday Loan Legal Status: Legal
Citation:
La. Stat. Ann. § 9:3578.1 et seq.
Payday Loan Terms:
Maximum Payday Loan Amount: $350
Payday Loan Term: 60 days
Maximum Finance Rate and Fees: $5 documentation fee + the greater of 16.75% of check or $45 (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)
Finance Charge for 14-day $100 loan: $25
APR for 14-day $100 loan: 650%
Payday Loan Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None – cannot renew or rollover but licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan
Cooling-off Period:
Repayment Plan:
Payday Loan Collection Limits:
Collection Fees: One NSF fee of actual bank charge (if disclosed) + the greater of $25 or 5% of check (if disclosed);
Court Costs; Reasonable Attorney’s Fees
Criminal Action: Prohibited
Regulator: Louisiana Office of Financial Institutions
Address: P.O. Box 94095 Baton Rouge LA 70804
Phone: (225) 925-4660
Fax: (225) 925-4548
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