From New Orleans to Baton Rouge, Shreveport to Lafayette, many Louisianians sometimes face unexpected expenses that need fast, reliable solutions. When a sudden repair bill or an unforeseen medical cost arises, our short-term loans can help you stay on track. Louisiana’s lending rules set clear limits on the amount you can borrow, the repayment term, and the fees you may be charged, so you always know exactly what you’re borrowing.
Short-Term Personal Loans Rates and Fees in Louisiana
Louisiana law is designed to simplify your borrowing costs. Licensed lenders here can offer a maximum loan of $350 for 30 days. For a deferred presentment transaction or small loan, a lender may charge a fee not to exceed 16.75% of the face amount of the check, regardless of the actual amount borrowed, with the cost capped at $45. Based on the fees, these loans' effective annual percentage rate is approximately 391%. Always review the complete loan details, including finance charges, any applicable documentation on NSF fees, and the repayment period, before you decide to borrow.
APRs
In Louisiana, all fees and charges combine to form an effective APR that can reach approximately 391% on a standard 30-day loan, though actual APRs may vary based on the loan amount and term. This high rate reflects the short loan term and the fee structure defined by state law, giving you a clear picture of your total repayment obligation.
Loan Amounts
Louisiana payday loans are limited to a total outstanding balance of $350. This means if you have multiple payday loans, their combined amount cannot exceed $350. These funds cover unexpected expenses, whether a sudden car repair or an unforeseen medical bill. Borrow only what you need to keep repayments manageable.
Terms
Short-term loans in Louisiana must be repaid within 30 days. No rollovers are allowed, meaning the entire loan, including finance charges, must be reimbursed by the end of the term.
Fees
Louisiana’s regulations allow a licensed lender to charge a fee of up to 16.75% of the face amount of the check issued, provided that such fee does not exceed $45. Additionally, if the loan remains unpaid at contractual maturity, the licensee may charge an additional fee of 36% per annum. A lender may also charge a documentation fee of $10. This structured approach ensures transparency and predictability in your borrowing costs.
Short-Term Loan Example
Here’s an example of how a short-term payday loan in Louisiana might work:
- Loan Amount: $300
- Finance Charge: $45
- Repayment Term: 30 days
- Total Repayment: $345
This example shows how fees and interest combine under Louisiana law. Actual figures may vary based on the lender’s calculations, but the maximum loan amount, term, and fee limits are strictly enforced.
Lending Regulations in Louisiana
The Louisiana Office of Financial Institutions oversees consumer lending in the state, including payday and short-term loan providers. Under Louisiana law, every lender must hold a valid license and clearly disclose all fees and charges to borrowers. To learn more, please visit the Louisiana Office of Financial Institutions website.
| Regulation | Details |
|---|---|
| Interest Rate Cap | Effective APR of approximately 391%* |
| Maximum Loan Amount | $350 |
| Term Length | 30 days |
| Fees | Up to 16.75% of the face amount, capped at $45 |
| Number of Rollovers | 0 |
| Oversight | Louisiana Office of Financial Institutions |
Our Benefits
Simple Request Process
Whether you’re in bustling New Orleans or a quieter town in the bayou, our user-friendly online form gets you started quickly—no piles of paperwork, just a few easy steps to connect you with a trusted lender.Your Choice
We link you with a lender compliant with Louisiana’s strict lending standards. Review the details when you receive an offer to see if it suits your financial situation.Data Security
We take your privacy seriously. Your personal information is protected through secure technology at every step of the process so you can apply with confidence.What Our Clients Say
Read real stories from fellow borrowers who have benefited from our services.
How to Request a Short-Term Loan in Louisiana
If approved, you could have funds in your account as quickly as one business day. Here’s how it works:
Provide Your Information
Fill out our concise online form with the loan amount you need, along with some basic income and personal details.We Search Lender Offers
We use your information to search our network for a licensed lender in Louisiana who can meet your request promptly.Accept and Get Funded
Review the offer carefully. If the terms match your needs, sign the agreement electronically. Your funds will then be transferred directly to your checking account.Loan Alternatives in Louisiana
Emergency Loans
Emergency loans give you fast access to urgent expenses like a sudden car repair or unpredicted medical bills.
Personal Loans
Personal loans may provide larger amounts and more flexible repayment schedules if you need to cover multiple expenses or make a bigger purchase.
Installment Loans
With installment loans, your repayment is divided into several scheduled payments, making it easier to plan your monthly budget. The Louisiana Office of Financial Institutions regulates them.
Bad Credit Loans
Even if your credit score isn’t perfect, Bad credit loans offer a chance to secure funds and work toward improving your credit through timely repayments.
FAQ
Are Short-Term Loans Legal in Louisiana?
Yes. Louisiana law permits short-term payday loans as long as providers adhere to state regulations regarding maximum loan amounts, term limits, and finance charges.
What Are the Requirements to Request a Short-Term Loan?
Typically, you need to have:
- Minimum age of 18 years
- U.S. citizenship or permanent Louisiana residency
- A valid Social Security number
- A steady source of income
- An active checking account
Which Cities in Louisiana Have Short-Term Lending?
Our online platform makes short-term loans accessible across the state, from New Orleans and Baton Rouge to Shreveport and Lafayette. Licensed storefronts may also be available in larger communities.
How Does Louisiana Compare to Other States?
Louisiana’s lending rules, including a maximum loan amount of $350, a loan term of up to 30 days, and finance charges capped at $45, help ensure that borrowing remains transparent and predictable. This approach aligns with consumer-friendly practices in other states.
Is a Payday Loan Different from a Cash Advance?
Cash advances typically refer to credit card withdrawals or employer paycheck advances. Payday loans are regulated products in Louisiana with clearly defined fees and repayment terms.
Are Guaranteed Short-Term Loans Available in Louisiana?
No. Lenders must first evaluate your eligibility before extending an offer. Claims of “guaranteed” funding without proper assessment do not comply with state guidelines.