Legal Status: Legal
Citation:La. Rev. Stat. Ann. §§ 9:3578.1 et seq.
Louisiana State Licensed Online Lenders:
CashCentral.com, CashNetUSA.com, SpeedyCash.com
Maximum Loan Amount: $350
Loan Term: 60 days or less
Maximum Finance Rate and Fees: 16.75% of face-value of check, not to exceed $45; + $10 documentation fee (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)
Finance Charge for 14-day $100 loan: $30.00
APR for 14-day $100 loan: 780%
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
Regulatory Contact: John J. Braud, Deputy Chief Examiner
Louisiana Office of Financial Institutions
Louisiana Deferred Deposit
The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.
|Borrowed Amount||Loan Period||Monthly Payments||Total Payable Amount|
* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.