LOUISIANA PERSONAL LOAN RATES AND TERMS:

Personal Loans in Louisiana:

Louisiana Payday Loan Laws and Louisiana Loan Regulations

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%


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)

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


State Regulatory Agencies for Payday Loans:

Regulator: Louisiana Office of Financial Institutions
Address: P.O. Box 94095 Baton Rouge LA 70804
Phone:(225)925-4660
Fax:(225)925-4548
Regulatory Contact: John J. Braud, Deputy Chief Examiner
Louisiana Office of Financial Institutions
Payday Lenders
Complaints
Online Resources:
Louisiana Deferred Deposit
Predatory Lending

The cost of a personal loan:

The cost of a personal loan

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

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
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* 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.



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