Louisiana Payday Loans

Finding the right payday loan can be overwhelming, especially with all of the different companies that offer this financial service. Understanding your rights as a borrower is the first step toward finding an affordable and smart option for whatever your cash-strapped situation.  Every state creates its own rules on governing the payday loan process and Louisiana is especially thorough when it comes to regulations.
The Louisiana Deferred Presentment and Small Loan Act was put in place to limit excessive fees on the part of cash advance companies. This law allows payday lenders to charge up to 36 percent of the principal if a borrower does not pay back the loan by the due date. Property cannot be used as collateral for these short-term loans in Louisiana and lenders cannot bring criminal proceedings against borrowers that agree to pay at least $50 of the loan amount.
Borrowers can take out $350 in a cash advance for a maximum term of 30 days. There is no option for loan extension or rollover; however, if a borrower agrees to pay at least 25 percent of the loan, a new reduced loan is allowed on behalf of the lender. The maximum finance fee for a two-week payday loan for $100 is $25, though some lenders may request less in order to attract more customers and still make their own money. The APR for a two-week loan at the $25 fee amount is 650 percent.

Maximum Principal

Consumers are allowed to take up to $350 out in payday loans.

Length of Loan

The longest loan term available is 30 days.

Rollovers

While extensions and rollovers of existing loans are not allowed, borrowers can agree to pay 25 percent of the principal on the original loan and enter a new finance agreement with the lender.

Fees

Payday lenders cannot charge more than 16.75 percent of the issued check's amount. A two-week payday loan for $100 has a fee of $16.75.

APR

The annual percentage rate for a two-week loan for $100 is 650 percent.

A & W Payday Loans
12090 South Harrells Ferry Road Suite L
Baton Rouge, LA 70816
AAA Payday
8700 Florida Boulevard Suite E
Baton Rouge, LA 70815
Checks Cashed-Fast Cash
1020 Shrevprt Brksdle Highway
Shreveport, LA 71105
Check Into Cash
4242 Chef Menteur Highway
New Orleans, LA 70126
Cash Cow - New Orleans
6017 Chef Menteur Highway
New Orleans, LA 70126
A-1 Quik Cash Advance
2920 Bert Kons Indstrl Lp
Shreveport, LA 71118
Check Into Cash
10241 Coursey Boulevard
Baton Rouge, LA 70816
Cash Cow Payday Loans
1539 North Foster Drive
Baton Rouge, LA 70806
Dr Check
6240 Florida Boulevard
Baton Rouge, LA 70806
Check Into Cash
5355 Government Street
Baton Rouge, LA 70806



Louisiana Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter
2012$5433717%55%16%12%40%60%
2011$5253517%59%13%12%41%59%
2010$5433814%54%17%15%40%60%