Payday Loan Help for Louisiana people
Top Queries
- How do I know if a lender is licensed in LA or not?
- What are the obligations a licensed lender should follow in Louisiana?
- What if a check returns back?
- Where to forward queries and complaints?
How do I know if a lender is licensed in LA or not?
Go to the website of the Office of Financial Institutes and look for payday lenders under the NON-DEPOSITORY section.
What are the obligations a licensed lender should follow in Louisiana?
For Deferred Presentment, the lender may charge fees not to exceed 16.75% of the face value of the check; however, it shall not go over $45.
If the loan is not paid in full within the time set in the contract, the lender may charge fees equal to 36% per year for the time span of 1 year and may charge fees equal to 18% per year rate after 1 year.
Maximum loan amount in the state of LA is $350 and maximum loan term is 60 days.
Renewal or rollover is not allowed in Louisiana; however, lenders can accept partial payment of 25% of the amount advanced with fees and can put the balance into a new deferred presentment transaction.
What if a check returns back?
The lender can add fees for returned/dishonored check charged by the depository institute. However, such fees can be collected only once per check irrespective to the number of times the check is deposited and returned.
Lenders can also collect reasonable attorney fees and court fees. Threatening consumers for criminal prosecution is not allowed.
Where to forward queries and complaints?
Office of Financial Institutes looks after the payday loan business, all queries and complaints shall be forwarded to the authority.
