Payday Loans

Call and ask if they are licensed. Any loan over $350 would probably be illegal.


Louisiana Payday Loan Laws

State Legal Status
Lending of payday loan is considered legal in the State of Louisiana.

Loan Specifications

• Maximun Amount of Loan - $350
  
• Term of Loan - 60 days
  
• Maximum Rate of Finance and Fees - Documentation fee of $5 + $45 or 16.75% of check (whichever is greater); You have to pay 36% p.a if your default period is anything between 1 to 12 months or 18% p.a if default period is beyond 13 months)
  
• Finance Charge on $100 loan for a 14 day period - $25
  
• APR for $100 loan for a 14 day period - 650%
  

• Maximum Number of outstanding loans permitted at a time - Not Specified
  
• Permissible number of Rollovers - None (Cannot rollover or renew. But the licensee can accept 25% of the total advanced amount to the debtor as partial payment along with the fees and then can enter into a new loan.)
  

• Collection Fees Amount - 1 NSF fee amounting to actual bank charge (only if disclosed) + greater of 5% or $25 (only if disclosed) + costs of court + fees of a reasonable attorney
  
• Criminal Action - Prohibited
  

• 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