Payday loans LA help you cover emergency expenses immediately, as they are fundamentally short-term, high-interest loans. You can easily avail yourself of Louisiana payday loans online and are expected to repay the amount when you receive your next paycheck. You’ll find all the terms you need to know about them in this guide, so you can make an informed decision about whether they’re beneficial for your situation.
What are Louisiana payday loans online?
If you have ever thought of taking unsecured loans, you may have heard of payday loans. They often go by the alternative names of cash advances or payday advances, and are supposed to be repaid with due interest when your next paycheck arrives.
Key Takeaways
| You can borrow up to $350 from a payday loan in Louisiana. |
| For approval, you must give the lender a post-dated check with the repayment date. |
| Lenders can charge $20 as fees for every $100 in your loan, along with a $10 documentation fee. |
| The total fees for processing your loan cannot exceed $55. |
| Lenders may charge a non-sufficient funds (NSF) fee when unable to cash the post-dated check. |
| If you fail to repay the loan, the lender charges 36% interest for the first year and 18% thereafter. |
| Lenders have the option to take legal action to collect the debt on or after the due date. |
People choose Louisiana payday loans online when they require money urgently for emergency expenses such as medical bills, car repairs, home repairs, overdue bills, etc. This situation may arise when emergency savings have not been set aside.
It may surprise you to learn that this practice is not uncommon. Often, individuals with a zero to low credit score tend to rely on this option. This is because individuals only need to provide proof of a regular income and their ability to repay these loans on time in order to receive an approval.
Moreover, once lenders deem all of your submitted documents to be authentic, they grant you a green light instantly. This makes it the only available bet if you have no chance of getting a secured loan.
The Appeal of Online Payday Loans in Louisiana
Even though these fast loans Louisiana are processed quickly, they’re a riskier option. Only people who have a poor credit score, urgently need money, and have no family or friends to temporarily borrow from should consider Louisiana payday loans online.
Lenders charge an annual percentage rate (APR) of 400% on average! This is significantly higher than traditional interest rates and drastic in comparison to the 22.8% APRs of credit cards.
Consider these merits and demerits first:
| pros | cons |
| Offers loans to borrowers with no credit score or one below 580 | Extremely high interest rates |
| Instant approvals | Shorter repayment periods |
| Cash disburses within a day or two. | Risk of being sucked into a debt spiral |
| No collateral required | Multiple payday loans affect the credit score negatively. |
However, the government’s regulatory authorities have set certain laws that prevent lenders from unfairly exploiting borrowers:
- The Truth In Lending Act requires lenders to disclose information about all charges and fees associated with your loan. Lenders must explicitly mention the APR, loan term, total costs, finance charges, required repayment schedule, and penalties for early repayment.
- Section 5 of the FTC Act ensures that elderly, financially unsophisticated individuals, and others are protected from unfair practices and fake lenders who request money.
- The Fair Debt Collection Practices Act restricts how debt collectors can contact debtors, including the time of day and frequency of contact. If the FDCPA is violated, debtors have the right to sue the debt collection company and the individual debt collector for damages and attorney fees.
- Borrowers can always report any unfair practices or threats from fake “phantom” debt collectors on https://reportfraud.ftc.gov/
How to Qualify for Payday Loans in Louisiana
For availing payday loans online, below are the few basic criteria that must be met:
- You must be at least 18 years old.
- Having an active checking, bank, credit union, or prepaid card account is a must.
- Proof of income from either a job or any other source.
- Valid identification documents.
Benefits of Online Payday Loans for Quick Cash in Louisiana
While it is not advised to opt for these emergency loans Louisiana, payday loans aren’t all bad if dealt with responsibly. We will state some measures you may take for using them as a means to quick cash LA only when you terribly need it. Here are some true benefits:
- Easy access to quick cash when you need it urgently.
- No credit score checks are performed prior to loan approvals.
- Reputed lenders (such as MyPayDayLoansOnline) offer flexible repayment options.
- They’re accessible to people who don’t have a collateral.
Tips for Responsible Borrowing
Here are some tips for responsible borrowing to help you avoid emergency loans in Louisiana that are predatory and can push you into cycles of debt:
- Verify the legitimacy of your lender to steer clear of fraudsters.
- Check the interest, fees, and prepayment penalties before applying.
- Avoid overborrowing with these loans and take only what you absolutely need.
- Getting a secured loan can save you from high interests.
- Make sure to keep a copy of the agreement and a cancellation form.
- Explore different lenders before signing anything.
- Customer reviews can give you an idea of a lender’s reliability.
- Choose lenders with encrypted websites to avoid exposing personal information.
Alternatives to Payday Loans
MyPayDayLoansOnline provides an excellent alternative and offers similar fast loans in Louisiana as payday loans. Our loans provide you with the same quick cash in LA features up to $1000. But what sets us apart is our transparency and reliability. We charge an APR of 5.99-35.99% and offer you flexibility in repayment terms ranging from 61 to 70 days.
Lastly, we just want to mention that you can explore Louisiana payday loans online. If you handle them responsibly, payday loans LA can be helpful in times of need.
