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Payday Loan in your State

What the Law says about Payday Loan in your State

As a reputable payday lender in Alexandria (Louisiana) and other parts of Louisiana, Louisiana instant payday loans connect borrowers to lenders. Because it stays abreast with the developments in Louisiana loan industry, it ensures that borrowers know what the law says about payday loans.

There are set of laws which governs not just the borrowers, but also the payday lending companies, whether in Alexandria (Louisiana), or any other part of Louisiana. Knowing the payday loan laws means you are better armed to make smart decisions concerning your payday loans.

What are the laws governing payday lending in Louisiana?

  • It is forbidden for a payday loan to be more than $350 at a time, and loans should not give at a period longer than 60 days.
  • Lenders must adhere to these charges; 16.75% of check + $10 documentation fee (default: 1-12 mo: 36% per year; 13 mo +: 18% a year).
  • Borrowers are not restricted in the number of loans they can acquire, but rollover, renew and extending the loan periods are highly prohibited.
  • There is no restriction concerning a lender posting all the terms and conditions pertaining to a loan, but a reputable payday lender like Louisiana Instant Payday Loans, posts every terms and conditions upfront, for the benefit of the borrower.
  • Lenders are permitted to pay only one NSF fee per loan. Any criminal act against a borrower is illegal in the state of Louisiana.
  • When collecting due loans, lenders are prohibited from ensuing threats against the borrower, and required to send mail notification if pursuing any legal proceedings against the borrower.
  • If any laws are violated, the offending lender may be penalized and the active loan discontinued.
  • A lender is permitted to charge a 650% APR on a 14-day loan.

Knowing the state laws concerning payday loans, means that you know what is right and what is wrong, at such, you will not allow yourself be treated unfairly by a payday lender. It also means that you can caution yourself so that you are not found guilty of breaking the laws concerning payday loans.

At Louisiana instant payday loans, we ensure that there are no rights infringement on our part, as our reputation as a law abiding payday lender is precious, and so are our customers.

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