Today, it is not uncommon when a person, having got into a critical situation in which money is urgently needed, addresses payday lending companies. Unlike banks, payday loans Louisiana (LA) can be issued simply and quickly. This is a kind of lending for a short period at a certain interest rate. This is an ideal way out of a difficult situation when a sum of money is required, but there is no possibility or desire to collect numerous certificates for the bank. The terms for cash advance issuance are loyal – the number of documents, the terms of the online application reviewing are minimal.
Table of contents
- What are speedy loans Louisiana online?
- Calculating the cost of payday loans Louisiana LA
- Louisiana payday loan regulations
- Rapid approval of payday loans in Louisiana
- Basic requirements – how to qualify for payday loans in LA?
- How your due date is determined?
- Requesting title loans in Louisiana as an alternative to cash advance
- What to spend payday loans on?
- Payday loans in Louisiana: Q&A
What are speedy loans Louisiana online?
Speedy payday loans Louisiana are a type of lending that differs from conventional bank loans in the speed of application processing. You can issue a payday loan online in just 15 minutes, even without leaving home. Cash advance on the card are available to everyone – this is the reason for popularity of payday lending companies.
MFOs take out money in a matter of minutes without asking for extra information, so people take out speedy cash in emergency situations. But such a lending option also has a significant drawback – a high interest rate and, as a rule, short loan terms. However, if you correctly approach the application and selection of the company, possible disadvantages can be avoided.
Calculating the cost of payday loans Louisiana LA
| Louisiana | |
|---|---|
| Status | Legal |
| Min loan | Not specified |
| Max loan | $350 |
| Min term | Not specified |
| Max term | 30 days |
| APR | 391% |
| Rollovers | 4 |
Louisiana payday loan regulations
Rapid approval of payday loans in Louisiana
Applications for payday loans in Louisiana are fast processed. It takes several minutes to review your request. You will get a decision within half an hour maximum. This is one of the reason why quick online payday loans are so widespread.
The approval term: 5-30 minutes.
Basic requirements – how to qualify for speedy payday loans in LA?
Almost all payday lending companies have approximately the same requirements for the borrower. A prerequisite for issuing a payday loans in Louisiana (LA) is the citizenship of the United State and the presence of permanent registration at the place of residence for at least 6 months.
The requirements for the borrower’s age for the main part of payday lenders are from 18 to 65. Some financial organizations issue online loans to persons over the age of 21 only. The upper limit varies from 60 to 81 years old. It is necessary to have a mobile phone number.
So, the most common requirements to obtain quick cash advance are:
- be at least 18 years old;
- be a U.S. citizen;
- be employed and have a reliable source of income;
- have a checking account;
- have a valid email address and phone number.
How your due date is determined?
Lending companies determine the date of payment for the loan differently. The mechanism for setting the payment date depends on the technologies that the financial institution uses. Therefore, some banks give their customers the opportunity to choose the due date independently, while others link it to the time of loan issuance.
The payment is debited by banks on the appointed date according to the schedule, but many credit organizations recommend depositing funds to the account a little in advance, at least a day in advance. Some financial institutions provide recommended payment dates.
Almost all financial institutions, if the payment date in certain months falls on weekends or holidays, postpone it to the first next working day, and the delay is considered from the next day.
Requesting title loans in Louisiana as an alternative to cash advance
One of the most sought-after alternative to cash advance is a title loan. A title loan belongs to a secured loan that allows borrowers to use their auto title as collateral. Since your auto title is used as the loan repayment guarantee, the client can use his car. If he doesn’t repay the loan on time, the auto will become a property of a lending company. Title loans are usually short-term, high-interest loans that have few requirements. Besides, if you have poor credit score, you’ll still have an opportunity to qualify.
Advantages of title loans in LA are:
✓The borrower receives the necessary amount of money without preparing a package of documents, without collecting income certificates and confirming of a positive credit history.
✓All documents are processed as quickly as possible, funds are received by the client almost immediately after application. Funds are transferred in any way convenient for the client – from transfer to a bank card to courier address delivery.
✓The borrower pays the debt in accordance with the terms of the agreement. Throughout this period, he continues to freely use his auto.
✓Such a loan can be issued for any type of transport, regardless of its type, brand, year of manufacture and real condition.
✓All rights to a personal car are returned immediately after repayment of the debt.
What to spend payday loans LA on?
Speedy payday loans are issued for the following purposes:
- major purchases;
- home improvements;
- medical expenses;
- maintenance and repair;
- new appliences;
- medical bills;
- car emergencies;
- rent;
- taxes owed;
- utility expenses.
Payday loans in Louisiana: Q&A
Q: What are the reasons for refusal?
A: The main reasons are: a bad credit history, the presence of current overdue payments on existing obligations, a security system message on suspicion of fraud.
Q: What are the requirements for bank cards?
A: The card must be debit or credit. Card payment system: VISA, MasterCard. Your first and last name must be indicated on the card.
Q: Do lenders give payday loans with a bad credit history?
A: Not all payday lending companies pay attention to the borrower’s credit history. Therefore, a spoiled credit score is not always a reason for refusing to issue funds. Some companies even offer credit history improvement services. To do this, you need to take out a loan and return it on time, then the rating will improve.
Q: What is the difference between payday loans Louisiana and bank loans?
A: Speedy payday loans differ from bank ones in the simplicity and promptness of application, as well as the terms of lending. The main differences:
- quick decision-making – within a few minutes;
- instant transfer of money to the card without visiting the MFI office;
- no need to provide an income certificate;
- simple requirements for borrowers;
- application only by ID;
- accrual of the interest rate per day;
- high interest rates;
- small credit limits and loan terms.