Louisiana Cash Advance Laws & Regulations
Louisiana residents have a lot of options available to them for their payday loan needs. Before borrowing, make sure to read up on the laws that control payday loans, as listed below.
Here are some specific Louisiana regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
60 days - Maximum Finance Charges and Fees
Documentation fee of $5, $45 dollors or 16.75% of loan check, 36% per annum interest for first 1 to 12 months of default period; finance charge $25 for each $100 - Maximum Loan Amount
$350 - Number of Rollovers
None - Outstanding Loans Allowed at Once
N/A - Cool-Off Period
N/A
- Payment Plan
N/A - Collection Fees
One time NSF fee + $25 or 5% of loan for late charge - Presentment Limit
One - Private Right of Action
Civil - Military Protection
N/A - Penalties
Court costs and reasonable attorney fees
References:
Louisiana Statute RS 9:3578:1 et seq.
Louisiana Office of Financial Institutions
P.O. Box 94095
Baton Rouge, LA 70804
Phone: (225) 925-4660
Fax: (225) 925-4548
Web: www.ofi.state.la.us
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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