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Louisiana Installment Loans :
Installment loans are short term cash advances which are looked at as a quick solution to a consumer's short term financial problems. They are also referred to as small personal loans or deferred deposit check loans.
After an agreement has been reached between the borrower and the lender, the balance is withdrawn from the borrower's credit union or bank account after an agreed upon period usually between 14 days and 31 days.
Requirements For Installment loans Applicants In Louisiana :
The state of Louisiana requires that all installment loan lenders be registered according to the regulation stipulated in the Louisiana law. Like many other states, Louisiana aims to protect its citizens from financial meltdown and risks in this lending business. This Act regulates the practise on how the borrower and lender interact, the interest rates and the fees that the lender can demand.
According to the Louisiana law, the maximum sum that one can ask from a lender is $350. The lender is allowed to charge $20 for each $100 loaned out. This implies that the maximum charge that the consumer is required to pay excluding the fees is about $70. The law further states that the documentation fee should not exceed $10.
The maximum amount of fees the consumer is required to pay shall not exceed $55. The fees charged by the lender should not be more than 16.75% of the total amount borrowed. The act requires that all the fees be clearly stated in the loan agreement.
Lousiana Laws And Exemptions for Online Installment Loans :
The Louisiana state law does not allow loan extensions or rollovers. This implies that a consumer is required to settle the louisiana installment loan they took in full before they can apply for another loan from the lending institution.
However, if the consumer had paid all the fees and 25% of the initial amount of the loan borrowed, the law allows them to refinance the balance of the initial amount of the loan. In addition, the lender will charge the consumer additional fees depending on the amount the consumer owes.
For example, when a consumer gets a loan $100 with fees amounting to $25 and fails to repay it in the agreed upon time, the consumer can pay $25 and cover the fees, refinance the remaining $75. The additional fee in refinancing the balance is $20.
If the consumer fails to pay the total amount in the specified time but pays $50 as partial payment, the lender is obliged by law to accept and apply it to the outstanding amount. The lender is allowed to open legal proceedings against the defaulter if they fail to comply with such regulations. They are not supposed to harass the consumer by either calling their employers or giving out their information to other parties. The lender may decide to sell the debt to a collection agent. The consumer is then required to pay the remaining amount to the collection agent.
The Louisiana state law on personal short term loan lending allows the lender to charge the consumer some fee due to late payment. The lender is allowed can charge the borrower 36 percent per annum during the year the agreement was struck after the expiry date of the loan. Thereafter, the charge comes down to 18 percent per annum.
It is legal for the lender to deposit a consumer's check when they have insufficient funds to pay off the installment loan in full. A lender will be acting within the law if they charge the consumer $25 as an additional fee due to the bounced check and get a reimbursement of the fee charged by the bank for processing a bad check.
In Louisiana, the law permits a borrower to get more than one installment loan at a time. This implies that a borrower can get an installment loan to clear off another short term personal loan. However, this is very risky since one can find himself in deep debt especially if the initial loan did not address the financial problem you targeted.
The more cash advance loans you have the greater the risk of sinking deeper in debt. Having multiple loans payable at one instant is very dangerous as it puts you at a point of financial breakdown.
Louisiana installment loans are aimed at addressing short term financial difficulties of the residents. The laws in place are geared towards establishing safe working conditions. The Act regulating small installment loans protects louisiana residents from any risk they might encounter by acquiring an installment loan.
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