Louisiana Payday Loans Law

Louisiana Payday Loans Law

Louisiana State Information

Legal Status: Legal

Loan Terms:

    - Maximum Loan Amount: $350
    - Loan Term: 60 days or less
    - Maximum Finance Rate and Fees: 16.75% of face-value of check, + $10 documentation fee (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)
    - Finance Charge for 14-day $100 loan: $30
    - APR for 14-day $100 loan: 780%

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: Not Specified
    - Rollovers Permitted: None (cannot renew or rollover but licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan)
    - Cooling-off Period:
    - Repayment Plan: Yes, once in a 12-month period. Four equal installments, no fees or interest.

Collection Limits:

    - Collection Fees: One NSF fee of actual bank charge (if disclosed) + the greater of $25 or 5% of check (if disclosed); Court Costs; Reasonable Attorney's Fees
    - Criminal Action: Prohibited

Where to Complain, Get Information:

    - Regulator: Louisiana Office of Financial Institutions
    - Address: P.O. Box 94095 Baton Rouge LA 70804
    - Phone: (225) 925-4660
    - Fax: (225) 925-4548

These Louisiana payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Louisiana government without prior notice.

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