3 Things to Know About Payday Loans

3 Things to Know About Payday Loans

Payday loans, also known as cash advance loans and deferred deposit loans, are short-term, small loans that provide people with quick cash. These loans help people bridge the gap between pay periods, especially during urgent or unexpected, time-sensitive situations. Though payday loans and the loan process are relatively simple, there are three things everyone should know before applying for a payday loan.

1. Each State has Different Payday Lending Regulations

Payday loans vary significantly from state to state due to laws limiting the fees or interest rates payday lenders can charge. For example, Louisiana’s payday loan limit is $350 with a lending period of up to 30 days and maximum finance charges of 16.75% of the amount advanced. By prohibiting companies from accepting fees to roll over, flip or renew a loan, Louisiana law protects consumers from getting stuck in a cycle of debt. Louisiana law also requires payday lenders to provide full disclosure of all fees and terms on the promissory note including APR so barrows always know the exact amount they owe. 

2. Payday Loans are Different from Personal Loans

Payday and personal loans can be used to pay for virtually anything, but personal loans typically involve much more significant loan amounts and longer payment periods. With personal loans, people usually borrow between $500 to $50,000 and pay it off in installments over several years. When it comes to payday loans, the amount borrowed is typically much smaller with a loan length of 2 to 4 weeks. For example, at Quick Cash 4 Less, we offer Louisiana borrowers payday loans from $100 to $225. 

3. Payday Loans are Easy to Access and have Fewer Requirements

One of the most significant benefits of these loans is their quick access to cash with fewer requirements than alternative loans. The online process also makes borrowing painless. For instance, at Quick Cash 4 Less, our lending system is easy and designed to help you. With lower fees and our seamless online loan process, we make it easy for you to access cash quickly.

Having served over 25,000 customers, our team at Quick Cash 4 Less has the lending experience you can trust! With our online payday loan process, you can typically receive a loan within one to two business days. Learn more about our online loan process and apply for a Louisiana loan today!