Are Online Payday Loans Legal in Louisiana?

Are Online Payday Loans Legal in Louisiana?

Yes! Online payday loans are legal in Louisiana and are regulated under the Louisiana Deferred Presentment and Small Loan Act. Though these regulations are available online, the technical world of payday loans can get a little confusing, so let’s break it down! Check out some of these regulations you should know when applying for an online payday loan in Louisiana.

First, the average payday loan in Louisiana has a term limit between 14 to 30 days, meaning that whoever takes out the payday loan must pay it back within 30 days of its withdrawal. Rollovers are not allowed in Louisiana. Borrowers must pay pack the principal amount and the fees before applying for a new loan.

Second, payday loans are fee-based and will not trap you in a cycle of debt based on Louisiana law. Though this is a plus for borrowers, misconceptions about annual percentage rate (APR) create a false stigma about payday loans. Lenders can also charge a documentation fee (or “doc” fee for short) that is capped at $10. 

Third, the highest amount of money you can borrow at one time is $350, whereas most states allow you to obtain up to $500. 

Lastly – and this is not a regulation, but more of a tip – an important factor people should understand about the payday loan industry is the false narrative loan sharks have created. When many people think of payday loans, they often think of this sketchy system that ends up ripping people off. Though there are those typical “loan sharks” out there, there are also lenders like Quick Cash 4 Less. 

As a Louisiana online lender, Quick Cash 4 Less is here to help people with a supportive service that provides them with a financial solution in times of need for fast cash. When you apply for a loan with us, you talk to real people ready to help you and answer your questions – not robots. See how Quick Cash 4 Less breaks away from that negative narrative far too often associated with payday loans!

Learn more about our application process to see how you can apply for a payday loan online today! For more helpful information on payday loans, check out our blogs.