A guide to Payday Loans in Louisiana, USA.

What are the Citation (s) to Payday Loan or Small Loan Laws in Louisiana?
A: The relevant citation regarding Payday Loans in the Louisiana State Jurisdiction is La. Stat. Ann. § 3578.1 et seq.

Q: Are Payday Loans legal in Louisiana? 
A: Yes Payday Loans are legal in Louisiana. 

Q: What is the Maximum Cash Advance Loan Amount in Louisiana?
A: The maximum Cash Advance or Payday Loan amount is $350. 

Q: What is the Payday Loan Term in Louisiana?
A: The Maximum Payday Loan Term in Louisiana is 60 days. 

Q: What is the Maximum Rate and Fee for Cash Advance Loans in Louisiana?
A: The Maximum fee for Cash Advance Loans in Louisiana is $5 documentation fee + the greater of 16.75% of check or $45 
(After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)

Q: What is the Finance charge for 14-day $100 payday loan in Louisiana State?
A: The Finance charge for 14-day $100 payday loan in Louisiana is $25. 



Q: What is the APR for 14-day $100 payday loan in Louisiana State?
A: The APR charged for 14-day $100 payday loan in Louisiana is 650 percent. 

Q: Is there a limit on the number of payday loans I can take at one time? 
A: The maximum number of payday loans you can take at one time is not specified. 

Q: How many times can the lender rollover my payday loan in Louisiana? 
A: The lender cannot rollover (renew, extend) the payday loan, but the lender can accept partial payment of 25% of first loan plus fees and enter into new loan. 

Q: If I cannot repay my payday loan can the lender initiate a criminal action? 
A: No the lender cannot initiate a criminal action against the borrower. 

Q: Can I be charged a collection fee for a payday loan?
A: Yes, 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


Contact the Department Of Financial Institutions

If you have questions about payday loans please contact the Louisiana Department of Financial Institutions at:

Louisiana Office of Financial Institutions
Address: P.O. Box 94095 Baton Rouge, LA 70804
Phone: (225) 925-4660
Fax: (225) 925-4548
Regulatory Contact: John J. Braud, Deputy Chief Examiner

Website: http://www.ofi.state.la.us/

Where can I find a payday loan store in Louisiana?

You can find the store nearest to your location by simply clicking on this link  loc: Louisiana