Apply for Payday Loans in Louisiana (LA) & New Orleans, Get TOP Offer for Bad Credit and Receive Same Day Deposit with AdvanceSOS
Do you need a part of your paycheck ahead of time? AdvanceSOS works with reputable and flexible payday lenders across Louisiana. Our payday loans are more accessible than ever with the advent of our online processing! You can send your payday loan application to us, free of charge! Upon submission, our lender will deposit the loan amount into your bank account as fast as 1 hour from your application. Whether you’re in Monroe, Hammond, Alexandria, Lafayette, Baton Rouge, Houma Lake, Charles or anywhere in Louisiana, you can find the right loan until payday for you with AdvanceSOS.
Five Advantages of Getting Payday Loans in Louisiana:
Fast money
No rigid loan expenditure purpose
No credit check
Easy application
Online loan application
AdvanceSOS offers the best payday loan terms in Louisiana. We are working with flexible payday lenders that are very responsive and process applications fast! Apply for a loan today and get your money within the hour.
You can find answers to common questions below to help you understand what a payday loan is and how we can help you.
You can easily apply for payday loans online! You only need to fill out a payday loan application form that can take you under five minutes.
Some basic requirements to note before applying for a loan are the following:
You must be at least 18 years old. It is not legal in the United States to lend money to people under 18 years of age.
You must be a resident of Louisiana. This is one of the most important requirements to qualify for a payday loan. You will be asked to provide proof of your legal residence on your application. Once this is met, your chance of getting approved for the payday loan is at its highest.
If you are in bankruptcy, you will not be considered for a loan.
Having a poor credit history is not an issue. If you have a stable source of income and make at least $1,500 a month, we are assured of your ability to repay the loan.
To get instant approval, you will need to provide a few personal details, such as a working email address and phone number.
Our online application takes away the long queue hours in the office and the hassle of commuting. The application form requires basic and personal information, including your:
Name
Address
Social Security Number
Proof of Income
Expenditures
Employment Status
The form will also ask you to provide your desired loan amount and preferred repayment date. After submission, we will connect you to our network of payday lenders best suited for your needs.
How Much Can I Borrow with a Payday Loan in Louisiana?
Louisiana has a payday loan limit of $350.
Our lenders abide by this limit and can offer you as little as $100 to the maximum of $350 on your request. The Consumer Financial Protection Bureau (CFPB) implemented a safety net for payday loan borrowers. If you want to get a payday loan in Colorado, you can borrow up to $500.
How Many Payday Loans Can You Have in Louisiana?
In Louisiana, people can only apply for up to two consecutive payday loans.
The state prohibits lenders from issuing three or more consecutive loans to the same borrower. This is to ensure borrowers will not spend all their finances on loan repayments.
The CFPB has imposed regulations to prevent borrowers from going into a debt cycle. Said regulations also protect borrowers from opportunistic and malicious payday lenders.
How Do Repayments Work With Payday Loans in Louisiana?
Payday loans under $350 are funded in one lump sum and can be paid as early as two weeks or up to 30 days.
CFPB imposes lenders to extend payments and offer flexible terms for loans over $350. Flexible payment means longer duration and installment payments for payday loans. Payday lenders at AdvanceSOS are compliant with existing laws. We ensure we meet your needs while making your terms as comfortable as possible.
Because the entire process is online, you can receive your loan quickly and easily. This allows our lenders to review your application and send out confirmations within the same day. Our lead time is 24 hours so that you can get the funds in your bank account as early as one hour after your application. Experience the fastest payday loan processing in Louisiana with us today!
Why Should I Get a Payday Loan in Louisiana?
A payday loan is a convenient option for when you need extra money or have a financial emergency and your next payday is still out of reach. Some people consider payday loans as cash advances that they can get any time they need them.
Payday loans are short-term loans that you can get in high amounts, which can be used as an instant fix for budgeting problems, sudden financial expenses, or extra money for an event or vacation.
The following are possible scenarios where payday loans can be your financial solution:
The Bank Denied Your Loan
Bank loans have more rigid requirements and qualifications for borrowers. In addition, banks process loans slower than payday loans with no assurance of being approved.
You Are Short on Rent Money
A short-term loan can help pay for your immediate needs. An excellent example is if you are short on your rent money and need a little extra to complete your payment.
You Need to Pay Credit Card Debt
You can settle your credit card payments with a payday loan. Credit card debt collectors can follow up on your payment more than five times in a day if you are delayed on your payment.
They will call, email, and even send threatening letters until you settle the debt. However, short-term loans, such as payday loans, can help you settle your due payment and get rid of credit collectors.
When Your Family or Friends Can’t Help You
Finding a friend or relative that can loan you without interest is the best way to pay an outstanding balance that you can’t settle. However, there are times friends and family are unable to help.
At times like this, payday loans can help save the day.
Repaying a Debt
We do not advise taking out a loan to repay an existing loan. Nonetheless, sometimes repaying your major debt is more significant than a small loan.
Big loans have a higher interest rate and may cost you fines and fees for late payments. In this regard, payday loans can be a quick fix to your payment problems. It can even save you from losing an asset and spending more money on extra charges.
What Is the Average APR for Payday Loans in Louisiana?
The average annual percentage rate (APR) in Louisiana for payday loans is 391%.
APR is the loan interest for a whole year, including other fees and expenses associated with getting the loan. This shows the whole picture of your loan and lets you see the real cost of financing.
Can You Go to Jail for Not Paying a Payday Loan in Louisiana?
No, you cannot go to jail for failing to pay or getting behind on your payments. Louisiana debt collection laws protect you from persistent payment collection follow-up.
The law limits payday lenders to two failed collection attempts. Your consent will be needed for lenders to collect money past the limit; however, lenders can sue for repayment failure. In that case, failing to respond to a court summons or missing a court appearance may lead to jail time.
Be prudent in repaying your loans, and when you suddenly don’t have the means to pay on schedule, contact your lender immediately. All payday lenders at AdvanceSOS are flexible and amenable, with your best interests at heart.
Can I Get a No Credit Check Payday Loan in Louisiana?
Yes, you can get a no credit check for payday loans in Louisiana. Our lenders verify your ability to repay the loan using the information you provided in your application.
Your credit score or credit history will not be considered or affected in processing your payday loan. At AdvanceSOS, a poor credit rating will not hinder your chances of being approved.
What Are Other Fees to Consider in Getting a Payday Loan in Louisiana?
APR
Annual percentage rate for loans in Louisiana is at its highest, with a 14-day loan amounting to APR of 409%.
Credit Fees
For loan amounts less than $30, lenders can only charge $1 for every $5 that is borrowed.
Acquisition Charge
If the loan amount is between $30 and $100, the acquisition charge is one-tenth (1/10) of the loan amount. If the loan is over $100, lenders are mandated not to go over $10 for the acquisition charge.
Maximum Amount
Applying for a payday loan up to the maximum account can cost you a little more in interest and fees. Going over the maximum amount will also cost more, but you will have more flexible payment options.
Maximum Term
In Louisiana, payday loans can be taken for as short as two week or up to 30 days.
What services do we offer in Ohio and Colorado?
Services in Ohio. If you live in Ohio and need quick cash, you may want to consider getting an online payday loan in Ohio. Online payday loans are a great way to get the money you need quickly. Many different lenders offer these loans, so you will want to shop around to find the best deal.
Services in Colorado. AdvanceSOS offers payday loans in Colorado with the best rates and terms possible. Apply online and get your cash in as little as 15 minutes! We are a licensed and registered lender in Colorado, so you can be sure you’re getting a fair deal.
Updated: Oct 1, 2023
What Are The Current Regulations for Payday Loans in Louisiana?
Law status
legal
MIN Loan Amount
$100
MAX Loan Amount
$350
MIN. Loan Term
Varies by lender
MAX. Loan Term
30 days
MAX APR
780%
Additional fees
$10 documentation fee, 16,75% of every $100 borrowed
NSF fee
One per loan
Collateral or guarantor
None, unsecured
Number of simultaneous loans
Not limited
Cooling off period
None
Rollover
Not allowed
Extension, repayment plan
Repayment plan once a year
Default penalties
36% per year
Credit score requirements
Available for Bad Credit
*Information based on our private research and provide average numbers in the state
Where Can We Help You Get a Payday Loan in Louisiana?
AdvanceSOS offers quickly help you find the best payday loans offers in cities like Monroe, Hammond, Alexandria, Lafayette, Baton Rouge, Houma Lake, Charles.
Amanda is a senior financial copywriter at AdvanceSOS. Amanda has been writing about finance since 2015. She graduated with a Master’s in finance from the University of Oklahoma. As a result, she has a wealth of experience and knowledge to share with her readers.
