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Loans in Louisiana (LA)

The Basics of Payday Loans and Installment Loans Louisiana

When someone mentions the Wild West, they probably imagine crops, cowboys, and boots. Granted, Louisiana is no longer a “wild state” – it’s actually pretty modern and beautiful, packed with amazing landscape and state-of-art buildings.

Payday Loans Louisiana

However, what people don’t know is that Louisiana is currently one of the poorest states of the US – with the general poverty rate going above 20%. Not only does this make it difficult for people to bring food on the table – but it also pushes them to get indebted. When the situation is dire, some payday loans and installment loans in Louisiana can be very helpful.

How Payday Loans and Installment Loans Louisiana Work

Payday loans are named like this mainly because they need to be paid back by payday. Unless it is an installment loan (which can be paid back in several installments), this kind of loan usually takes two weeks to pay back.

This is what makes Louisiana ​bad credit loans and installment loans different from your regular bank loan.

  • The amounts are smaller: Generally speaking, short term loans are limited – and the amounts borrowed go from $300 to $1,000. With Louisiana’s average income, however, the most common borrowed amount is $400 – or even less.
  • The terms are shorter: Unless you are specifically applying for an installment loan, payday loans have to be paid back when you get your next paycheck. It can be in a week or two – or it can be in a month. It will all depend on your paycheck arrangements.
  • There aren’t any installments: Once more, unless you are applying for an installment loan, there aren’t any installments to deal with. You borrow the money and then you pay it back, all in one go, once you get your paycheck.
  • The interest rate is high: When you take out a loan from a bank, the interest rate is calculated based on your credit score. With online payday loans and installment loans in LA, your credit score is irrelevant – mainly because you are considered a risk from the very beginning. It is also why the interest rate is so high.

Technically speaking, a payday loan is a short-term solution to a short-term problem – so it might not work with any long-term issues.

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How to Get a Payday Loan

Getting a Louisiana payday loan same day is relatively easy – which is why so many people prefer this option. First of all, you have to find a direct lender and do careful research. Different lenders offer different interest rates – so you might want to be extra careful.

Make sure that you are clear on the deadline and whether there are any installmentsor not. Depending on your choice, you might have to pay more in interest. Once the details have been resolved, you will fill in the application and generally receive the money right away.

Be sure that you always make your payment on time to avoid penalty fees and damage to your credit score. Plus, never borrow more than you can afford. This will cause you to borrow again to cover the other loan – sending you into an endless cycle of debt.

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Disclaimer

Short-term loans represent a type of emergency borrowing meant to help you with immediate financial issues. They can only become pricey products once you use them for long-term purposes.

 

MicroPaydayLoans.com‘s operator and owner is not a lender, so he isn’t involved in making credit decisions that include lending and making loan offers. This website actually works as a matching service, helping you contact with lenders and third parties. You are not charged any fee for our service. Moreover, you are not forced to initiate contact with any lender or third party or accept any of their offers.

 

The data that is presented on our website regarding short-term loans and the industry is here for information purposes only. We do not uphold a particular lender, and we’re not responsible for a lender’s actions or inactions. Moreover, MicroPaydayLoans.com doesn’t collect or store your data concerning fees and charges associated with the lenders. Basically, we don’t have access to this data in the first place.

 

Not every state approves of short-term loans. Also, not every lender in our network is able to provide loans of up to $1,000. We don’t guarantee that a consumer will get approval for any loan product or lender or will be matched with a lender. If matched, it doesn’t mean he/she will receive the requested short-term loan.

 

In addition, a lender may want to do a credit verification. This takes place to ensure that you have a reliable credit, and to determine the scopes of credit products to offer. Additional verification may be needed, including your driving license number, social security number, national ID or other documents that help with identification. Keep in mind that scopes vary from one lender to another based on various factors. These factors include the terms determined by each lender and credit standing of the applicant.

 

APR Representative

Annual Percentage Rate, or APR, is the loan rate that’s calculated for the annual term. Considering MicroPaydayLoans.com isn’t a lender and doesn’t own information about any detail of short-term loans offered by individual lenders, they can’t estimate the APR. So, the APR provided won’t be the exact one charged by any of the loan products lenders offer.

 

APRs are very different from one lender to another, one state to another and they depend on various factors, including the credit standing of an applicant. There may be additional charges associated with the loan offer. Some of these charges include late payment, late payment reporting, non-payment penalties, and debt collection actions.

 

These actions have nothing to do with our website. Moreover, we do not have any information about actions taken by the lenders. The financial and non-financial charges and actions can be disclosed in a particular agreement in a clean manner.

 

The APR is calculated as the annual charge, and it’s not a financial charge for a short-term loan.

 

Late Payment Implications

If something happens and you won’t be able to repay a loan on time, it is recommended you contact the lender. Once this happens, late payment charges and fees may be applied. Federal and state regulations may vary from one case to another, and they are determined for late payment cases. Information regarding costs and procedures when it comes to late payment should be discussed before signing any related document. So, make sure you review these with your lender, and they will be disclosed in the loan agreement.

 

Non-payment Implications

If you don’t pay a loan or miss the payment, there may be some financial and non-financial penalties. Any financial charges or fees in case of late payments should be disclosed in the loan agreement. Other actions related to non-payment, renewals, for instance, may be implied upon given consent. Renewal terms are going to be disclosed in each loan agreement individually. Keep in mind that renewal may also come with additional fees and charges.

 

Debt collection practices and any similar procedure will possibly be performed. Any action related to these practices is adjusted to the Fair Debt Collection Practices Act regulations. It is also adjusted to other applicable state and federal laws to ensure the consumers’ protection against negative borrowing and unfair lending experiences. Most lenders don’t refer to outside collection agencies. They will rather collect the debt through in-house means.

 

Late payment and non-payment may significantly impact a borrowers’ credit score and decrease it. Lenders may report these bad experiences to credit bureaus, including Transunion, Equifax, and Experian. If this happens, the consequences of late payment or non-payment will stay in a borrower’s credit reports for a certain amount of time.