Although the list of main statutory regulations on obtaining a payday loan is short, certain forms must be filled in before obtaining money. A number of restrictions applies also to minimal fees, charges and repayment periods. However, once you become acquainted with the basic rules you may get your loan without going into details.
All companies that provide payday loans in Louisiana comply with the regulations of the Office of Financial Institutions. Since the regulative standards are nearly identical for all such institutions, differences in lenders’ terms cannot exceed the established limits.
The maximum amount of cash you can apply for in a form of one-off payment cannot exceed $350 in Louisiana. All expenses that relate to the document preparation are minimized. The standard fee applied to all borrowers is $5 with an addition of up to 16.75% of the loan sum. Thereby, the maximal fee depends on the exact sum one is borrowing whereas a minimal fee expressed in dollars is $45.
The payback period does not exceed 30 days. However, borrowers may cancel indebtedness until the end of it in accordance with the regulation provided by the loaning website.
The amount of loans one can apply for is not limited by any current statutory and regulatory enactments. However, the number of active loans is limited; for instance, a borrower is legally obliged to pay not less than 25% of the already active loan before getting a second one.
No, your imperfect credit history will not be a hindrance to obtaining a loan. Quite a few borrowers experience problems with their credit history; however, the existing legislation practice allows loaning companies to work with ex-defaulters as long as both sides are legally secured by agreement.
In most cases, you can apply for a loan regardless of minor flaws in your credit history. A low credit score does not prevent you from borrowing, especially when there is a loaner willing to accept your request for a legally permitted sum of cash.
In fact, most clients with imperfect financial background are likely to have had their first violations by accident. Once disallowed to take part in a normal cash flow they inevitably worsen their credit histories. By ignoring some negative nuances in the credit record, we maintain healthy and durable relations with all our clients.
Getting a quick loan in Louisiana requires no tedious paperwork, with the submission of an application lasting less than a day. You can expect to obtain your money mere hours after signing your papers. You can save your time with electronic signatures as no actual papers are involved in the procedure. Usually, the transaction is finished within the same business day or the next one.
Checking the credentials of your loaning company may also help you clear up the situation. A good idea would be to look at the status of its official membership in the Community Financial Services Association.
As for the source of your personal data, it usually does not matter as long as it is a valid paper, such as your driver’s license, state ID or passport. In addition to your current residential address, you have to specify your email and phone number. No other data is vital as long as you return your debt in time.
Specific details on your source of income status are usually requested in specific cases only. For example, the current legislation strictly prohibits rollovers leaving borrowers an opportunity of renewing their loans. To enter into a new loan contract, you need to provide information on the status of your previous loan contract.
Once you specify your personal data, resident status, personal bank account, and SSN, you are free to apply the online form. The nuances of your personal credit history are always welcomed – and we promise not to take these harshly. You will have a success at obtaining a loan as long as all your papers are fine, your application contains no violations and the sum does not exceed the legally established range.