Regulator Details

Louisiana Office of Financial Institutions

P.O. Box 94095
Baton Rouge, LA 70804
Phone: (225) 925-4660
Fax: (225) 925-4548

Louisiana Payday Loan Laws

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Louisiana Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Louisiana payday loan laws contact the Louisiana Office of Financial Institutions.

Payday loans are legal in Louisiana (see Louisiana Payday Loans or Louisiana Installment Loans to compare fees and requirements for individual lenders).

Feature Specification
Amount (max) $350
Rates or Fees (max) 16.75% of face-value of check, not to exceed $45; + $10 documentation fee. (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)
Term Limitations 60 days or less
General Loan Terms

In Louisiana, no rollovers are permitted (cannot renew or rollover but licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan). Nothing is mentioned about cooling periods between loans. Louisiana has no requirements for extended repayment plans.

For example, in Louisiana the rates and fees on a 14 day, $100 loan are:

Terms Amount
Loan Amount $100
Fees $30
APR 780%
Sample Loan Terms

Louisiana also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.

Feature Specification
Collection Fees 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
Criminal Action Prohibited
Regulations on Collections
Finally, a more detailed excerpt from Louisiana's statutes on finance charges is listed below. In general the tables above summarize this.

A licensee may charge a fee not to exceed 16 and 75/100 percent of the face amount of the check issued.

Citation: La. Rev. Stat. Ann. Sections  9:3578:1 et seq.