Introducton to Payday Lending In Louisiana
A payday loan is the solution. “The best way to beat a bear is to ‘be’ a bear.”
There are so many scenarios that render all of us helpless at one point in our lives or another. The common denominator in each situation is usually money. None of us are immune to it. It doesn’t discriminate as to your status in society, the amount of income that you bring into your home, the neighborhood you live in, your race, religion, gender, ethnicity, or anything else that someone can use to justify why you’ve found yourself in such a predicament. It just simply happens to the best of us, the worst of us, the saddest, the happiest, the loneliest, the richest, the poorest, the most popular, you and I.
Who do we turn to if we, say, find that we have overextended ourselves beyond the point of return and the monthly expenses come due and we have no resource to pay them. Family and friends are just not a viable option. The credit score has plummeted, and you’re out of money.
Some folks say, get another job, take out a bank loan, get another credit card, call for assistance. There’s not enough time for any of that. You’re facing utility shut off, overdraft fees, late payments. Then you have to ask yourself if payday lending is an option that you want to consider. It is legal in Louisiana.
There are so many critics who call it predatory but yet so many who approve of it saying it is some people’s saving grace. It truly is all in how you go about approaching the thing. If you just drive up to a store, go in sign the papers and drive away with the money, you kind of are asking for whatever scene you end up involved in.
Even if you have a limited amount of time that you’re dealing with in order to get funds together, you owe it to yourself to make fast furious phone calls, do research online regarding the various stores in the area, read the reviews from customers who have used them, call references of people who had loans through them and may currently be paying on them, and then choose three to go in and talk to in person. Once you go in to the three stores, get quotes. Don’t sign anything, get all of the fees, terms, rates, how they handle business from them upfront and compare. Ask detailed, pointed questions including about defaults. The more informed and prepared you are, the better the loan experience will be for you.
Once you do this, you need to make out a plan for yourself, in writing, on exactly how you will go about paying the money back in addition to all of your other expenses and not stray from that plan. If you do everything exactly right, taking out the loan with the store you select should be a very positive experience for everyone involved.
OUR TOP PICKS FOR PAYDAY LOANS IN LOUISIANA
There were three stores that stood out among the others in our research based on their approach towards the customers.
They have forty-five locations throughout Louisiana. They provide title loans in addition to payday lending. They train their associates to be dedicated professionals who have the instinct to provide the best possible customer service experience to the borrowers. They provide the rates, fees and terms upfront prior to the loan being signed. Loans are based on income and the borrower’s ability to pay the loan back which the associate will determine during the visit. Loans can be borrowed from $100 to $300. They will make repayment arrangements for clients who are unable to make their payment due to emergency situations. They are open six days a week for their customer’s convenience.
National Cash Advance
They are self-described “nation’s leading payday advance company” being in business since 1994. They are federally and state regulated and a part of the Community Financial Services Association. Their company creed is to respect customers, associates, yourself and the law. They provide one-on-one service with their customers that is quick with no hassles and where fees are presented clearly upfront. They also provide an extended payment plan if a borrower finds themselves in a bind when the payment comes due. They provide services six days per week for the convenience of the borrowers.
Louisiana Cash Advance
Louisiana Cash Advance is the state and federally regulated payday loan provider. They are a very charity and community-focused organization, volunteering, donating, participating in many areas. They provide installment or title loans in addition to cash advance loans. They are proud to offer a 99.97% borrower satisfaction rate with stores in six states and over forty locations and have given out hundreds of thousands of loans per year. They are a member of the Community Financial Services Association which dictates the responsible way in which lenders need to handle their transactions and how they should protect their borrowers. They lend between $50 to $350 due to back by next pay period. There is a $25 NSF fee. They provide $40 fee for folks that refer clients to them, even if the person that does the referring is not a client of theirs.
These seem like reputable organization that a person could take into consideration when comparing where they would like to get their payday loan. They all have guidelines in place specific to protecting the borrower.
WHY TAKE OUT A PAYDAY LOAN IN LOUISIANA
One of the reasons you could consider taking out a payday loan in Louisiana is if your credit is not so great or if you have little to no credit. Lenders in Louisiana don’t base their approval on your scoring for these loans. Their decisions are strictly based on you’re bringing in a steady, regular income and whether you will be able to pay the loan back to them. In some places, they don’t pay a lot of attention to that but it seems this is something they look for here.
Applying for a payday loan in Louisiana is a very easy, stress-free, no-hassle, convenient, fast process for borrowers. If you are approved, most of the store lenders can have you in and out in under an hour with your cash.
If you have to have money in a hurry in Louisiana and you have no other resource, getting a payday loan is a perfect way to meet that need. Approval is almost always given at the storefronts, and you can walk away with the cash in your hand the same day that you went in to apply. With online loans, you will fill out the application on the site and speak to a representative on the phone. If you are approved, the money will be deposited into your account within a twenty-four hour period.
A lot of times with traditional loans you have to give some kind of explanation as to why you’re taking out the loan and them kind of use that information to see if it’s really a good reason to be taking out the loan or not. Payday lending doesn’t work that way. In Louisiana storefronts, you don’t need to explain why you’re taking out the loan. You can get money for any legitimate purpose, e.g. medical expenses, bills, having a rough time, etc.
Payday lending is not real tough in Louisiana. The laws are pretty good towards the borrower and the lender. The judicial system is making sure that everybody is being taken care of.