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Louisiana And Payday Loans, Are You Paying Too Much?
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Louisiana And Payday Loans, Are You Paying Too Much?

This state reminds me a lot of the laws of Kansas state, meaning Louisiana and payday loans are made for each other by the laws they have passed. The state has made it easy for these companies to do business in a way that leads to major payday loan traps.

Another state that allows 60 day payday loans, and allows 16.5% interest on each loan of up to $350.00 borrowed along with a $45.00 fee.. No roll over limits and a 60 day loan length can lead to extremely high charges and roll over fees, as the average payday loan gets rolled over 4 to 5 times in its lifetime.

Another bad side of this states laws is no limit on how many payday loans a person may take out at one time. This can lead to taking out payday loans to cover current payday loan payments, and this is a classic trap of payday loans, which many call payday loan hell.

One redeeming factor is at least payday loan companies are not allowed to attach any property to a payday loan. A small victory for the borrower. Also, be sure when using payday loan companies in this state that they are licensed and not doing business illegally, as many do. You must be licensed in the state of Louisiana.

If you have gotten caught in one of the above payday loan traps in Louisiana or any other state for that matter, and do not know what to do, there is help available. Do some research on payday loan consolidation companies and see if this is a service that can help you out of the payday trap.

Many of these consolidation companies are in business so be careful to find one that will work with you and your lenders one on one and stop any collection action like phone calls and threats of legal action. Also make sure they will drop your payments down to bi weekly or monthly payments so you can have some breathing room on paydays.Remember, not all payday loan consolidation companies are the same, so do shop around.

Once you get this cleared up, never use these services again or if you do, pay the loan off in full on the first due date, period!

I hope this article on the Louisiana state payday loan laws helps you make wise choices when using these services, and if you are in payday loan debt trouble, I hope I pointed you in the right direction for help.

Please feel free to share this article and leave any questions and comments below!


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