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Business Loan Everything You Need to Know About Payday Loans in Enterprise, Louisiana
When unexpected expenses arise and you find yourself short on funds, a payday loan may seem like an attractive option. Enterprise, Louisiana residents have access to these types of loans, which can provide quick cash to cover unexpected costs. This article will explore everything you need to know about payday loans in Enterprise, Louisiana, including what they are, how they work, and some important things to keep in mind when considering this type of loan.
What are payday loans?
A payday loan, also known as a cash advance loan, is a short-term loan that is typically due on the borrower’s next payday. These loans are usually for small amounts, ranging from $100 to $1,000, although some lenders may offer higher amounts depending on the borrower’s creditworthiness. Payday loans are designed to provide borrowers with quick access to cash to cover unexpected expenses or bridge the gap between paychecks.
How do payday loans work in Enterprise, Louisiana?
In Louisiana, payday loans are legal and regulated by state law. To get a payday loan in Enterprise, Louisiana, borrowers must provide proof of income, a valid ID, and a checking account. Some lenders may also require a post-dated check or authorization to debit the borrower’s account on the due date of the loan. The loan amount, plus fees and interest, is typically due on the borrower’s next payday. Loan terms may vary depending on the lender, but borrowers generally have two to four weeks to repay the loan in full.
What are the costs associated with payday loans?
Payday loans in Louisiana are subject to state regulation that limits the amount of fees lenders can charge. In Enterprise, Louisiana, lenders can charge a maximum fee of 16.75% of the loan amount, plus an additional $10 document fee. For example, if a borrower takes out a payday loan of $100, the lender can charge up to $26.75 in fees.
The annual percentage rate, or APR, for payday loans in Louisiana can be quite high due to the short-term nature of the loans. Borrowers should be aware that APRs can range from 391% to 782%, depending on the loan terms and fees charged by the lender.
Important things to keep in mind
- Payday loans are meant to be short-term solutions. Borrowers should only take out payday loans if they can repay the loan in full on their next payday.
- Payday loans can be expensive. Borrowers should be aware of the fees and APR associated with payday loans before taking one out.
- Payday loans can be habit-forming. Borrowers who rely on payday loans to make ends meet may find themselves in a cycle of debt that can be difficult to break.
Interesting facts and statistics about payday loans in Enterprise, Louisiana
- According to a report by the Louisiana Budget Project, the average APR for payday loans in Louisiana in 2019 was 391%.
- Approximately 80% of payday loans in Louisiana are taken out within two weeks of paying off a previous loan.
- According to a report by the Center for Responsible Lending, payday loans in Louisiana cost borrowers over $279 million in fees and interest in 2019.
Apply now for a payday loan in Enterprise, Louisiana!
If you need quick cash to cover unexpected expenses, a payday loan may be a good option for you. TheGuaranteedLoans can connect you with potential lenders who offer payday loans in Enterprise, Louisiana. Just fill out our online application and we’ll work to match you with a lender who may be able to help. Remember, TheGuaranteedLoans is a connector service and not a direct lender. We will facilitate your connection with potential lenders, but all loan decisions and terms are determined by the individual lenders.