Payday Loan 
Title Loan 
Personal Loan 
Business Loan What You Need to Know About Payday Loans in Kelly, Louisiana
Payday loans, also known as cash advances or check loans, are short-term loans that are typically due on the borrower’s next payday. These loans are designed to help people bridge the gap between paychecks when unexpected expenses arise.
If you live in Kelly, Louisiana and are considering taking out a payday loan, here’s what you need to know:
How They Work
Payday loans are relatively easy to obtain. Typically, the borrower fills out an application with their personal information, employment details, and bank account information. If approved, the lender will issue a small loan, usually between $100 and $500, with high-interest rates that must be repaid within two to four weeks.
Interest rates on payday loans in Kelly, Louisiana can be as high as 400%. These high rates can make it difficult for borrowers to repay the loan on time, leading to a cycle of debt and high fees.
Legal Status of Payday Loans in Louisiana
Payday loans are legal in Louisiana, with regulations designed to protect borrowers from falling into an endless cycle of debt. According to state law, payday loans cannot exceed $350 and must be repaid within 60 days. Borrowers cannot have more than one active loan at a time, and lenders are required to provide borrowers with an installment payment plan option if they are unable to repay the loan on the due date.
The Louisiana Office of Financial Institutions provides oversight and regulation for payday lenders. Borrowers who feel that they have been a victim of unfair lending practices can file a complaint with the office.
The Risks of Payday Loans
While payday loans can provide short-term financial relief, they can also be dangerous for those who cannot repay the loan on time. Borrowers who are unable to repay the loan on the due date often roll over the loan, which means that they take out a new loan to pay off the original loan. This can lead to a cycle of debt that can be difficult to break free from.
Payday lenders have been known to use aggressive collection practices such as constant phone calls and threats of legal action. These tactics can be stressful and can often lead to financial hardship for the borrower.
Interesting Facts and Statistics About Payday Loans in Kelly, Louisiana
- Over 290,000 payday loans were issued in Louisiana in 2019, with an average interest rate of 391%.
- Approximately 79% of Louisiana payday loan borrowers take out multiple loans each year.
- Non-bank payday lenders in Louisiana charge borrowers nearly $145 million in fees annually.
Apply Now
If you are in need of short-term financial relief and are considering a payday loan in Kelly, Louisiana, TheGuaranteedLoans can help. We are a connector service that works with a network of lenders to find the right loan for you. To get started, fill out our online application and we will help facilitate your connection with potential lenders. Please note that TheGuaranteedLoans is not a direct lender, and the terms and conditions of your loan will be set by the lender.
Remember, payday loans can be risky, and it’s important to consider all of your options before taking out a loan. If you are struggling with debt, financial counseling may be a better option. The United Way of Louisiana provides free financial counseling to residents in the state.
In Conclusion
While payday loans can provide short-term financial relief, they can also be risky for those who cannot repay the loan on time. If you are considering a payday loan in Kelly, Louisiana, it’s important to understand the legal status of these loans, the risks involved, and your options for financial counseling. TheGuaranteedLoans can help connect you with potential lenders, but it’s important to consider all of your options before taking out a loan.