Payday Loans in Gorum, Louisiana

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No payday loan companies in Gorum, LA. Consider companies in other cities:

Company nameAddressZip codePhone number
Franklin State Bank & Trust Co 802 Prairie St, Winnsboro, LA 71295 +1 (318) 435 - 3711
Express Check Advance 810 E Hwy 30 C, Gonzales, LA 70737 +1 (225) 644 - 8797
Magee Financial 1915 Florida St, Mandeville, LA 70448 +1 (985) 626 - 8549
Community Loans of America 753 Odd Fellows Rd, Crowley, LA 70526 +1 (337) 783 - 6776
Affluent Home Loan Perkins Rowe, 10101 Park Rowe Ave Suite 120, Baton Rouge, LA 70816 +1 (225) 295 - 3800
1st Franklin Financial 17316 Airline Hwy Suite C, Prairieville, LA 70769 +1 (225) 673 - 4862
Cinco Financial Services Inc 701 E 4th St, Dequincy, LA 70633 +1 (337) 786 - 7922
First National Bank 215 Ralph Darden Memorial Pkwy, Baldwin, LA 70514 +1 (337) 923 - 0513
Sunrise Fast Cash 5545 Cameron St, Scott, LA 70583 +1 (337) 236 - 6102
Iberia Mortgage & Loan Inc 716 S Lewis St, New Iberia, LA 70560 +1 (337) 364 - 7601

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Gorum, LA, you can try to find different companies in big cities near by. Check out the following pages here: Online Loans in Baton Rouge, LA, Payday Loans in Bossier City, LA, Payday Loans in Houma, LA, Payday Loans in Kenner, LA, Payday Loans in Lafayette, LA, Emergency Loan in Lake Charles, LA, Payday Loans in Marrero, LA and Payday Loans in Metairie, LA. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Gorum, LA.

Are Payday Loans Legal In Gorum, Louisiana?

Loan Rates and Fees, Laws and Regulations in Louisiana.

Louisiana Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)391
Maximum Loan Amount$350
Minimum Loan TermNot Specified
Maximum Loan Term30 days
Number of Rollovers AllowedNot specified
Finance Charges16.75% of the amount advanced

Gorum, LA payday loan calculator

What are Payday Loans in Gorum, Louisiana?

Payday loans are a type of short-term loan that is often used to cover unexpected expenses or bridge the gap between paychecks. In Gorum, Louisiana, payday loans are a legal option for individuals who need quick cash and are willing to pay interest rates that can be higher than traditional loans.

How do Payday Loans Work in Gorum, Louisiana?

To obtain a payday loan in Gorum, Louisiana, you will typically need to provide proof of income, a valid ID, and a checking account. The loan amount will be based on your income and other factors, and you will be expected to repay the loan on your next payday.

  • Loan Amount: The loan amount typically ranges from $100 to $1,000, depending on your income and other factors.
  • Loan Term: The loan term is usually two weeks, or until your next payday.
  • Interest Rates: The interest rates on payday loans in Louisiana can vary, depending on the lender and the amount borrowed. The maximum annual percentage rate for a payday loan in Louisiana is 391%.
  • Fees: There may also be fees associated with payday loans, such as origination fees, application fees, and late payment fees.

Are Payday Loans in Gorum, Louisiana Safe?

Payday loans can be a risky option for individuals who are already struggling financially. While payday loans are legal in Louisiana, it is important to be aware of the risks associated with these types of loans.

One of the biggest risks of payday loans is the high interest rates and fees. If you are unable to repay the loan on time, you may be subject to additional fees and charges, which can make it even more difficult to pay off the loan.

Another risk of payday loans is the potential for debt cycles. Since payday loans are designed to be repaid on your next payday, it can be easy to get caught in a cycle of borrowing and repaying that can be difficult to break.

If you are considering a payday loan in Gorum, Louisiana, it is important to carefully weigh the pros and cons, and to only borrow what you can afford to repay.

What are the Alternatives to Payday Loans in Gorum, Louisiana?

If you are in need of quick cash in Gorum, Louisiana, there may be alternative options to payday loans that are less risky and more affordable.

  • Personal Loans: Personal loans are available through banks and credit unions, and may offer lower interest rates and fees than payday loans.
  • Credit Cards: Credit cards can be a good option for short-term borrowing, especially if you can take advantage of a low or 0% introductory APR offer. However, it is important to pay off the balance before the introductory period ends to avoid high interest charges.
  • Family and Friends: If you have a good relationship with family or friends who are willing and able to lend you money, this may be a good option to explore. However, it is important to treat the loan as a formal transaction and to establish clear repayment terms.

Interesting Facts and Statistics About Payday Loans in Gorum, Louisiana

– According to a report by the Louisiana Budget Project, payday lenders in Louisiana charged an average annual percentage rate (APR) of 429% in 2019.

– In 2018, payday lenders in Louisiana made more than 685,000 loans, worth over $311 million.

– The average payday loan amount in Louisiana is $350.

Apply Now

If you are considering a payday loan in Gorum, Louisiana, TheGuaranteedLoans can help connect you with potential lenders. Simply fill out our online application form and we will facilitate the connection process. It is important to note that TheGuaranteedLoans is a connector service and not a direct lender. You will work directly with your lender to determine the loan amount, terms, and repayment schedule.

Conclusion

Payday loans can be a valuable source of quick cash for individuals in need, but they are not without risks. Before taking out a payday loan in Gorum, Louisiana, it is important to carefully weigh the pros and cons, and to only borrow what you can afford to repay. If you are considering a payday loan, be sure to explore all of your options and to work with a reputable lender.

F.A.Q.

Can I apply for a payday loan online in Gorum, Louisiana?

Yes, many payday lenders in Gorum, Louisiana offer online application and approval processes, allowing borrowers to apply and receive their funds quickly and conveniently.

Are there any alternatives to payday loans in Gorum, Louisiana?

Yes, there are other options available to borrowers in need of short-term financial assistance in Gorum, Louisiana. These may include small personal loans from banks or credit unions, credit card advances, or borrowing from friends or family members. It is important to research and compare different options before deciding on the best option for your situation.