Legal Status



La. Stat. Ann. § 9:3578 et seq.

Loan Terms

Maximum Loan Amount: $350

Loan Term: 60 days or less

Finance Charge for 14-day $100 Loan: $30

APR for 14-day $100 Loan: 782%

Debt Limits

Maximum Number of Outstanding Loans at One Time: None Specified.

Rollovers Permitted: a licensee may accept a partial payment of twenty-five percent of the amount advanced plus fees charged and enter into a new deferred presentment transaction or renew the small loan for the remaining balance owed. Once a deferred presentment transaction or small loan has been completed, a consumer may enter into a new transaction or loan with the licensee. A deferred presentment transaction or small loan shall be considered completed when the amount advanced has been paid in full by the consumer. La. Stat. Ann. § 9:3578.6

Cooling-off Period: None Specified.

Repayment Plan: A consumer who is unable to repay either a deferred presentment transaction or small loan when due to a licensee may elect once in any twelve-month period. La. Stat. Ann. § 9:3578.4.1(A)(1) The terms of the extended payment plan shall provide for the following: Allow the consumer to repay the outstanding deferred presentment transaction or small loan, including any fees due prior to entering into the plan, in at least four substantially equal installments. La. Stat. Ann. § 9:3578.4.1(C)(1)(a)

Collection Limits

Collection Fees: Reasonable attorney's fees, court costs. The parties in a consumer credit transaction may contract for an additional charge to be assessed against the consumer's account if the consumer tenders a check or makes an electronic debit in payment on such account…The additional charge shall not exceed twenty-five dollars or five percent of the amount of the check or electronic payment, whichever is greater. La. Stat. Ann. § 9:3529

Criminal Action: Prohibited