Deferred Presentment and loans that are smallpay day loans) faqs for customers

  1. What’s a presentment that is deferred little loans?

These loans might go by various names such as: cash loan, check advance, deferred deposit check loans, deferred presentment or loans that are small. a pay day loan is|loan that is payday} a short-term unguaranteed loan secured with a debtor’s individual check or even the debtor’s contract to really have the money owed applied for bank or credit union account at some future date (usually 2 weeks after making ).

  1. What’s the many I’m able to borrow?

Underneath the Louisiana Deferred Presentment and Small Loan Act, the most that you could borrow is $350.

  1. What is the many I am able to be charged for a payday loan?

Louisiana legislation enables a loan provider to charge $20 for each and every $100 lent, plus a ten dollars documents cost. But, the total quantity of the charges cannot surpass $55 if the quantity lent is $220 – $350.

  1. Am I able to renew or refinance my pay day loan?

No. You have to totally spend off the pay day loan before another loan. Nevertheless, in the event that you spend the charges and repay 25% associated with quantity you borrowed, you can easily refinance the residual 75% of this quantity you initially borrowed, but you’ll be charged extra costs on the basis of the remaining stability owed. Continue reading