Cash Advance and Payday Loans in Baton Rouge, LA
Most of the customers who use short-term loans have access to a bank or credit union. One of the primary reasons they turn to an alternative lender instead is they need the money fast. Even in Louisiana, alternative financing can be much faster than traditional loans. One of the most popular types of short-term funding is a payday loan.
Advantages of Taking Out a Payday Loan in Baton Rouge
A payday loan is a small-cash, short-term loan that borrowers typically repay in one lump sum upon the arrival of their next paycheck.
Consumers may choose to take out a payday loan to help them with any number of monthly expenses or needs, including:
- Medical expenses, including insurance co-pays and money for prescription drugs or over-the-counter medications
- Vacation expenses
- Home improvements
- Personal expenses
- Business opportunities
- Child-related expenses
- Educational costs
- Living expenses between paychecks
How to Get a Cash Advance and Payday Loan in Baton Rouge
Payday lending is available to many consumers in the state of Louisiana. Baton Rouge residents can apply for a payday loan at storefront locations, over the phone, or online. Online applicants are sometimes approved within 15 minutes.
Potential borrowers might be able to increase their chances of being approved for a loan by improving their credit score, providing accurate information on application forms, and meeting the lender’s preferences.
Cash Advance and Payday Loan Requirements
Most lenders will require the following information from applicants:
- Federal or state identification, with current address or proof of residency
- Employer information
- Bank account information
- Social Security number
Although lenders run credit checks to confirm borrowers’ identity and to assess their debt-to-income ratio, applicants with poor credit or unconventional forms of income are still eligible to apply. In addition to a borrower’s credit history, lenders may consider debt-to-income ratio to determine whether a borrower can afford a cash advance. Some lenders might also require a postdated check for the full loan amount plus interest charges to ensure complete repayment.
Costs and Regulations of Cash Advances and Payday Loans in Baton Rouge, LA
The State of Louisiana caps payday loans at $350. Loans can be taken for up to 30 days. The maximum finance charge is 16.75% of the amount financed, and APR can reach 391% for a 30-day term or 697.41% for a 14-day term. This is one of the highest legal APR limits in the U.S. Rollovers are illegal. As of July 2020, financiers are no longer required to check a borrower’s ability to repay a payday loan.
Due to high-interest rates and steep fees, borrowers are advised to carefully evaluate their financial situation before taking out a loan they may not be able to afford, which may cause them to fall into a debt trap.
Baton Rouge residents who are unable to afford a cash advance can opt for other options. Payday loan alternatives may include borrowing money from family or friends, asking for employer advances, consulting lending networks, and opting for secured loans or installment loans.
Installment Loans in Baton Rouge
Installment loans can be a viable option for Baton Rouge, LA, residents in need of a cash advance. These loans are repaid in fixed monthly installments.
Louisiana caps APR on installment loans at 12%, making the APR and fees much lower for installment loans than for payday loans. However, installment loans also have much longer repayment periods than payday loans.
Installment loans can be taken out for amounts ranging from $1,000 up to $5,000. The minimum loan term is 90 days, and the maximum loan term is 36 months.
Requesting Title Loans in Baton Rouge
Title loans are another form of short-term loan. They require vehicular collateral, making this an option for those with bad credit. Attaching collateral to the loan in the form of a vehicle, such as a car or a motorcycle, provides lenders with more confidence in the borrower. Should the borrower default on the loan, they will lose their vehicle.
To qualify for a title loan, borrowers must:
- Provide proof of ownership over a lien-free vehicle
- Have a verifiable source of income
- Have proof of residency in Baton Rouge
- Provide a government-issued form of identification
- Provide the hard copy of the vehicle title
- Be at least 18 years of age
To determine the loan amount, the lender will inspect the vehicle placed as collateral. Lenders may then offer a loan amount based on the perceived value of the vehicle. However, state regulations prohibit lenders from offering title loans smaller than $350.
Favorite Baton Rouge, LA, Cash Advance and Payday Loan Companies
Lenders used by Baton Rouge residents, LA, include National Cash Advance, Advance America, and Cash Cow.
National Cash Advance has one location in Baton Rouge, off of Coursey Blvd. They offer payday, title, and installment loans, as well as Visa prepaid cards and MoneyGram services. They offer loan amounts of $150, $200, $250, $300, and $350. For 14-day loans, the following fees apply:
- Loan amounts of $150: $36 finance charge; 625.71% APR
- Loan amounts of $200: $50 finance charge; 651.79% APR
- Loan amounts of $250: $55 finance charge; 573.57% APR
- Loan amounts of $300: $55 finance charge; 477.98% APR
- Loan amounts of $350: $55 finance charge; 409.69% APR
Advance America has six locations in the city of Baton Rouge. They offer the same range of services as National Cash Advance. Advance America offers 14-day term loans in amounts of $100, $200, or $255 with the following terms:
- Loan amounts of $100: $27 finance charge; 703.92% APR
- Loan amounts of $200: $50 finance charge; 651.78% APR
- Loan amounts of $300: $55 finance charge; 477.97% APR
- Loan amounts of $350: $55 finance charge; 409.69% APR
Cash Cow offers payday loans in amounts of $100 to $300 and car title loans in amounts of up to $1,400. To check their fees and terms of conditions, visit one of their three neighborhood locations in Baton Rouge, LA.
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