Cash Advance and Payday Loans in Shreveport, LA
When in need of cash in a hurry, people often turn to payday and cash advance lenders. These types of loan lenders have more flexible credit policies compared to banks or credit unions. They may accept a bad credit score if the borrower makes enough money to pay back the loan on time.
Advantages of Getting a Payday Loan in Shreveport, LA
Unlike a traditional bank loan, the application process is relatively quick and easy. Lenders may require a minimal amount of paperwork. Borrowers can sometimes fill out the application form online.
Most of these lenders don't require good credit. They want to see proof of income, a checking account, and the ability to repay the loan. Many times, it is easier to qualify for a payday loan or installment loan than a traditional loan.
How to Get a Cash Advance and Payday Loan in Shreveport, LA
Applying for a loan in Shreveport can be done online or by visiting a lender in person. To speed up the process, it is essential to carefully check the lender's website and prepare the required documents before the application process.
Cash Advance and Payday Loan Requirements in Shreveport, LA
Those searching for short-term funding should first make sure they meet the necessary Shreveport requirements. To be eligible for a loan in Shreveport, borrowers must be Louisiana residents of at least 18 years of age, present a valid bank account, and proof of income or employment. Some lenders may have additional requirements.
Costs and Regulations of Cash Advance and Payday Loans in Shreveport, LA
The Louisiana law states that borrowers may request a payday loan of up to $350. Lenders may charge a $20 fee for every $100 borrowed and a processing fee of $10. The total fees cannot exceed $55. Borrowers have to repay the loan in a minimum of 10 days or a maximum of 31 days. Lenders may charge additional fees if the customer fails to pay back the loan on time.
Installment Loans in Shreveport, LA
Installment loans are an excellent option for those who want to borrow more than $350. Installment loans are paid back in small amounts over time. Customers can borrow loans ranging from $1,000 to $5,000. The minimum loan term is 90 days, and the maximum is 36 months. While the amount borrowed is higher than a payday loan, the process is relatively quick, and most lenders don't require collateral or a grantor.
Requesting Title Loans in Shreveport, LA
A car title loan is another short-term loan for amounts that exceed $350. Customers use their car as collateral in exchange for cash. If the borrower fails to pay back the loan, the lender can legally have ownership of the vehicle.
The lender may approve a loan between 25% to 50% of the borrower's car's value, and the interest rate limit is 36%. The standard title loan term length is 30 days; however, some lenders may extend the loan term for more than two months.
Some lenders may demand a physical inspection of the vehicle to estimate its value.
Favorite Shreveport, LA, Cash Advance and Payday Loan Companies
One cash advance and payday loan company in Shreveport, Louisiana, is Check Into Cash. Customers can apply for a loan online or in-store. The application process is fast, and the client may borrow a payday loan of a maximum of $300. They also offer title loans for up to $1300.
Cash Cow is another company in Shreveport that offers title loans and payday loans. Customers can walk out with $100 to $300 in cash advance. With a title loan, customers can get up to $1400 cash.
Another company is Ace Cash Express and has four locations in Shreveport. Ace makes it easy to get a car title loan or payday loan for customers who are in a hurry.