Looking for an Unsecured Personal Loan in Louisiana?
Payday loans forcing you to spend more and more of your hard earned money just to have to borrow even more money? That’s a lot of more’s — and a lot of money! But it doesn’t have to be that way. Instead of paying a predatory lender an ever-increasing finance charge for borrowing their money, save your hard earned money for the things that really matter. Loans Now has a program — a free! program — that can have you doing just that. Our Loan Discovery Program can have you waving farewell to those payday loans and allow you to set yourself up for financial stability.
By taking out an unsecured personal loan from one of our lenders, you will be free of those super-high interest rates. You will have the money to get caught up on those monthly bills that had you going to a payday lender in the first place. More than that, you can take out enough money to create an emergency fund to support your family in the future. Between having your finances covered and no longer engaging with payday lenders, you will be able to relax.
Unsecured Loans for People with Bad or No Credit
Has bad credit stopped you from getting a personal loan before? That might have something to do with your credit score. If you fall behind on your recurring expenses on a regular basis — which is probably the reason you are seeking financial options — then your credit score is being adversely affected by the inability to pay them. Each one chips away at that score, and the chips are bigger the longer the late bill goes unpaid. You can check your credit score to see how much those late payments have hurt you. Stop chipping away at your credit score; we have options that can help you with this. Here’s what an unsecured personal loan can do for you:
- Let’s you break away from the payday loans
- Prevents the utilities from being cut off
- Keeps your vehicle or home from being repossessed; keeps you from being evicted
- Covers the medical bills that have accumulated
- Consolidates your credit card balances into one sum, one interest rate, one payment
- Stops the number of negative reports hitting your credit report
- Allows you to create an emergency fund
- Gives you the opportunity to clean up your credit report
Our team will guide you through the process, enabling you to take control of your financial situation rather than being at the mercy of usurious payday lenders. Between our online resources (How It Works) and the experts working behind the scenes (a dedicated team member is assigned to your credit situation), Loans Now works hard with lenders to find options to give you that control you need.
Payday Lending in Louisiana
Louisiana residents have it rough. The state ranks as the worst state overall among the whole of the 50 states. From the quality of life to infrastructure to state economy to health care, Louisiana is at the bottom of every category. It ranks 49th in education and last in opportunity. The average household income in Louisiana is $14,000 below what the rest of the country earns and the poverty rate is far below the national average; 20% of Louisianans fall into this category. All of this combined creates a bad economic situation for those living in the state.
With this enormous disparity, it is no wonder why so many people have turned to payday loans to cover their immediate expenses. However, payday lenders are allowed to charge as much as 780% on a loan. And because of the fee this percentage comes out to, often times people have to take out another loan just to cover the first one. A large number of Louisianans are getting trapped in this cycle of debt. End the cycle by allowing Loans Now to find you an unsecured personal loan that can set you free of this financial captivity.
Louisiana Laws and Regulations for Bad Credit Personal Loans
Most states throughout the country have laws governing the act of lending money, the finance charges on that borrowed money, and the penalties for conducting their business in an illegal, immoral, or unethical manner. Louisiana current holds a 12% per year maximum interest rate on personal loans issued in the state (Revised Statutes Title 9 Section 3500). This allows the state to remain competitive both within the non-depository lending sector and the depository industry (banks). This is a comparable rate considering the majority of states have caps on interest rates in the 12%-17% range.
The state has further laws regarding usury lending, or lending money and charging exorbitant fees (payday loans could fall into this category but these lenders are covered under different state laws). If an institution is found adding fees higher than the legally allowed percentage rate, they will be forced to forfeit the entirety of the interest they would’ve collected; meaning borrowers would only have to repay the principal of the loan. Lenders would also have to deduct the amount of interest already paid by the borrower or issue a refund if the loan is almost paid off.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Louisiana Personal Loan for Bad Credit Lending Regulator
For all Non-Depository personal loan providers, Louisiana uses the Office of Financial Institutions to regulate them. Consumer finance companies are required to receive licensing through this office and make reports to it on an annual basis.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K