Deferred Presentment and loans that are smallpayday advances) Frequently Asked Questions for customers
- What exactly is a deferred presentment and little loans?
These loans may get by various names such as: cash advance, check advance, deferred deposit check loans, deferred presentment or little loans. a pay day loan is|loan that is payday} a short-term unguaranteed loan secured with a debtor’s personal check or perhaps the debtor’s agreement money owed applied for of these bank or credit union account at some future date (usually fourteen days after making ).
- What is the many i could borrow?
The maximum amount that you can borrow is $350 under the Louisiana Deferred Presentment and Small Loan Act.
- What is the many i could be charged for a quick payday loan?
Louisiana legislation enables a lender to charge $20 for every single $100 lent, plus a ten dollars documents charge. Nonetheless, the total level of the charges cannot go beyond $55 as soon as the amount lent is $220 – $350.
- May I restore or refinance my pay day loan?
No. You have to totally spend from the cash advance before you possibly can make another loan. Nevertheless, in the event that you spend the charges and repay 25% associated with amount you borrowed, you are able to refinance the rest of the 75% regarding the quantity you initially borrowed, however you will be charged extra costs in line with the remaining stability owed. As an example, you cannot repay the entire amount on the due date, you can pay the $25 fees plus an additional $25 (25% of $100) for a total of $50 and refinance $75 (75% of $100) if you borrowed $100 with $25 in fees and. The excess charges to refinance the staying stability of $75 could be $20.
- What the results are it is due or pay the 25% plus the fees if I cannot repay my payday loan when?
The lender is required to accept a partial payment of $50 or more and apply the payment to the outstanding balance on the loan ahead of the deadline in the loan.