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Deferred Presentment and loans that are smallpay day loans) Frequently Asked Questions for customers
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 quick payday loan is|loan that is payday} a short-term personal bank loan secured by way of a debtor’s personal check or perhaps the debtor’s contract to really have the money owed removed of these bank or credit union account at some future date (usually fourteen days after making the mortgage).
- What’s the many I’m able to borrow?
The maximum amount that you can borrow is $350 under the Louisiana Deferred Presentment and Small Loan Act.
- What’s the many i could be charged for a quick payday loan?
Louisiana legislation permits a loan provider to charge $20 for each and every $100 lent, plus a ten dollars documents charge. Nevertheless, the total number of the costs cannot surpass $55 if the quantity borrowed is $220 – $350.
- Am I able to restore or refinance my pay day loan?
No. You need to entirely pay off the loan that is payday another loan. But, in the event that you spend the costs and repay 25% of this quantity you borrowed, it is possible to refinance the rest of the 75% for the quantity you initially borrowed, but you’ll be charged extra fees in line with the remaining balance owed.