FAQ

Updated October 21, 2013

What is a payday loan?

A payday loan is an unsecured, short-term cash loan typically backed by a future source of income, often times a paycheck or anticipated benefit. These loans should only be used when truly needed, such as in emergency financial situations. They are not a solution to long-term debt problems.

How does Louisiana-PaydayLoans.com ’s loan matching service work?

Louisiana-PaydayLoans.com is not a lender and does not make credit decisions. It simply connects interested consumers with independent, licensed third party lenders based on the information provided. Begin by completing our simple form. Once submitted, Louisiana-PaydayLoans.com will try to connect you with an interested third party lender. Every third party lender has their own terms and conditions for payday loans (i.e., fees, repayment terms, renewal policies, APRs, etc.), and each makes approval decisions separately. If matched with an third party lender, be sure to fully understand the lender’s terms and conditions before agreeing to them. If you do not understand or agree to the lender’s terms and conditions, you may refuse the loan offer. If you have any questions or concerns about your payday loan, you should contact your lender directly.

Does Louisiana-PaydayLoans.com charge a fee to connect consumers with independent third party lenders?

Registering to be connected with third party lenders at Louisiana-PaydayLoans.com is free! Since Louisiana-PaydayLoans.com is not a lender, there are no fees or interest directly associated with registration. Louisiana-PaydayLoans.com is a loan matching service that facilitates your request for access to participating third party lenders who may be able to meet your needs. If you are approved by a lender, the rates and fees associated with your loan will vary from lender to lender.

What amount can be borrowed with a payday loan?

Typically, the amount that can be borrowed with a payday loan ranges between $100 and $1,000. Please note, however, not all lenders offer up to $1,000, and the amount offered by an interested lender may differ from the amount sought. How much you qualify for depends on numerous factors including your lender, income, and employment.

If approved for a payday loan by an independent third party lender, how quickly could I receive it?

An independent third party lender could transfer an approved payday loan to your bank account as early as the next business day. Please note, however, cash transfer times may vary depending on the lender and your individual financial institution.

What are the minimum requirements to apply for a payday loan?

Louisiana-PaydayLoans.com is not a lender and does not make credit decisions. Independent lenders have their own minimum requirements which must be met to be approved for a payday loan, and one independent lender’s may differ from another’s. Such minimum requirements typically include, but may not be limited to:

  • 18 years of age or older
  • U.S. Citizenship Valid checking or savings account with direct deposit
  • Regular income of at least $1,000 per month
  • Not a regular or reserve member of the Army, Navy, Marine Corps, Air Force, or Coast Guard (or a dependent thereof), serving on active duty under a call or order that does not specify a period of 30 days or fewer
  • What information is needed to use the services offered by Louisiana-PaydayLoans.com?

    You must provide certain personal, employment, and banking information to be matched with prospective independent third party lenders. Such information includes, without limitation, name, address, telephone number, email address, social security number, driver’s license number, bank account information, and employment information. The information you provide must be accurate. Once submitted, independent lenders may perform a credit check or otherwise verify your social security number or other information.

    Is the information I provide secure?

    Louisiana-PaydayLoans.com respects your privacy. Accordingly, a variety of security measures are employed to maintain the integrity of your private information. All sensitive data transmitted between your browser and Louisiana-PaydayLoans.com uses 128 bit Secure Socket Layer (SSL) encryption technology. Your use of our services is strictly voluntary and is governed by our Terms & Conditions of Use and Privacy Policy.

    Will independent third party lenders perform a credit check?

    Independent lenders may perform a credit check or otherwise verify your social security number or other information. Each independent lender makes approval decisions separately. Louisiana-PaydayLoans.com does not play a role in the credit decision process.

    When must I repay my payday loan?

    Louisiana-PaydayLoans.com is not a lender. Each independent third party lender has their own terms and conditions for payday loans, including those concerning repayment. Only your lender can provide you with information about your specific loan term. You should contact your lender directly with any questions, comments, or concerns.

    What if I am unable to repay my payday loan according to its terms?

    If you cannot repay your payday loan according to its terms, your lender may:

  • Charge you late fees
  • Send your account to a collection agency
  • Report your information to a consumer reporting agency (which may negatively affect your credit score)
  • Offer to renew, extend or refinance your loan (which may cause you to incur additional fees, charges and interest)

    Louisiana-PaydayLoans.com is not a lender. Only your lender can provide you with information about your specific loan terms and the implications of non-payment of your loan. Ask your lender about its policies for non-payment.

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