Payday Loans in Bossier City, Louisiana
Life happens, and we usually end up in a situation where we have to cover some unforeseen bills. Think about submitting an application for a cash advance loan in Bossier City, LA, to see if you qualify.
The loan application process is quick and straightforward. To qualify, you must satisfy a couple of basic criteria.
What is a Payday Loan? What Can It Be Put Towards?
A cash advance loan is where the borrower will get a small amount of cash on a short-term agreement. This is deemed to be an unsecured personal loan because no collateral is required.
When unexpected costs present themselves, like past due rent or utility expenditures, vehicle fees, medical or vet payments, and so on, people frequently turn to paycheck advance loans.
Paycheck Advance Loan Criteria In Bossier City, LA
In Bossier City, Louisiana, payday loan borrowers must satisfy several requirements to be eligible for a loan.
The borrower has to:
- Prove that they reside in Bossier City, Louisiana
- Must be 18 years of age
- Have a steady income that they can provide proof of being at least $1,000/month
- Provide up-to-date contact details including cell phone number and email address
- Give their social security number
If a borrower does not satisfy the above criteria, they will automatically be denied a cash advance loan. Ensure that you can provide the documents required when submitting your application.
Laws and Rules Concerning Payday Advance Loans in Bossier City, LA
Louisiana has deemed payday lending legal. Although, they have created the below rules and regulations for the paycheck advance lending market:
- An individual money lender cannot offer a loan greater than $600. Borrowers are not allowed to take out more than two active loans from different lenders. There is no smallest loan amount.
- There is no minimum loan term, the maximum loan term length is 31 days. In the State of Louisiana, borrowers are not allowed to rollover their loans.
- The fees and charges are different for each lender. The service costs enacted by the lender on each loan or transaction do not fall under interest. The service fees apply to each $100 loaned and can range from 11% up to 15%.
- An interest rate is required to be mutually agreed upon. APR can be as much as 369%.
Will Payday Advance Lenders in Bossier City, Louisiana, Perform Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we partner with will perform a credit check on you, still, even if you possess no credit or dismal credit, you may still be approved for a loan as long as you can prove that you can pay back the loan. Lenders are usually unbothered by your credit history if you offer proof of income and a plan to repay the loan.
Lenders will rely on a soft credit inquiry, which will not impact your credit score. This is only to get a look at your credit history and basic information.
A hard credit pull, on the other hand, must have your explicit consent. These credit checks are used for various purposes, such as mortgages, credit cards, and more.
You may still qualify for a cash advance loan with poor credit in Bossier City, LA, provided that you can prove you will repay the loan.
Therefore, when you request a loan, albeit in person or online, ensure that you have your income information ready and any other documents showing that you can pay back the loan. The more proof you have, the better chance your loan request will be granted.
When Will I Get My Funds in Bossier City, Louisiana?
When you receive your money really relies on your lender as some lenders provide same-day payday advance loans, which means you will see your payday advance loan on the same day you submit your application, as long as you're approved.
Most of the time, though, lenders will give the borrower their lump sum on the next business day. Businesses generally close for holidays and weekends. So, if you submit your application on a Friday, you may not get your money until Monday.
If you're looking for a same-day paycheck advance loan in Bossier City, Louisiana, you will need to ensure you're applying by 10:30 am. All same-day deposits going out that day will be approved by that cut-off. However, you should request a loan earlier than that if possible, as it will increase the likelihood that you get your money on the same day that you submit your application.
One other factor that you should understand is even if the money lender approves your application and posts the funds to your bank, occasionally the bank won't release that deposit right away. It's paramount that you let your bank know that you plan to receive a cash advance loan, so they could possibly make an exception in releasing the deposit earlier.
Overall, it's best to prepare ahead of time to receive your deposit on the following business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Think About Borrowing From PaydayLoanRadar
If you possess underwhelming credit or no credit and are needing to secure a payday loan, think about applying with us, as you most likely have a better chance of approval.
We work with more than one hundred different lenders who offer their services online. Frequently you will receive your cash on the following business day so make sure that you plan accordingly.
Although, you can always find the nearest payday loan storefront to you and apply in person to strengthen the chances of getting your funds on the same business day. When applying in person, make sure that you have your government ID or driver's license; a passport is sufficient. Infrequently, lenders may require proof of address, so take along a utility bill to the store as well.
To find the nearest payday loan store, please navigate to the list below and find your city.
Payday Loan Direct Lender Companies in Bossier City, LA
Below you will find a list of payday loan companies offering their services in Bossier City, Louisiana. If you can't find a lender near your location in Bossier City, consider applying in a nearby city in Louisiana. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Bossier City, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.