Payday Loans in Shreveport, Louisiana
Incidents happen, and we usually find ourselves in a spot where we must cover some surprise bills. Consider submitting an application for a payday advance loan in Shreveport, LA, to see if you qualify.
The application process is swift and simple. To qualify, you must satisfy a couple of general criteria.
What is a Paycheck Advance Loan? What Can It Be Used For?
A cash advance loan is where the borrower will receive a small amount of money on a short-term contract. This is deemed to be an unsecured personal loan due to the fact that no collateral is required.
When surprise costs arise, like late rent or utility fees, auto fixes, medical or vet costs, and so on, individuals often seek out cash advance loans.
Cash Advance Loan Criteria In Shreveport, LA
In Shreveport, LA, paycheck advance loan borrowers need to satisfy a few criteria to qualify for a loan.
The borrower must:
- Prove that they live in Shreveport, LA
- Must be 18 or older
- Have a steady income that they can prove that's at least $1,000 per month
- Give up-to-date contact details including cell phone number and email address
- Provide their SSN
If a borrower does not satisfy the above criteria, they will immediately be denied a payday advance loan. Ensure that you have the documentation required when applying.
Laws and Regulations Regarding Paycheck Advance Loans in Shreveport, Louisiana
Louisiana has ruled cash advance lending legal. However, they have set the following rules and laws for the payday advance lending market:
- A single money lender cannot extend a loan in excess of $600. Borrowers may not possess 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 unable to rollover their loans.
- The fees and charges change for each money lender. The service fees charged by the lender on a cash advance loan do not fall under interest. The service fees apply to every $100 loaned and can range between 11-15%.
- An interest rate must be mutually agreed upon. APR can be as much as 369%.
Will Cash Advance Lenders in Shreveport, LA, Run Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we have a relationship with will perform a credit check on you, still, even if you possess no credit or bad credit, you might still be approved for a loan provided you can prove that you are able to repay the loan. Lenders are generally unconcerned about your credit if you possess proof of income and a plan to repay the loan.
Lenders will use a soft credit pull, which will have no impact on your credit score. This is solely to get a feel of your credit history and general information.
A hard credit pull, alternatively, needs your permission. These credit checks are used for a plethora of purposes, including mortgages, credit cards, and more.
You may still be approved for a cash advance loan with less than great credit in Shreveport, LA, provided that you have proof of repayment.
So, when you apply, whether it is in person or online, double check that you have your income information available and any other documents showing that you can pay back the loan. The more proof you provide, the more likely your loan request will be granted.
When Will I Receive My Money in Shreveport, Louisiana?
When you get your funds truly depends on the lender as some lenders provide same-day payday advance loans, which means you will see your cash advance loan on the same day you submit your application, as long as you get an approval.
Most of the time, however, lenders will give the borrower their lump sum on the following business day. Businesses usually close for holidays and weekends. So, if you apply on a Friday, you might not see your loan until Monday.
If you're looking for a same-day payday advance loan in Shreveport, Louisiana, you will need to ensure you're applying by 10:30 am. Any and all same-day deposits going out that day will be approved by that deadline. However, you should submit an application earlier than that if able, as it will boost the likelihood that you receive your loan on the same day that you apply.
One other consideration that you should understand is even if the money lender approves your application and posts the credit to your checking account, sometimes the bank won't release that credit at that time. It's vital that you let your bank know that you plan to get a paycheck advance loan, so they could possibly make an exception in releasing the money earlier.
Overall, it's best to prepare ahead of time to get 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 Us
If you possess underwhelming credit or no credit and are searching to secure a paycheck advance loan, think about applying with us, as you most likely have a higher chance of approval.
We partner with hundreds of different lenders who provide their services online. Most of the time you will get your cash on the following business day so ensure that you plan accordingly.
However, you can always locate the nearest cash advance loan storefront to you and apply in person to increase the chances of getting your loan on the same day. When requesting a loan in person, ensure that you have your government ID or driver's license; a passport is sufficient. Now and again, lenders may request proof of address, so bring a utility bill to the store as well.
To locate the nearest payday advance loan store, please use the list below and locate your city.
Payday Loan Direct Lender Companies in Shreveport, LA
Below you will find a list of payday loan companies offering their services in Shreveport, Louisiana. If you can't find a lender near your location in Shreveport, 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 Shreveport, 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.