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Payday loans occasionally called cash advance loans, is often a short term loan that is supposed to be repaid at the time when the borrower receives their next payday. Online payday loans are becoming much more popular lately, as online technologies have enabled potential borrowers to connect with a lender faster than before.
Depending on a wide range of factors like credit rating and loan amount $100-$1000, the terms of a payday loan could be different, and a lender might offer some loans to certain types of borrowers who fit their qualifications.
What is a process to get a payday loan in Louisiana
Starting the payday loan request in Louisiana process is easier than before, because of the availability of online lender networks and online lenders. We aren’t a lender, but, we work with many lenders in our lender network who could offer payday loans.
To start out the request process, it’s so simple as filling out a simple online form that can take just minutes to fill out. From there, a possible lender will review your request, and should you meet their requirements, they might connect with you shortly.
Payday loan locations in Louisiana
Requirements to get a payday loan in Louisiana
Personal credit isn’t the only requirement that goes into a payday loan. A potential lender in Louisiana may also want to see your:
Proof of income
A lender may need to see that a potential borrower has the means to pay back. For that reason, they could ask to see a proof of income, to check that the borrower has a steady flow of money that can be used to pay back the loan in a timely manner. Keep in mind, when a lender is examining a potential borrower, they’re thinking about the loan in terms of risk to their business. If they suppose the borrower is likely to be risky with repayment, they may not go forward with the loan. But don’t be discouraged. Even poor credit borrowers might be able to get connected with a lender, as there are many lenders who do offer payday loans to borrowers with lower than perfect credit score.
SSN – Social Security number
A powerful type of identification, a borrower’s Social Security number is a tool that some lenders will use to evaluate the borrower’s credentials further. It might help a lender get a fuller picture of a borrower’s profile, which can be used to determine whether or not the borrower is qualified to receive a loan.
Proof of residency
You could notice a standard theme in these requirements. Payday loan lenders want to be certain that they know and understand anyone to whom they are lending money. It’s a reasonable process since anybody lending money would need to know the one who is borrowing it as much as possible. Proof of residency is simply another tool that lenders may want to use when evaluating a potential borrower.
Typically, if a borrower is approved and accepts a loan from a lender, the funds can be deposited directly into the borrower’s bank account. For that reason, many lenders may require potential borrowers to have an active checking account that can receive the funds. It might also give a lender another glimpse into the financial trustworthiness of a possible borrower.
A lender might need to take multiple steps to ensure a possible borrower is who they say they are. For that reason, some lenders ask for identification documents like:
- a driver’s license
- state ID
Lenders may want to see these proofs because, for a lender, each loan they provide contains some type of risk for them. When they’re considering whether or not to approve a certain borrower, it is often because the lender is weighing the potential risk and deciding if it suits their qualifications.
What is the process of getting a payday loan in Louisiana
Banks may be much less ready to work with clients who’ve got poor credit. Whereas a payday-specific lender might require a potential borrower to have a checking account, in many cases, they have much less strict requirements than banks themselves.
For borrowers in Louisiana who want additional cash and don’t mind a loan’s term with a relatively short repayment schedule and potentially higher interest rates, payday loans may be a choice to consider. However, it’s essential to bear in mind, even though there are payday lenders willing to work with low credit score clients, it is nearly impossible to get a loan with no credit score check.
Other loan options
If you want more than $5000 or a longer-term, these short-term loans may be better for your needs.
Installment loans. An installment loan is a loan that is repaid over time with a set number of scheduled payments. Each payment is known as an installment, which is why it’s called an installment loan.
Personal loans. Personal loans are a type of installment loan you can use for a variety of purposes, like rent or paying off unexpected expenses.
Cash advance loans. Cash advance loans are a short-term loan that is quickly funded to your bank account after approval. They are very similar to payday loans.
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