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Last updated December 9th 2018

Commentary is for informational purposes only. See legal disclaimers here.

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Louisiana Applicants
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Louisiana Usury and Regulations

Summary of Louisiana Usury Law(s) / Quote: "Legal: 12% / Contract: 12%; business loans any rate / Judgment: 3.75% / Corporate: Any rate"

(WeFindLenders.com endeavors to include the most up to date legal data for Louisiana, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Louisiana, and/or contact the Louisiana State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)

Louisiana Usury Law Information:

Legal Maximum Interest Rates: 12% max interest rate - see Louisiana Statutes 9:3500 for more detail.

Usury Penalties: Quote: "All interest must be paid back (as per 9:3501)"

Judgment Interest Rates: Quote: "3.25% above Federal Reserve discount rate for that year / Louisiana Revised Statutes 13:4202: Rates of Judicial Interest / State agencies: 6%"

Legal Exceptions: Quote: "Secured by mortgage (9:3504); borrowing for commercial/business purposes (9:3509); obligation secured by a mortgage (9:3504)"

Louisiana Lenders By City

New Orleans LA / Baton Rouge LA / Shreveport LA / Lafayette LA / Lake Charles LA / Kenner LA / Bossier City LA / Monroe LA

Complaints to:

Louisiana Office of Financial Institutions / Complaint Process

All complaints must be submitted in writing to: Louisiana Office of Financial Institutions / Securities Division / 8660 United Plaza Blvd., 2nd Floor Baton Rouge, LA 70809-7024 / Toll Free Number: 1-877-516-3653 (free call) / Fax: (225) 925-4511

Louisiana Lender Service Areas Map

Louisiana Bad Credit Lenders Map - Initial Static Image

Click or tap map image above for interactive version.
Lenders
contact us for listing removal or amendment.


Greater New Orleans FCU
2812 Canal St New Orleans
LA 70119 - www.gnofcu.com
504.454.8224


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ASI FCU
2372 St Claude Ave Ste 122
New Orleans, LA 70117
asifcu.org - 504.733.7274

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New Orleans Firemen's FCU
3840 Canal St #3, New Orleans
LA 70119 - www.noffcu.org
504.889.9090

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Lafayette Schools Credit Union
515 Guilbeau Rd, Lafayette
LA 70506 - www.lsfcu.net
337.989.2800

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First Pioneers FCU
2235 S College Rd, Lafayette
LA 70508 - www.firstpioneers.com
337.233.8833

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Maple FCU
105 Toledo Dr, Lafayette
LA 70506 - www.maplefcu.net
337.233.6264

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Bayou FCU
5880 Florida Blvd, Baton Rouge
LA 70806 - www.bayoufcu.org
225.925.8800

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Louisiana USA FCU
10289 Airline Hwy, Baton Rouge
LA 70816 - www.lausafcu.org
225.292.8910

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Campus FCU
6230 Perkins Rd, Baton Rouge
LA 70808 - www.campusfederal.org
225.769.8841

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Dept of Corrections Credit Union
704 Mayflower Street Baton Rouge
LA 70802 - doccu.org
225.342.6618

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Eagle FCU
2271 College Drive, Baton Rouge
LA 70808 - www.eaglefederal.org
225.927.1900

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Neighbors FCU
7844 Goodwood Blvd, Baton Rouge
LA 70806 - www.neighborsfcu.org
225.819.2178

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Essential FCU
6725 Siegen Ln K, Baton Rouge
LA 70809 - www.essentialfcu.org
888.369.2207

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Bad Credit Loan Form for Louisiana

Fast Loan Pre-App Method
Accessing Bad Credit Lender Pool (?)

Learn about GAP (Gift Angel Program)

 

Signature Loan Example In Louisiana

Hermann needs a quick $1000 loan to help him deal with a personal situation. His roommate just moved out and stiffed him for the last three months.

She left while Hermann was at work and just took the things that belonged to her. At least she left him with her own things.

A buddy had the same thing happen to him and his roommate took everything.

She was supposed to be paying half the rent and the utilities. She has not paid him for the past two months and so he has paid the rent and utilities in full expecting her to give him her half as soon as she had the money.

Instead she moved out and is moving in with another friend. Hermann is going to warn the friend that they might lose out on her half of the rent.

He is a bit short on cash at the moment and needs to replace some of the things that his roommate took with her.

It is not a lot but will add up to almost a thousand dollars and he would like to replace these things as soon as possible. He would not need to borrow the money if she would have paid her share of the rent.

He is still going to talk to her about what she owes, but is not expecting much from her.

He is not sure if he will take on another roommate. He can afford to pay the rent and utilities himself along with this small loan payment. He needs $1000 and plans to repay the loan over a one year term.

A $1000 loan with a 1 year term and 5.47% interest rate for Hermann would cost him the following per month:

• Loan Amount (principal) = $1000
• Interest Rate = 5.47%
• Term Length =1 year
• Monthly Payment = $85.82
• Total Paid Back = $1029.88
• Total Interest = $29.88

This loan is almost an automatic approved loan for most lenders. The client, Hermann has a good track record of paying his bills and does not have any other debt.

He does not make a lot of money, but he can afford to pay this loan, the rent and utilities with what he is currently making.

Sharing his apartment was another way to lower his cost and allow him to make his money last longer.

Hermann was subletting a room in his apartment and using the added income to subsidize his rent. Fortunately for him his roommate was not listed on the lease, so there were no issues with the landlord.

He always paid the rent in full and there never was any problem with late rent payments to the landlord which could have affected his credit rating.

Sometimes in a situation like this if one party does not pay their share of the rent and both names are on the lease, actions to collect the late rent by the landlord can impact the credit rating of both parties.

Hermann’s credit rating remains intact and he will be a lot more careful in who he sublets to next time.

If you live in the State of Louisiana and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.

Sincerely,

Chris Somerset

Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.

Debt Consolidation Loans in LA

Last 5 debt service loans approved in the State of Louisiana. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.

$65000 $25000 $10000 $7000 $7500

15.69% 10.56% 8.92% 6.62% 12.70%

Debt Consolidation Providers In LA

Louisiana Debt Consolidation Loan Providers - Initial Static Image

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Lenders
contact us for listing removal or amendment.

Debt Hero: New Orleans Credit
Consolidation Counselors
201 St Charles Ave New Orleans
LA 70170 - 504.208.2097

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Debt Settlement
Slidell, LA 70458
985.641.0068

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A American Debt Consolidation
Kenner, LA 70062

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OneMain Financial
104 E Kaliste Saloom Road
Lafayette, LA 70508
www.onemainfinancial.com
337.235.1658

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Debt Consolidation & Counseling
Houma, LA 70360
985.876.2660

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RiverLand Credit Union
1234 David Drive
107, Mor - an City, LA 70380
www.riverlandcu.org
985.380.8017

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Morgan City FCU
1205 Victor II Blvd, Morgan City
LA 70380 - 985.385.4031

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CSE Federal Credit Union
1170 Sam Houston Jones Pkwy
Lake Charles, LA 70611
www.csefcu.org - 337.477.2000

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GCA Federal Credit Union
625 Petro Point Drive #B
Lake Charles, LA 70607
337.474.1006

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Jefferson Financial Credit Union
3600 Nelson Rd, Lake Charles
LA 70605 - 800.259.2471
www.jeffersonfinancial.org

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Calcasieu Parish Teachers
& Employees Credit Union
2423 6th St, Lake Charles
LA 70601 - 337.433.4525
www.calteacherscu.com

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Calcasieu Teachers Credit Union
482 Sam Houston Jones Pkwy
Lake Charles, LA 70611
www.calteacherscu.com
337.855.9656

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LA Debt Consolidation Application Form

Louisiana Application Form
Bad Credit Debt Consolidation Loans (?)
 

About Consolidation Loans In Louisiana

In Louisiana you can approach companies that specifically help consumers with help on debt. That can be settlement (relief), or consolidation.

Please keep in mind that a consolidation is a different animal than a relief or settlement. With a relief/settlement you are negotiating with your creditors to pay back only a portion of what you owe. Of course this damages your credit rating further.

But a consolidation is when you get a loan to pay back all of your creditors at once, leaving you with one loan, and hopefully that loan has a much lower rate than your current loans.

Consolidation Loan Example in Louisiana

Anne is nearing retirement and plans to continue working as a consultant. She wants to do a couple of things before she retires.

She wants to consolidate all of her debts into one loan and pay it off before she retires. She also wants to set up her business and have it rolling as a consultant as soon as she retires.

This means she needs to purchase her own computer and the software she will need to use while she works on various projects.

She feels that if she can borrow $6500 to consolidate her debts and make the purchases she needs, she will be able to repay everything before she retires and start debt free.

She does not like owing any money and this debt she owes is really bothering her. She has a plan for retirement and she is ready to make it happen.

She already has her own smart phone and uses it to do all of her own personal email. If she needs to prepare something personal that takes more effort, she does it at work, prints it or sends it from her work computer.

Although technically she is not supposed to use computer resources for personal use, she does this on her lunch break.

She figures that she has three years until retirement and that is one of the reasons she has asked for a three year term.
She also wanted to keep the payments each month relatively low.

A $6500 loan with a 3 year term and 4.76% interest rate for Anne would cost her the following per month:

• Loan Amount (principal) = $6500
• Interest Rate = 4.76%
• Term Length =3 year
• Monthly Payment = $194.11
• Total Paid Back = $6988.00
• Total Interest = $488.00

Anne has a good credit rating and should have no problem being approved for the loan she is looking for.

Although she is near retirement and will be one of the lucky ones to receive a pension, she has a great credit rating and will have a good pension when she retires.

She still wants to work though, figuring that she is too young to retire.

Before Anne is approved for this loan and receives the money, we believe she should talk to an accountant.

She plans to use some of the money for debt consolidation and some for purchases related to setting up her business that she wants to start when she retires.

She may be able to deduct the interest cost related to her business from the income she makes while working as a consultant.

Anne may in fact need two loans, one for her debt consolidation and one for her business.

She could borrow only what she needs now to consolidate all of her debt and then apply for and take out the business loan at a later date when she is ready.

This approach would actually reduce the monthly payments and may also reduce her total interest cost as well.

She is going to give this suggestion some thought and then make plans accordingly. Anne may apply for a smaller loan that is only for debt consolidation.

If you live in the State of Louisiana and you're trying to get approved for a debt consolidation loan, we hope our website helps you find a good lender regardless of your credit rating.

Sincerely,

Andy Somerset

Andy Somerset is the son of Lance Somerset who founded the We Find Lenders Pool. He writes for WeFindLenders.com whenever he's not working hard on his degree in finance.

Debt Counseling Services In LA

Louisiana Credit Counseling Providers - Initial Static Image

Click or tap map image above for interactive version.
Counselors
contact us for listing amendment.

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National Credit Counseling
1300 N Broad St New Orleans
LA 70119 - 504.947.4868

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Clean Credit LLC
4907 S Saratoga St, New Orleans
LA 70115 - 504.345.9268

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The Best Credit Group
1001 W Pinhook Rd Suite 209
Lafayette, LA 70503
thebestcreditgroup.com
337.783.0108

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WFL Loan Product Menu

  • Bad credit scores below FICO 650
  • 200+ lenders review your pre-application(s)
  • Applying does not worsen your credit score
  • Interest rates starting as low as 9% (cs)
  • Collateral not always required
  • Funding between 24 hours and 5 days
  • Terms from 6 months to 10 years
  • Borrow between $500 and $50,000
  • Loans for people with 650+ credit scores
  • 500+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Fast approvals and fast funding
  • Line of credit approvals with reasonable APR
  • Borrow between $500 and $150,000
  • Lenders who provide bad credit consolidation
  • Debt settlement or debt relief services
  • 300+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Seamless approval and funding process
  • Debt relief counseling available
  • Borrow form $5000 - $150,000

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