Loan Options in Louisiana

Louisiana allows both payday loans and installment loans, but each type follows its own statute and pricing rules. Payday loans-called "deferred presentment transactions" in state law-are licensed by the Louisiana Office of Financial Institutions (OFI) under La. R.S. 9:3578.1–.10. Installment loans fall under the Louisiana Consumer Credit Law. Any lender offering either product must hold an active state license.

The main difference is how you repay. Payday loans typically come due in one lump sum, while installment loans let you spread payments over several months. For details on each, see the Louisiana payday loans or Louisiana installment loans page, then compare costs on the Rates & Fees page. If you'd rather avoid high-cost borrowing, check out alternatives available in Louisiana.

• Licensing requirement. Every lender offering payday or consumer-credit loans must hold an OFI license. Search the OFI database before you share personal or banking details-unlicensed lenders are operating illegally.
• Loan-amount cap on payday loans. You can't borrow more than $350 in a single deferred presentment transaction (La. R.S. 9:3578.4). The cap helps prevent oversized single-payment debt, though fees still pile up fast.
• Written disclosure of terms. Before you sign, the lender must give you a written agreement showing the finance charge, APR, payment schedule, and total repayment amount. No written terms means you should walk away.
• Right to file complaints. If a licensed lender breaks Louisiana law, you can file a complaint with the OFI. The office investigates and can penalize lenders who step out of line-visit the OFI website for instructions.

Before you share any information, review our scams and safety checklist and confirm the lender's license through the OFI licensee search.