Deferred Presentment and loans that are smallpay day loans) Frequently Asked Questions for customers
- Exactly what is a deferred presentment and little loans?
These loans may pass by various names such as: money advance, check advance, deferred deposit check loans, deferred presentment or loans that are small. a cash advance is just a short-term personal bank loan guaranteed by a debtor’s individual check or the debtor’s contract to really have the bad debts applied for of these bank or credit union account at some future date (usually week or two after making the loan).
- what exactly is the many i will borrow?
Beneath the Louisiana Deferred Presentment and Small Loan Act, the absolute most as you are able to borrow is $350.
- what’s the many i will be charged for a cash advance?
Louisiana legislation allows a loan provider to charge $20 for each $100 borrowed, and dollar financial group loans payment plan also a ten dollars documents charge. Nevertheless, the amount that is total of charges cannot go beyond $55 whenever the quantity lent is $220 – $350.
- May we renew or refinance my cash advance?
No. You have to totally spend from the cash advance before you may make another loan. Nonetheless, if you spend the costs and repay 25% of this quantity you borrowed, it is possible to refinance the residual 75% associated with the amount you initially borrowed, but you’ll be charged extra charges on the basis of the remaining stability owed. As an example, in the event that you borrowed $100 with $25 in costs and you also cannot repay the entire quantity regarding the due date, you are able to spend the $25 costs plus one more $25 (25percent of $100) for the total of $50 and refinance $75 (75% of $100). The excess costs to refinance the staying stability of $75 could be $20.
- just just just What goes on it is due or pay the 25% plus the fees if I cannot repay my payday loan when? Continue reading