For the many families in Louisiana (and across the country) who are living paycheck to paycheck, the smallest financial emergency can send them into a tailspin. For this reason, cash advances and the payday lending industry are alive and thriving across the state.

For example, what would happen if you had a very painful toothache and the dentist would not accept your insurance as a form of payment? To have your tooth pulled you would have to pay the fee up front, and then be reimbursed by your insurance company. You know that when you receive your next paycheck, you’ll have the extra cash available. But you are in serious pain now. This is an ideal situation for a cash advance.

These short-term (usually two weeks), single payment loans are relatively small (usually under $500), and do not require a credit check. Instead, the cash advance lender utilizes your current paycheck (gross and net amounts) to calculate how much your loan will be for.

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One way in which cash advances are paid is with a personal check written out from the borrower to the lender. This check is post-dated to the loan’s due date and includes the full loan amount plus any applicable fees. When the loan becomes due, the lender simply deposits the check, pays the loan’s balance, and keeps the fees.

Louisiana has a few laws in place to protect both consumers and lenders alike within the payday loan industry:

Cash advance cannot be taken out for more than 30 days.
Fees cannot exceed 16.75% of the loan amount ($16.75 for each $100) or $45 total, whichever is greater.
No rollovers are allowed (paying off one cash advance with another).
One $25 or 5% of check fee allowed for returned checks.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.