Houma is located in Terrebonne county, Louisiana. Total population is 33,520. Male and female share of the population counts 49.2%/50.8%, respectively. The median age is 37. Median family income is $56,334. The poverty rate is 26.6%. Median house value is $155,500. Median gross rent is equal to $808. Standard Zip codes are 70360, 70363, 70364. The financial tools available for people in Houma, Louisiana are payday loans, installment loans, personal loans, title loans, credit of line, etc.
Let’s consider the main details about payday loans available in Houma, LA.
What are payday loans Houma, Louisiana?
Payday loans in Houma, Louisiana are quick loans issued by online direct lending services. The main features include:
- a relatively small amount;
- a relatively short repayment term;
- high interest rate;
- almost instant money withdrawal.
An important advantage of such financial services is the absence of the need to present certificates and various documents. It is usually enough to have an US, specify your phone number and email address.
In the vast majority of cases, payday lenders offer to issue a loan to a card online. This means that you don’t even have to visit the office. The transaction will be concluded directly on the website, and the money will immediately appear on the borrower’s card.
A payday loan Houma, Louisiana is a small loan that is provided to the borrower for a short period of time. Lenders do not require a certificate of income or official employment.
For this reason, a microloan is popular among people with low solvency or a bad credit history. You may need it:
- if it is not possible to take out a regular consumer loan from a bank (there is no official job, bad credit history, no collateral or guarantors).
- when you need a small amount for a short period of time.
- if there is no time to collect documents or visit the bank to apply for a loan.
How do online payday loans work?
Be prepared that in response to the simplified procedure for issuing a payday loan in Houma, LA, you will receive an amount in debt at an increased interest rate. It can reach 1-2% per day. Such rates are associated with a high risk of the organization not getting its money back.
Who does not want to receive borrowed money on the day of application? Payday lenders approve applications with high speed and sometimes the procedure from submitting a questionnaire to receiving funds takes no more than an hour. The main thing is to pay off the debt properly afterwards. By the way, some lenders encourage their conscientious regular customers by increasing the size of cash advance, which they can count on in the future.
Although it is easy and simple to get a payday loan Houma, Louisiana, but in case of delay, tough measures await you. You will definitely face penalties. Their size depends on the amount of the loan and the length of the delay.
It is rare to try to ask for the extension of the agreement, but this service will demand to cover a commission from the original amount.
A payday loan is a product that has both positive and negative sides. On the one hand, it is accessible to a wide range of people, on the other hand, it is a high percentage.
How much money can you take out for the first time?
The minimum loan amount is $100, the maximum is $5,000. But not all companies will be ready to give out such an amount for the first time. If you are looking for a small loan of $1,000, then, most likely, it will have to be issued in several organizations in parts and separately.
The higher the amount of the cash advance, the more likely it is that you will be asked for extra documents. This can be an income or bank statements for several months. You can even get a discount on your first loan.
What do I need to get an online payday loan in Houma, Louisiana?
As a rule, in order for the lender to entrust its funds to you, you need:
- US ID;
- US residenceship;
- an oral (that is, a certificate of income will not be required) statement of income.
You will be asked to provide an ID if you ask for an amount up to $1,000. If you need more money, the lender will require additional documents: passport, driver’s license, military ID, TIN, SSN, etc. Please note: the more documents you provide, the higher the chance of getting a bigger amount.
The availability of the necessary documents are the main criteria important for a direct lender. You will get a quick loan without any problems if you have a positive credit history. That is, you have already taken out loans and paid them off on time.
If you have never had any experience with financial companies, starting your credit history with a payday loan is probably the best solution. Get a quick loan for a small amount and a short term, pay off the obligation in time and become a welcome client for a large number of creditors, including banks. And then you will be able to choose where to get loans.
How to issue a short-term loan correctly?
If you still decide to apply for a loan in a microfinance organization, follow the main rules:
Take out a payday loan only as a last resort and only if you are 100% sure that you will be able to repay it in the near future, preferably ahead of schedule.
Before signing the contract, calculate exactly how much interest you will have to pay on the loan.
Compare it with the amount of your family’s net income.
Check with the company’s manager whether early repayment of the loan is possible.
Before signing the contract, carefully read all its clauses, especially those printed in a smaller print.
If you receive money at the office’s cash desk, carefully study the cash order. Check whether the issued amount matches the figures indicated in the agreement.
What are the advantages of payday loans Houma, LA?
Payday loans Houma, LA are usually called small loans in the amount of $1,000 to $5,000. Such services are provided by microfinance organizations that were created specifically to make lending more accessible to most citizens.
So, here are the main advantages of quick small loans:
- simplicity. You can get a loan without leaving home. All operations are carried out remotely, that is, via the Internet;
- loyal verification. The lender does not pay much attention to your credit history. If you have had small delays in the past, then managers, as a rule, turn a blind eye to this. Moreover, with the help of MFI products, you can improve the damaged credit score. To do this, just take small amounts several times to the lending services, and then return them within the term;
- possibility of extension. If you do not have time to pay the debt, no one will come to your house and demand a refund today. The lender will give you the opportunity to “move” the date of payment for a certain period. To do this, you need to deposit a small amount.