New Orleans is located in Orleans Parish, Jefferson Parish, Lousiana. Total ppulation is 389,648. The rate of males and females is equal to 47.6%/52.4%, respectively. Median age is 36. 29.3% of people are married. Median family income is $57,506. The poverty line is 24.6%. 45% issue payday loans New Orleans, Lousiana to cover temporary expenses. Median gross rent is $973. Median house value is $219,600. Standard Zip codes are 70116, 70122, 70131, 70112, 70114, 70115, 70117, 70119, 70126, 70129, 70145, 70163, 70170, 70113, 70118, 70124, 70125, 70127, 70128, 70130, 70139, 70146, 70121, 70123. Time zone is America/Chicago.
What are payday loans New Orleans, Chicago?
Payday loans New Orleans, Chicago are short-term loans, the amount of which usually does not exceed $2,500. To get a short-term loan, it is usually enough to be over 18 years old and under 65-70, so if desired, you can get the necessary amount within a few minutes after applying.
Differences between payday loans and bank loans
The main difference is that credit agreements are signed with banking organizations, payday loans New Orleans, Lousiana are signed by legal entities. Banks, as organizations that work with a lot of clients, monitor their own reputation by going to court in case of any problems on the part of the debtor. MFOs often set the main goal of making a profit by any means. In addition, banks also impose stricter requirements on borrowers, unlike payday lending companies.
What to remember when you took out a payday loan New Orleans, LA?
So, the money is on your hands. What you should not forget, so that you will not have problems in the future.
Payday loans New Orleans, Lousiana are a great service, but only if you use it for a short term. The faster you pay off your debt, the smaller the amount you will spend on it.
Let’s say you took out a certain amount of a loan. The full amount that you need to return, including interest, fees for additional services, penalties and fines should not be higher than 1.5 times. Let’s say you took $1,000. You need to pay back no more than $2,000.
If you take money, for example, for 15 days, this is a specialized loan and other restrictions apply to it. The penalty for its delay should not exceed 0.1% of your total debt (for each day of delay).
A confirmation for a debt repayment
When your debt is repaid, do not forget to get a written confirmation that you have repaid the loan amount+interest rates. It is better to keep the document for at least a year or two.
How to get a payday loan in New Orleans, LA?
- Determine how much money you need, and for how long you will be able to repay the debt.
- Choose an MFI after having previously studied the terms of the loan, the company’s history and customer reviews.
- Ensure a scan of your ID if the loan is issued online.
- Fill out a small application with information about yourself. As a rule, the process takes no more than 5 minutes.
- Wait for the response on the application. Processing can take up to 30 min.
- Get money to your card or e-wallet. Some MFOs issue a cash loan at the branch.
- It is possible to repay the debt by money transfer according to the details of the organization, as well as in cash at the branch.
- In most MFIs, unlike banks, there is no commission for early debt repayment. Therefore, it is in your best interest to pay off the debt as quickly as possible in order to pay less interest.
The speed of issuing a payday loan on the card
Standard bank loan processing takes 3-4 days from the moment of submitting the application and until receiving it in hand. Please note that remote service does not issue loans outside the department. You can get money by credit card by contacting the bank directly and putting your signature on the contract.
An online payday loan to the card can be taken out within an hour. The client submits an online application, sends scanned copies of documents and passes verification. An additional advantage is that the money can be credited to any other payment instrument. For example, to an electronic wallet or a checking/banking account.
The speed of issuing a loan is minimal and rarely exceeds a few hours. The speed of processing a bank loan (card) is always limited to a few days.
What are the benefits of payday lending?
To issue a payday loan New Orleans, LA, you do not need to go through many stages, as in the case of a large loan in a bank. The main advantages of this lending method are as follows:
- to apply to the organization, you only need an ID;
- there is no need to bring guarantors and leave property as collateral;
- there is no need to collect income certificates and documents confirming employment, since loans are issued even to the officially unemployed;
- it takes several minutes to review the application;
- the probability of refusal is minimal: loans are issued even by a borrower with a bad credit history. By the way, using a payday loan, such a history can be corrected;
- even pensioners can count on receiving it.
After all, in order to get such a loan, you don’t even have to leave home. It is enough to go online, go to the MFI website and fill out the proposed form. Another advantage is that borrowers are not tied to a place, as you can get a quick loan from anywhere in the world.