Slidell, Louisiana is located in St Tammany county. It is 28 miles NE of New Orleans, Louisiana. Louis Armstrong New Orleans International Airport is an air transportation facility. Total population is 27,769. 47.1% totals male share of the population, 52.9% counts females in this town. Median age is 37. 27.2% is a number of people with bachelor degree or over. Median household per family is $64,832. Poverty rate is 14.6%. 45% – the rate of issued payday loans in Slidell, LA. Median gross rent is $1,018. Median house value is $156,200. Standard Zip codes are 70458, 70460, 70461. Time zone is America/Chicago.
What are payday loans Slidell, Louisiana?
Payday loans Slidell, Louisiana are a small lending option that is issued to individuals and legal entities for urgent needs. Such a loan is characterized by a short term (up to 3-4 weeks), a small amount (up to $2,500) and interest rates (up to 1-2% per day depending on the state).
Features of online payday loans in Slidell, LA
Only about 80% of licensed microfinance organizations work online. They lend extra funds to the population via the Internet. Citizens who decide to issue payday loans online should take into account the following features:
- the loan amount, as a rule, does not exceed $2,500, and at the initial appeal you will not be given not over $1,000;
- the absence of strict requirements for the client, it is enough to have an US ID and a residence permit on the territory of the country to issue an online loan;
- there is a possibility of refusal, as MFIs weigh the risks and try to limit the issuance of such loans due to the high level of delinquency and the actions of intruders;
- a bank card issued in the name of the applicant is required;
It is important to take into account that it is not necessary to issue a payday loan for refinancing – the accumulation of debt on various loans ai likely to result in a spoiled credit history.
How does a payday loanSlidell, Lousiana differ from a bank loan?
Key differences between a consumer loan and a loan in an MFI:
- the first difference is the amount of interest for using money. Practice shows that the bank, when signing a loan agreement, sets a much lower rate than microfinance organizations. At the same time, according to the law, MFOs cannot set a rate higher than 1-2% per day.
- the second difference is the term for which the loan agreement is signed. In the bank, you can get a standard consumer loan for a period of 1 year or more. MFOs specialize in short loans and issue money for a period of 5 to 30 or 60 days. Most payday loans are issued for up to a month. In some similar organizations, you can apply for a loan for several months or even a year, but this is the limit.
- the third difference is the loan amount. Banks issue loans for large amounts. If you have a good credit history and a sufficient level of income, you can get a consumer loan in the greater amount. The risks of non-repayment for MFIs are noticeably higher, so they only give out small amounts.
- the fourth difference is the simplicity of the application. Microfinance organizations can issue a loan with an ID as soon as possible. Issuing a loan in a bank is a longer process, and if we are talking about a large amount, additional documents may be required that will confirm the client’s solvency.
Pros and cons of payday loans Slidell, Lousiana
Pros – everyone can take out a payday loan
Cons – high interest rate
The main feature of this debt obligation is that the terms for issuing a payday loan are significantly simplified, however, the amount is issued in debt at an increased rate. You can get a small loan simply if you have an ID (it is extremely rare that a second document is required – a driver’s license, TIN, etc.). At the same time, you do not need collateral and guarantors, you will only need a completed application in which you will need to specify your data, contacts and the amount of monthly income. Meanwhile, you will be able to borrow money, even if you have a bad credit history, and there is no permanent place of work (although some MFIs may put forward increased requirements). At the same time, you remember that the interest rate for using a loan can be significantly increased and amount to 1-2% per day. The high rate is primarily associated with increased risks of non-repayment by the borrower of the loan received.
Pros – you can get a payday loan Slidel, LA quickly
Minus – there is a risk of “running into” a high fine
Among the advantages, it is worth noting the speed of receiving money. Moreover, the approval of the application for a cash advance often happens almost instantly, so you can get funds not only in person in a financial institution, but also via the Internet – literally in 15 minutes to a bank card or a payment system after submitting an application online. After that, you will only need to repay the loan on time. By the way, payday lending companies usually have a policy of encouraging timely repayment of the loan and increase the amount you can count on next time. Plus, remember that you can return the money before the agreed deadline.
Pros – the possibility of loan prolongation in some online lending companies
Cons – high fines
However, in case of late payment, you will inevitably face penalties. And, keep in mind that they can be very tough and, in addition to increasing the current interest rate on the loan, often include threats from collectors. However, to some extent this can be avoided by prolongation (extension) of the loan agreement – an increase in the repayment period of the loan. Some lenders provide this service to their clients.