Louisiana Payday Loan Cash Advance Fees, Rates & Interest
Spotya! is happy to provide payday loans to the residents of Louisiana. Our compliance with all federal and state laws governing the payday loan industry is important to us. Your Spotya payday loan agreement will be governed by the laws applicable in Louisiana. In accordance with the Federal Truth In Lending Act, please review this page for our full disclosure of loans fees and the corresponding Annual Percentage Rate (APR).
Maximum Loan Amount
Maximum Fee Allowed By Louisiana State Law
- $20.00 per $100.00
Spotya Payday Loan Fee
- $20.00 per $100.00 (Please see APR above)
Our Loan Terms
Your Spotya! payday loan will be scheduled for repayment on your pay date within the next 7 to 30 days. We do not exceed 20 days loan periods unless you are only paid once per month. Verifiable payroll direct deposit to your checking account is required in order to approve your loan request.
Extensions or “Roll Overs”
In accordance with Louisiana state law and Spotya! company policy, you will have the option to extend your loan a maximum of 4 times before payment in full is required. A loan extension requires that you pay the original loan fee and contract with us for a new loan term whereupon an additional fee will apply.
Pay down Required with Extensions
Louisiana state law requires that payday loan customers pay a minimum of 25% of your loan principal when doing an extension. This 25% “pay down” will be in addition to the loan fee that is also required on your original due date. By “paying down” your loan by 25%, your principal loan amount will be reduced and the fee paid on each subsequent renewal you request will also be reduced.
Governing Law Information
Louisiana Office of Financial Institutions
P.O. Box 94095 Baton Rouge LA 70804
Ph: (225) 925-4660