Louisiana is a southeastern state that is a blend of French, African, and American culture. When visiting or living in Louisiana, you can look forward to great food, music, and culture. Louisiana has many households, about 1,739,497, with an average of two people per home. About 65% of these households own the home that they live in while others rent. Compared to other states, the percentage of people who speak another language other than English is also high (8%) and shouldn’t be too surprising because of French history.
Suppose you live in Louisiana and need some extra cash to pay for all the great experiences, take care of essentials, or use the funds for other reasons people use personal loans. In that case, personal loans in Louisiana are a great place to start. Personal loans can be loans for bad credit or good credit. And depending on your lender, you may be able to find regular repayment with a personal installment loan.
The Basics of Personal Loans in Louisiana
If you have never taken out a personal loan before, you may be curious about some of the basics. Personal loans are some of the most widely available and flexible lending types out there. The way these loans work is similar to other loan types. You borrow funds from a lender and pay them back with monthly installments. The lender will add interest to this monthly payment.
Louisiana personal loans can be short-term or long-term. They can come with a variety of repayment terms and options. Below are some of the variables of a personal loan to consider before choosing one to take out:
The Type of Interest Rate
Loans can come with either variable interest or fixed interest, and one may be the better option for your finances. Before deciding between fixed interest vs. variable interest, it will be essential to know the significant differences between them. Fixed interest stays the same throughout the loan period, while variable interest can change throughout the loan period.
People choose fixed interest rates if they don’t want to take the risk of interest rates increasing and want to pay the same amount each month. In contrast, variable interest rates can change while you repay the loan. Variable interest rates can help you save money on interest, but it is not guaranteed.
How Long or Short the Loan Is
Depending on how long or short your loan is will impact your overall cost of the loan and your monthly minimum payment. Generally, the longer the loan, the more interest you will pay, but the smaller the monthly payment and vice versa.
Personal loan repayment terms will encompass the number of payments due, the monthly payment amount, and early payment options. Along with any fees or restrictions if an asset is involved, etc.
Secured vs. Unsecured Louisiana Personal Loans
A secured personal loan uses an asset for collateral. While an unsecured personal loan does not. There are many reasons you may want to choose one over the other. For example, a personal loan to purchase a product from a retailer or a secured loan from the seller may make the most sense. On the other hand, unsecured personal loans are more widely available and work best for good credit.
Where To Get Your Personal Loan in Louisiana
Lastly, the last thing to consider for a personal loan is the lender you work with. You can find personal loans through commercial banks, credit unions, or private lenders.
What Are Some Benefits of Personal Loans in Louisiana?
Personal loans provide a way to borrow money with lower APRs, flexible repayment options, and more favorable loan terms when compared to credit cards or payday loans.
Additionally, when it comes to personal loans, you may be approved even with bad credit, especially when applying with private lenders that cater to bad credit. You may have to opt for a secured loan to get approved in some cases.
Top 10 Cities in Louisiana
- New Orleans
- Baton Rouge
- Lake Charles
- Bossier City
How Can I Take Out a Personal Loan in Louisiana?
Before beginning the search for a personal loan, you should look at your finances. This process includes getting an accurate picture of your credit scores, your income, expenses, and the amount of debt you have. Here is how these factors will affect your personal loan:
- Credit Score — you may be able to find a personal loan even with bad credit. However, more lenders may be willing to lend to those with a fair to excellent credit score. And even if you can find a personal loan with a standard lender, the costs to borrow may not be worth it if you have bad credit. And so, you may be better off starting with lenders that focus on personal loans for bad credit. Once you have an idea of what your credit score looks like, you can choose to apply with lenders that are best suited for your credit score and credit history.
- Income — before finding a personal loan, knowing how much income you have before applying with lenders will be essential. That will be one of the first questions a lender will ask. And as a borrower, it is crucial to know how much of a loan you can afford.
- Amount of Expenses and Existing Debt — your expenses and existing debt will help you determine how much of a personal loan it will make sense to take out. You’ll want a monthly payment that fits your budget while considering other debt payments and expenses.
Have you never taken out a personal loan before? No sweat! Taking out a personal loan for residents involves a few simple steps:
1. Find a Lender
The first step is going to involve finding the right lender. You can find personal loans in Louisiana through banks, credit unions, or private financial institutions. Depending on your needs, you can look for lenders online or in person. When choosing a lender to apply to, look at their reviews and research to confirm legitimacy.
2. Apply for the Personal Loan
Once you find a lender or lenders you want to apply with, you’ll have to gather up some necessary documents. Here is what you will need with most lenders:
- A Government Issued Photo ID (a driver’s license or passport)
- Proof of income (paystubs, bank statements, invoices, etc.
- Proof of residence (mail, utility bills, lease or mortgage statements, etc.)
- Documentation on the asset (is you are applying for a secured loan)
Keep in mind that lenders will ask that you provide permission for them to pull a credit report in most cases. Your credit report will provide your entire credit history and give them your credit score. Before they do this part, they will provide you with an average loan amount and interest rate.
3. Find Out Approval
Once all the documents are submitted, the lender can verify your identity, income, and other financial information. You will find out about approval. Online lenders are usually faster when letting borrowers know about loan approval.
4. Decide Whether You Want To Move Forward
Finally, if approved, the lender will go over loan details such as loan amount, interest rate, the monthly payment, and overall repayment plan. From here, you can decide whether you want to move forward with the lender or not.
If you do, great! The funds can usually be sent straight to a bank account, mailed to you as a check, or picked up through a money transfer. Once you have access to them, use them for whatever expense or purchase you need.
How Do I Pick the Best Personal Loan and Lender?
Before deciding on the right lender for you, compare the following loan factors:
- The Interest Rate — It is essential to understand some key terms related to interest before going to any lender with any loan process. These terms include the APR/APRs – the annual percentage rates and MPR (monthly interest rates). These two terms seem like they are the same but within the loan process function differently. The APR accounts for the total cost of the loan. While the monthly interest rate shows the APR broken down into monthly terms. When navigating through the interest terms, make sure to:
- Compare the APR of one loan to the APR of another
- Do not compare the APR of one loan to another loan’s monthly interest rate (MPR)
- The Length of the Loan — In addition to comparing the correct rates with a loan, it is essential to compare the length of each loan, a short-term loan vs. long-term loan. The longer the loan, the less the monthly payment will cost, but the more interest. In comparison, a shorter loan means a higher monthly payment but less interest. Compare these when looking at similar amounts and interest rates.
- Repayment Terms — Look into loan costs, early payment, and other fees (origination fees, balloon payments) that can be added to a loan increasing the overall borrowing costs.
Why Work with Credit Ninja for Personal Installment Loans and Bad Credit Personal Loans in Louisiana?
No matter what part of Louisiana you reside in, if you need some extra cash, start with CreditNinja! We offer personal loans for various credit histories. Our installment loan process means a steady monthly payment with no surprises. Here are a few other factors that make us the best choice for Louisiana residents who need some extra cash:
Helpful Customer Service
When working with CreditNinja, you can get help if you need it every step of the way. Our loan agents can talk to you 7 days a week and can help you from applying until you pay back your loan. We have tons of resources on our website for those rare times you cannot reach us. Check out our FAQ page for answers to our most common questions or our loan calculator that can help figure out payments.
A Fast and Easy Application Process
Our application process is extremely fast and straightforward. No matter where you reside in Louisiana, you can apply by answering a few simple questions. In about 5 minutes, you can complete the initial application. We will then let you know approval sometimes in as little as one business day!
Competitive Interest Rates for the Cash You Need
The monthly interest rate and the annual percentage rate for the loans we service are highly competitive. This is especially true for bad credit scores, which may be paying a ton of money to borrow funds.
Flexibility With Repayment
The loan repayment terms we offer can be as little as a few months, up to a year—which means you could get a short-term loan or something longer. You can also repay your loan as early as you would like without any prepayment penalties or fees.
A Transparent Loan Agreement
Every cost associated with your loan will be stated clearly in your loan contract. There are no hidden fees like you can find with fast payday loans online, no surprises, just a clear contract stating the loan terms and conditions. So, rest assured you are making an informed decision.
Allocate the Funds Right Away
Once we get the money deposited into your account, you can use it immediately! Personal funds can be used for various expenses, from home repair to medical costs. If you have any questions, contact us for more information!
We Are Here for You 24/7
At CreditNinja, we know how vital 24/7 access is. You can apply for a personal loan time, any day of the week, within the comfort of your home. And so, no matter where you are in Louisiana, you can apply with us through your computer, tablet, or smartphone.
Get Started With a Personal Loan in Louisiana Today!
When you need fast cash in Louisiana, CreditNinja is the best place to start—regardless of how bad your credit may be. We offer financial services with perks that other lenders do not prioritize. And we are here to help you find a loan without turning your finances upside down. Getting started with us is simple! Head to our website and fill out an application. You can also contact us or explore our website for more information. Get started with the cash you need today, and you could have the funds you need in no time!
¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.