What Is a Personal Loan?
A personal loan is a type of installment loan where borrowers apply and receive a single lump sum payment upon approval. After about a month, borrowers then repay their loan balance (plus interest and fees) with regular, scheduled payments. Loan amounts, interest rates, terms, and even the number of loans you can have in Baton Rouge are regulated under the Louisiana Deferred Presentment and Small Loan Act. For example, when it comes to payday loans, borrowers must pay off their current payday loan before applying for another. However, if a borrower pays their fees and 25% of their total balance, they can then refinance the remaining 75% into a new loan.1
What Are The Types of Personal Loans You Can Get in Baton Rouge?
In Louisiana, the Louisiana Office of Financial Institutions (LOFI) governs many loan amounts, interest rates, and other factors regarding small loans, or short-term personal loans. Common types of short-term loans regulated by the LOFI include short-term bad credit loans, payday loans, no credit check loans, and cash advance loans.
Bad Credit Loans
Bad credit loans are a type of credit designed for borrowers with poor credit or no credit history at all. Loan amounts, rates, and terms for these types of loans can vary depending on the lender, and specific loan type.
Payday Loans
Payday loans are a type of short-term, high-cost loan that grants borrowers access to a small amount of money. Louisiana law states that the maximum loan amount for payday loans and other small loans is $350. Furthermore, lenders may only charge a $20 fee for every $100 borrowed, plus a $10 documentation fee (similar to origination fees). In total, fees cannot be more than $55 when a borrower takes out $220 – $350.1
No Credit Check Loans
No credit check loans are loans where the lender forgoes a traditional credit check during the approval process. These loans can also be high-cost and come with a high annual percentage rate.
Cash Advance Loans
Cash advance loans can come in a few different forms. The first is from a credit card. With credit card cash advances, you’d simply take out money against your existing credit limit. Other types of cash advances, such as those from a cash advance app, are similar to payday loans and are therefore under similar regulations.
CreditNinja’s Baton Rouge Installment Loans
CreditNinja installment loans can be a great option if you live in Baton Rouge and need fast, safe, and affordable funding. We offer loan amounts ranging from $300 – $5,000, fixed interest rates, flexible repayment terms, and completely online loan management that allows you to apply, receive funding, and even make your loan payments without ever having to leave your house. You’ll also never find hidden fees or prepayment penalties with a CreditNinja loan. In fact, we encourage you to pay off your loan as early as you like in order to save money on interest rates!
Baton Rouge Installment Loan Rates
CreditNinja installment loan rates in Baton Rouge are fixed, which means your monthly payment should stay the same throughout the life of your loan. Check out our helpful personal loan payments calculator to see how different rates, terms, and loan amounts can affect your monthly payments.
Can You Get a CreditNinja Bad Credit Loan In Baton Rouge?
Yes! CreditNinja is proud to serve the Baton Rouge community by providing fast and safe alternative bad credit loan options. Our loans are also unsecured, so you don’t have to worry about providing collateral like you would with a secured loan.
Instead of basing approval on collateral equity, we’ll review your credit history, income, and employment status to determine the best loan that fits your financial needs.
Why Choose CreditNinja’s Online Loans?
Some perks Baton Rouge customers can enjoy include:
| Flexible Payment Schedule Affordable monthly payments. | Convenient Loan Terms Loans up to 24 months. | Loans for Bad Credit No minimum credit score for approval. |
| Easy Application Process Apply from any computer or phone. | Same Day Funding Funds delivered directly to your bank account the same day.* | Quick Approvals Find out if you’re approved in a few minutes.* |
What Can You Use a CreditNinja Installment Loan For?
Some common reasons you may need a quick loan in Baton Rouge, LA are:
| Home Improvement Home repairs, remodels, or appliance maintenance. | Credit Card Debt Consolidation Consolidate multiple high-interest debts into one payment. | Medical Costs Medical bills, hospital visits, or even prescription costs. |
| Car Repairs Oil changes, brake services, tire rotation/replacement, filter replacements, and more. | Life Events Weddings, funerals, accidents, or natural disasters. | Other Emergency Expenses Unexpected expenses, surprise bills, etc. |
How CreditNinja New York Loan Options Work
CreditNinja personal loans are often considered a safer and more affordable alternative to payday loans or other no credit check loans because of our flexible repayment schedules, competitive interest rates, and manageable monthly payments. Here’s how you can start your loan process today:
| Apply Online Fast & Easy Fill out an online loan application and get an approval decision in minutes.* | Income Verification We’ll use IBV to confirm your income and bank account information. | Same-Day Availability After approval, we’ll deliver your funds directly to your bank or checking account. |
What CreditNinja Customers In Baton Rouge Are Saying
Check out some recent CreditNinja customer reviews:
| “After having served 30 years in the military (Army) and having just retired as a teacher, I recognize EXCELLENT service when I see it. CreditNinja application process was extremely easy to complete; I received an answer very rapidly.” – Jose Nadal | “Application process was quick and easy to understand.” – Annette Jones | “Very easy to work with. It’s nice to have people who show that you matter at a time when you’re already feeling low.” – Sharon Roberts |
Top Baton Rouge Loan FAQs
What is an installment loan?
An installment loan is a type of credit in which borrowers receive a fixed amount of funds and repay the balance over a few weeks or months with regular, scheduled payments.
How much can I borrow with a CreditNinja personal loan with bad credit?
CreditNinja loan amounts range from $300 – $5,000. Individual loan amounts will depend on factors like income, financial history, and current Louisiana law.
What are the eligibility requirements for a CreditNinja loan?
CreditNinja loan requirements include:
- Must be 18 years or older
- Proof of income
- Active bank account
How quickly can you get funding from a CreditNinja personal loan?
CreditNinja provides quick loans available the same day or as soon as the following business day.*
References:
- Deferred Presentment and Small Loans (Payday Loans) – Consumer FAQs | Louisiana Office of Financial Institutions