What Is a Personal Loan?
A personal loan is a financing option where borrowers apply and receive a lump sum payment upon approval. Borrowers then pay back the balance, plus interest and fees, over a set period of time. If the borrower would like more money, they’ll have to refinance or reapply for a new loan. People in New Orleans can use personal loans for everything from planned debt consolidation, surprise bills, or unexpected expenses.
CreditNinja recommends personal installment loans for New Orleans residents who are looking for a loan with bad credit. Instead of having strict credit score requirements like most bank loans, many installment loans base approval on a variety of factors like income, payment history, and current debts. Personal installment loans can also come with perks like flexible repayment plans, affordable monthly payments, and potentially same-day funding, making them a great financial solution for a wide range of people.
What Are The Types of Personal Loans You Can Get in New Orleans?
Personal loans in New Orleans include bad credit loans, payday loans, no credit check loans, cash advance loans, and title loans. There are also traditional loans from banks or credit unions, but these options may come with specific credit score or financial criteria in order to receive approval.
CreditNinja encourages everyone to research their options and compare offers before submitting an application for a loan. Take a look at some of the different personal loan options available in New Orleans below:
Bad Credit Loans
Bad credit loans are personal loans specifically designed for borrowers with poor credit or no credit history (according to the three major credit bureaus). When paid back in a timely manner, these loans can help you improve your credit score over time. That way, when you apply for loans or lines of credit in the future, your higher credit score can help you qualify for better terms, rates, and loan amounts.
Payday Loans
Payday loans are short-term loans that typically come in low loan amounts and have high interest rates. When it comes to small loans like payday loans, Louisiana law, specifically the Louisiana Deferred Presentment and Small Loan Act, limits loan amounts at $350.1 Furthermore, according the the Louisiana Office of Financial Institutions, these lenders can only charge $20 for every $100 borrowed, plus $10 in documentation fees (like origination fees).1 Many financial experts advise against payday loans because of their tendency to trap borrowers in a cycle of debt.
No Credit Check Loans
No credit check loans are high-risk loans offered by lenders who focus more on income and collateral instead of traditional credit checks when it comes to loan approval. In many circumstances, interest rates for these types of loans can exceed 400%!
Cash Advance Loans
Cash advance loans are a type of short-term financing that provides people with quick access to extra funds when they’re between paychecks.. Similar to payday loans, cash advance loans often come with low loan amounts, short repayment terms, and extremely high interest rates and fees.
Title Loans
Title loans are secured loans that use the borrower’s free-and-clear vehicle as collateral in exchange for a loan. In order to qualify for a title loan, you must own your vehicle outright so the lender can sign onto your vehicle title as a lienholder while you repay your loan. If you default on your payments, the lender has the right to repossess your vehicle.
CreditNinja’s New Orleans Installment Loans
CreditNinja personal loans were designed to be a safer, more affordable alternative to certain bad credit loans like payday loans, no credit check loans, or car title loans. Check out some of the perks you can enjoy with a CreditNinja installment loan in New Orleans:
- Loan amounts — Loans from $300 – $5,000, which means your CreditNinja loan can cover a variety of expenses.
- Fixed interest rates — Fixed rates means consistent payments while you pay back your balance, they also help make your loan easier to plan for.
- Repayment terms — Flexible repayment schedules, making payments simple and affordable.
- Fees and Penalties — No hidden fees, and no early prepayment penalties. Borrowers have the freedom to pay off their balance early with no extra charges.
- Online loan management — Complete the entire loan process from any computer, smartphone, or tablet. You can pay back your loan online too!
On top of all those benefits, you can also take advantage of same-day funding!*
New Orleans Installment Loan Rates
There’s no single set rate for installment loans in New Orleans, so lenders determine rates and terms for borrowers depending on factors like:
- Income
- Credit history
- Payment history on your credit report
- Current debts
The best way to get low interest rates for loans, credit cards, or other financial products is to work on improving your credit and paying off debts with on-time payments.
Can You Get a CreditNinja Bad Credit Loan In New Orleans?
Yes! CreditNinja is proud to serve New Orleans and the entire state of Louisiana. Unlike most bad credit lenders, we offer affordable loans with flexible repayment schedules. Instead of focusing on your credit score when we determine approval, we consider other factors like income, payment history, and current debts. That way, you don’t have to worry about a less-than-perfect credit score holding you back from getting the cash you need!
Why Choose CreditNinja’s Online Loans?
CreditNinja has helped more than 275,000 customers find fast and affordable financial solutions. Here are just a few of the perks you can enjoy when you go with a CreditNinja personal loan:
| Flexible Payment Schedule Keep your monthly payments affordable. | Convenient Loan Terms Loans up to 24 months! | Loans for Bad Credit No minimum credit score requirement for approval. |
| Easy Application Process Fill out the online app from any smartphone, computer, or tablet. | Same Day Funding Get your approved cash the same-day.* | Quick Approvals Find out if you’re pre-approved in a few minutes or less. |
What Can You Use a CreditNinja Installment Loan For?
Unsecured personal loans give borrowers the freedom to allocate funds towards a variety of financial needs. Some popular reasons people turn to CreditNinja installment loans in particular include:
| Home Improvement General home improvement and repair projects. | Credit Card Debt Consolidation Combine multiple balances into one monthly payment. | Medical Costs Surprise medical bills or unexpected trips to the doctor. |
| Car Repairs New tires, battery replacements, or other general repair and maintenance. | Life Events Loss of a job, death of a loved one, moving, etc. | Other Emergency Expenses Unexpected bills, past due loans, and more. |
How CreditNinja New Orleans Loan Options Work
Getting a CreditNinja personal loan is not only fast and simple, it’s often considered a safer and more affordable alternative to other bad credit loans like payday loans or no-credit-check loans.
Here’s a quick breakdown of how the loan process works:
| Apply Online Fast & Easy Apply online from any computer, smartphone, or tablet! | Income Verification IBV allows us to confirm your income as well as deliver your approved funds with direct deposit. | Same-Day Availability Read your contract carefully. After you sign you can expect funds in your bank account the same day, or as soon as the following business day.* |
What CreditNinja Customers In New Orleans Are Saying
We’re proud of the work we do, which is why CreditNinja has so many online reviews. Check out what some recent customers had to say about their CreditNinja experience:
| “Credit Ninja is a great loan company to do business with. The process was very clear and uncomplicated. They are very fast at delivering my loan funds even on a holiday weekend.” Mary Lancaster | “My experience was quick and fast I’m thankful for the process time it took and approval. I would definitely recommend you to anyone looking for cash for whatever reason they need money.” pagemalica | “The process was easy to follow. The results of the process was done in a matter of minutes. Thank you very much.” L. Martin |
Top New Orleans Loan FAQs
What is an installment loan?
An installment loan is a type of personal loan where borrowers receive a lump sum all at once, and then pay back the balance over the course of several weeks or months. Installment loans can come in the form of payday loans, cash advances, personal loans, and more.
How much can I borrow with a CreditNinja personal loan with bad credit?
CreditNinja personal loan amounts range from $300 – $5,000, making them ideal for a variety of expenses.
What are the eligibility requirements for a CreditNinja personal loan?
Basic eligibility requirements for a CreditNinja personal loan include a valid form of ID and active bank account information. Keep in mind that CreditNinja only asks for your bank account information so we can confirm your income and deliver your approved funds via direct deposit.
How quickly can you get funding from a CreditNinja personal loan?
Approved borrowers can receive quick loans from CreditNinja the same day they’re approved, or as soon as the next business day.*
References:
What our borrowers are saying
CreditNinja does not act as a direct lender in all states. In certain states, loan products are offered and originated via bank partners, which are duly licensed financial institutions. The availability of loans and the identity of the originating lender may vary depending on state of residence and applicable state and federal regulations.