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https://www.paydayloanslouisiana.org/Frequently Asked Questions

F.A.Q.

No, Rise is not a payday loan company in Louisiana. Rise is a financial technology company that offers a variety of financial products and services, including personal loans, credit builder loans, and credit cards. Rise is not licensed to offer payday loans in Louisiana.

Payday loans are short-term, high-interest loans that are typically due on the borrower's next payday. Payday loans are often used by people who need quick cash to cover unexpected expenses. However, payday loans can be expensive and can lead to debt problems if the borrower is unable to repay the loan on time.

No, you cannot go to jail over a payday loan in Louisiana. Payday loans are civil debts, not criminal debts. This means that if you default on a payday loan, the lender can sue you to collect the debt, but they cannot have you arrested.

However, there are some exceptions to this rule. For example, if you commit fraud or theft in connection with a payday loan, you could be charged with a crime. Additionally, if you fail to appear in court after being sued for a payday loan, the court could issue a bench warrant for your arrest.

There are no restrictions on how many payday loan businesses can be in Louisiana. As of 2023, there are 936 payday loan businesses in Louisiana. The majority of these businesses are located in the New Orleans metropolitan area.

Yes, a payday loan company can garnish your wages in Louisiana if you default on the loan. However, there are some restrictions on how much they can garnish.

The most that a payday loan company can garnish your wages in Louisiana is 25% of your disposable earnings. Disposable earnings are defined as the amount of your earnings that are left after taxes and other mandatory deductions, such as Social Security and Medicare.

The payday loan company must also get a court order before they can garnish your wages. The court order must specify the amount that the payday loan company can garnish and the length of time that they can garnish your wages.

According to the Louisiana Consumer Protection Law, you cannot have more than one payday loan at a time. The law also states that you cannot roll over a payday loan into a new loan.

This is to prevent borrowers from getting trapped in a cycle of debt. If you have a payday loan and you need to take out another one, you will have to wait until the first loan is repaid in full.

There are some exceptions to the one-loan rule. For example, you can take out a second payday loan if you are using the money to pay for a car repair or medical emergency. However, you will still have to repay the first loan in full before you can take out the second loan.

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