Loan Size and Fee Formula
Louisiana caps payday loans at $350, with the fee generally calculated as a percentage of the face value of the loan — commonly cited around 16.75%. The loan term runs up to about 60 days, and lenders are permitted to charge a documentation fee on top of the standard fee.
One Loan at a Time, by Database Rule
Louisiana requires licensed lenders to check a statewide database before issuing a payday loan, which prevents a borrower from holding more than one outstanding payday loan at a time — a structural limit on stacking multiple loans across different lenders.
What This Means for Borrowers
Because the loan amount is capped relatively low, Louisiana's payday product is generally used for smaller, short-term gaps rather than larger expenses — for a larger need, a personal installment loan through a matching service may be a better fit than trying to combine multiple payday loans.
| Factor | Louisiana Rule |
|---|---|
| Maximum loan amount | $350 |
| Fee structure | ~16.75% of face value, plus a documentation fee |
| Loan term | Up to ~60 days |
| Concurrent loans | One at a time, enforced via statewide database |
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