Get Started

Rates and rules

Louisiana Loan Rates and Rules

Who regulates consumer lending in Louisiana, how rates are set, and how to check a lender and its rate before you borrow. For new requests SET Financial is not the lender: it connects Louisiana residents with third-party lenders who set all rates and terms.

Get Started

This page is general information, not a rate quote. Not everyone who applies will be matched or approved.

Who regulates consumer lending in Louisiana

Consumer lending in Louisiana is governed by the Louisiana Consumer Credit Law and overseen by the Louisiana Office of Financial Institutions, which licenses consumer lenders. Louisiana law sets tiered maximum loan finance charges for licensed consumer loans (for example, up to 36% per year on the portion of principal not exceeding $1,400, with lower ceilings on higher principal tiers), and lenders may also charge certain permitted fees, so the total APR you are offered depends entirely on the lender, your loan amount, and your qualifications. SET Financial does not set or control any rate, fee, or term.

Regulator: Louisiana Office of Financial Institutions (OFI), Non-Depository Division.

How to check a lender before you borrow

You can confirm any lender is licensed by checking with the Louisiana Office of Financial Institutions, and you should always review the exact APR, fees, payment schedule, and total cost written in your loan agreement before you sign.

Many consumer lenders are also listed on NMLS Consumer Access, a national database you can search for free to confirm a company's license status and history.

Search NMLS Consumer Access

The four numbers to compare on any offer

A regulator's rules tell you about the lender. These tell you about the loan. Whoever you borrow from, and whether or not you use this site, compare offers on the same four things:

  • APR. The annualized cost including most fees. It is the only number that lets you compare two different loans honestly.
  • Total repayment amount. Principal plus every finance charge over the full term. A lower monthly payment stretched longer often costs more overall.
  • Term and payment schedule. How many payments, how often, and the exact due dates measured against when you actually get paid.
  • Fees and prepayment terms. Origination, late, and returned-payment fees, and whether paying the loan off early saves you interest.

Your loan agreement is the number that governs

Federal Truth in Lending rules require the lender to disclose the APR, finance charge, amount financed, and total of payments on the loan agreement before you sign. Any rate you see in marketing, including on this site, is general information. The figures on your own signed agreement are what actually apply to your loan.

Common questions about Louisiana rates

Who regulates consumer loans in Louisiana?

Consumer installment and personal lending in Louisiana is governed by the Louisiana Consumer Credit Law and overseen by the Louisiana Office of Financial Institutions (OFI), which licenses consumer lenders operating in the state.

What interest rate can I expect on a Louisiana loan?

Louisiana law sets tiered maximum finance charges under the Louisiana Consumer Credit Law, and lenders may add certain permitted fees. Your actual APR is set by the lender based on your loan amount and qualifications, so review the rate in your loan agreement before signing.

How do I verify a lender is licensed in Louisiana?

You can confirm a lender's license through the Louisiana Office of Financial Institutions. Always review the APR, fees, and repayment terms in your loan agreement before you accept any offer.

This page is general information about Louisiana lending rules, not legal or financial advice, and it is not a rate quote. Rules change; confirm anything that matters to your situation with the Louisiana Office of Financial Institutions (OFI), Non-Depository Division or a qualified advisor. SET Financial is not the lender on new requests and does not set the rates, fees, terms, or approval decisions of the third-party lenders in its network.

Keep reading

Get Started