Affordable Loans - Bank On NWLA
15028
page-template-default,page,page-id-15028,page-child,parent-pageid-15069,ajax_fade,page_not_loaded,,qode-child-theme-ver-,qode-theme-ver-10.1.2,wpb-js-composer js-comp-ver-5.1,vc_responsive

Affordable Loans

One-third of Shreveport residents rely on payday loans to handle financial emergencies or other financial obligations. Pay day loans are loans in small dollar amounts, usually under $500 ($350 in Louisiana), and are due on the borrowers next pay day. They are also very expensive, often carrying triple-digit interest rates (annual percentage rate) as high as 782% (APR) on a $100 loan. If the borrower is not able to pay off the loan on their next pay day, he or she can roll it over again and again, which adds more fees, even as the interest continues to be added. As the total amount owed increases, the borrower gets trapped in a cycle of debt.

Below, Bank On Northwest Louisiana partner banks and credit unions offer a handful of loans as an affordable alternative when financial emergencies or new obligations arise. These loans have varied lending limits and requirements. However, each offers longer repayment terms and more affordable interest rates, which allow the borrower to get a loan when needed and pay it off responsibly.

Contact the bank or credit union directly to learn more about their loan.

To learn more about pay day lending visit: Louisiana Budget Project, The Center for Responsible Lending or join Northern and Central Louisiana Interfaith.


BancorpSouth Bank

Amount of Loan: $1,000 and above.

Special Note(s): Debt to Income Ratio will have to be a deciding factor and based on type of loan, i.e. unsecured/auto/home. BancorpSouth currently participates in the SEED program with City of Shreveport that offers low interest rates for home improvements.


Campus Federal

Money-Wise Loan

  • Minimum amount to borrow is $200
  • Maximum Amount to borrow is $500
  • APR based on member but not to exceed 28%
  • A term of up to 6 months
  • No excessive fees.
  • Allowed one Money-Wise Loan at a time.
  • Must be a member for one month to qualify

Pelican State Credit Union

Amount of Loan: $100 – $1,500
Term: Up to 12 months.

Special Note(s):

  • Fixed APR of 18%
  • $25 Application fee – refunded to member when loan is paid off
  • Direct deposit required
  • $50 of loan amount is deposited into member’s savings account and is locked up until loan is
    repaid. This promotes savings and allows the member to earn dividends while in repayment.
  • Payments can be made monthly, bimonthly, weekly or biweekly
  • Employment of 6+ months required
  • Member can have only 1 Bridge Loan at a time

( Visit Site )

 


Red River Bank

Amount of Loan: $500 – $3,500
Term: Up to 36 months.

Special Note(s): Red River Bank offers small dollar loans at competitive interest rates. Standard fees apply, and there is no prepayment penalty. Applicants must meet the bank’s underwriting requirements in order to be eligible for participation.

( Visit Site )