Payday Loan Alternatives in New Orleans

Consider a line of credit instead of a payday loan.

Neighborhood Trust offers lines of creditup to $2,000*

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Head to our Rates & Terms page to learn more.

Same-Day Deposit Available

If approved before 1:30 p.m. CT Monday – Friday†

Instant Decision*

Receive an immediate decision

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Find an alternative to payday loans in New Orleans.

If you’re in a pinch and need cash to cover your expenses, a line of credit from Neighborhood Trust may be a good alternative to a payday loan. If approved, you can be offered a credit limit between $100 and $3,000 — new customers can receive a credit limit of up to $2,000*.

Apply now for a line of credit from Neighborhood Trust

What’s the difference between a line of credit and a payday loan?

A payday loan is a short-term loan that provides an upfront payment of cash. In Louisiana, the most you can borrow through a payday loan is $350 and you’ll typically need to repay the loan within a few weeks (or the borrower’s next payday).

A line of credit works similarly to a credit card. If approved you’ll get access to a revolving line of credit that you can draw funds from as you need them. A line of credit will also stay open, meaning you’ll have access to the funds you need as long as you’ve not reached your credit limit.

What are the potential risks of a payday loan?

Payday loans can offer borrowers access to cash fast, but they also often come with risk. Because they’re offered to borrowers with bad credit, they typically have high interest rates. Plus, they usually need to be paid in full in just a few weeks. This combination can create a large payment amount that the borrower may not be able to cover.

If a borrower can’t repay, they can extend the loan, but this means they’ll be charged more interest and potentially more fees.

Another type of funding may be a better option. A line of credit or installment loan allows borrowers to pay back the loan in smaller chunks over time. This means smaller payments that may be easier to fit into a budget.

New Orleans Payday Loan vs. Neighborhood Trust ’s Line of Credit

New Orleans payday loan1
Funding amount
Up to $350
APR
Average of 405%
Repayment
Pay in full within 30 days
Additional funding
Reapply to borrow more
Neighborhood Trust ’s line of credit2
Funding amount
Up to $2,000*
APR
299% (plus a transaction fee of 15% of the amount of each draw)3
Repayment
Revolving credit with billing periods that may be bi-weekly, semi-monthly or monthly depending on borrower’s pay schedule
Additional funding
Draw from available credit without reapplying

1Based on information from Pew Charitable Trusts. Actual terms may vary based on applicant's qualifications.

2Based on terms available to new customers. Actual terms may vary based on applicant's qualifications. For full product details, see Rates & Terms.

3Visit our Louisiana Rates & Terms Page for additional disclosures and terms.

How does a Neighborhood Trust line of credit work?

  1. Apply online in just a few minutes.

  2. Receive an instant decision.* You may need to send in additional documents like paystubs or other proof of income if more information is required to make a lending decision.

  3. If approved, receive a credit limit and draw money from your line of credit. There’s a minimum draw of $50. You can draw as many times as you want, whenever you want, up to your available credit limit.

  4. Request a draw before 1:30 p.m. CT Monday – Friday, and you will generally receive funds that same business day.†

  5. Repay gradually over time or in full. Pay the minimum payment every billing cycle, or pay more with no penalty and repay faster.

  6. Increase your available credit as you repay, you’ll free up funds to draw again, up to your credit limit.

  7. Draw from your available credit whenever you need funds.

Learn more about payday loan alternatives in New Orleans, LA.

Money Management International
650 Poydras St
Suite 1400
New Orleans, LA 70130

Consumer Credit Counseling Services
1215 Prytania St
Suite 424
New Orleans, LA 70130

Operation HOPE
4011 Canal St
New Orleans, LA 70119

Neighborhood Housing Services of New Orleans
4528 Freret St
New Orleans, LA 70115

Disclaimer - The named parties are not affiliates or agents of Neighborhood Trust We make no representations, warranties or guarantees about the information or services provided by the named parties.

You can find alternatives to payday loans or other bad credit loans in New Orleans and Louisiana with online research. When looking for a loan, consider your financial needs and what the best option is for you.

Neighborhood Trust ’s line of credit. A Neighborhood Trust line of credit may be a good option if you need more credit or if you want to have ongoing access to cash in case of emergencies.

Installment loans. A personal installment loan offers a lump sum payment that you’ll pay back over time. They are often online loans, but you can also find them offered in stores.

Title loans. A title loan offers you cash up front and uses your vehicle as collateral. You must own your vehicle outright. When considering a title loan, keep in mind that if you default on the loan, the lender may seize and sell your car to recoup losses.

Ask for help. Before considering a loan, you may want to evaluate other options. Loans for borrowers with bad credit often come with high interest rates and can be expensive. And while they can provide much-needed funds, they must be paid back with interest that will add to your debt. Consider asking a friend or family member for help, or talk to your employer to see if you can get a paycheck advance. If borrowing turns out to be the best solution, be sure to carefully research lenders and evaluate your loan options before applying.