Folsom at a glance
- Population: 813, the 171st-largest community in Louisiana out of 302 (US Census Bureau, Vintage 2023).
- 2020 Census base: 774 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: about 5.0% growth over the 2020 Census base (US Census Bureau).
- Rank among Louisiana places: the 171st-largest of 302 (US Census Bureau, 2023 estimate).
- Size percentile: about 43% of Louisiana's Census places are smaller (US Census Bureau).
- Coordinates: latitude 30.6324, longitude -90.1961 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Covington, LA (12 mi); Abita Springs, LA (15 mi); Franklinton, LA (15 mi); Madisonville, LA (16 mi); Hammond, LA (18 mi) (US Census Bureau).
- Nearest smaller places: Sun, LA (17 mi); Tickfaw, LA (18 mi); Springfield, LA (25 mi) (US Census Bureau estimates).
What a personal loan costs in Folsom
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Louisiana lending rules that apply in Folsom
Each row below is a Louisiana rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| Licensed-lender consumer loan finance charge caps | 36% first $1,400; 27% to $4,000; 24% to $7,000; 21% above (R.S. 9:3519(A)) Source says: "Thirty-six percent per year for that portion of the unpaid principal amount of the loan not exceeding one thousand four hundred dollars" | Louisiana State Legislature as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 12% per annum maximum conventional interest (La. R.S. 9:3500(C)(1)) Source says: "The amount of the conventional interest cannot exceed twelve percent per annum." | Louisiana State Legislature as of 2026-09-16 |
| Payday lending status | Legal and licensed — deferred presentment and small loans ($350 or less, 60 days or less) under OFI-issued licenses Source says: "Persons who make loans of $350 or less for a term of 60 days or less." | Louisiana Office of Financial Institutions as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer loan license required from OFI before making consumer loans Source says: "Persons who wish to engage in the business of making consumer loans must hold a consumer loan license issued by this Office" | Louisiana Office of Financial Institutions as of 2026-09-16 |
| State lending regulator | Louisiana Office of Financial Institutions (OFI), Non-Depository Division Source says: "OFI is responsible for the supervision of various entities which provide financial services to the citizens of the State of Louisiana." | Louisiana Office of Financial Institutions as of 2026-09-16 |
How to compare offers in Folsom
These steps are the ones that most affect the offer you receive in Folsom:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Louisiana using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.