Waterproof at a glance
- Population: roughly 487 people; 212th of 302 places in Louisiana (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 542 residents here (US Census Bureau).
- 2020 to 2023 change: down roughly 10.1% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Louisiana places: 212th out of 302 Census places (US Census Bureau).
- Size percentile: roughly 30% of places in Louisiana rank below it by population (US Census Bureau).
- Coordinates: 31.8072 latitude, -91.3861 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Clayton, LA (11 mi); St. Joseph, LA (12 mi); Ferriday, LA (16 mi); Ridgecrest, LA (17 mi); Vidalia, LA (17 mi), each a US Census place with its estimated population.
- Nearest smaller communities: Sicily Island, LA (16 mi); Gilbert, LA (23 mi); Harrisonburg, LA (26 mi), each a US Census place.
What a personal loan costs in Waterproof
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Louisiana lending rules that apply in Waterproof
The Louisiana rate caps and licensing rules that reach Waterproof are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Waterproof
These steps are the ones that most affect the offer you receive in Waterproof:
- 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.