- Payday loans in Oil follow Louisiana law (Louisiana Deferred Presentment and Small Loan Act, as amended by Act 510 (2025)).
- Borrowing $300 at the state maximum costs $50.25 (16.75%) plus a $10 documentation fee.
- The nearest larger city is Shreveport, about 22 miles away.
Oil at a glance
| Oil | |
|---|---|
| Population (2024 Census estimate) | 866 |
| Change since 2020 | -3.1% (shrinking) |
| County | Caddo Parish |
| Size rank among 256 Louisiana places we cover | 170th |
| Nearest larger city | Shreveport (about 22 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Credit unions headquartered in Caddo Parish | 10 |
| Other towns within 25 miles | 8 (about 252,858 residents) |
| Typical payday APR statewide (CRL 2023) | 410% |
Payday lending in Oil follows Louisiana state law. Lenders that serve Oil, in a store or online, must be licensed by the Louisiana Office of Financial Institutions.
Credit unions near Oil
No credit union has its main office in Oil, but these are based elsewhere in Caddo Parish (NCUA, June 2026):
- Aneca Federal Credit Union in Shreveport (federal charter — may offer payday alternative loans (PALs))
- Shreveport Police Federal Credit Union in Shreveport (federal charter — may offer payday alternative loans (PALs))
- Louisiana Catholic Federal Credit Union in Shreveport (federal charter — may offer payday alternative loans (PALs))
- State Agencies Federal Credit Union in Shreveport (federal charter — may offer payday alternative loans (PALs))
- Willis Knighton Federal Credit Union in Shreveport (federal charter — may offer payday alternative loans (PALs))
Only federal credit unions can offer payday alternative loans (PALs), capped at 28% APR; state-chartered credit unions often have their own small-loan products. Membership rules apply, and only main offices are listed here; find branches near you with the NCUA Credit Union Locator. See how PALs work.
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Payday loan rules that apply in Oil
The main Louisiana rules for a payday loan in Oil: maximum loan: $700 since August 1, 2025 (was $350); OFI publishes an annual adjustment; maximum fee: 16.75% of the amount advanced, plus a $10 documentation fee (the old $45 cap was removed); loan term: up to 30 days. See the full Louisiana payday loan rules.
What a $300 loan costs in Oil
At Louisiana’s maximum fee, borrowing $300 costs $50.25 (16.75%) plus a $10 documentation fee. Statewide, the typical APR on a $400 payday loan was 410% (Center for Responsible Lending, June 2023). Check any offer with our payday loan calculator.
Other help in Caddo Parish before you borrow
- Call or text 211 for help with rent, utilities and food in Caddo Parish.
- Ask a federal credit union about a PAL: $200–$2,000 at no more than 28% APR (how PALs work).
- Check your bank app for a small-dollar loan or early pay (bank options).
- Try a cash advance app if you have direct deposit (apps compared).
Towns near Oil
- Mooringsport · 5 mi
- Vivian · 9 mi
- Blanchard · 11 mi
- Benton · 14 mi
- Plain Dealing · 20 mi
- Greenwood · 22 mi
The nearest larger city is Shreveport, about 22 miles away. See all 256 Louisiana cities.
Need cash before payday?Send one free request to our lender network. We are not a lender; offers and rates come from lenders.
Request a loanFrequently asked questions
Are payday loans legal in Oil?
Yes. Payday loans are legal in Oil under Louisiana state law, and lenders must be licensed by the Louisiana Office of Financial Institutions.
How much does a payday loan cost in Oil?
At Louisiana’s maximum fee, borrowing $300 costs $50.25 (16.75%) plus a $10 documentation fee. The typical statewide APR was 410% in 2023.
Where is the nearest credit union to Oil?
No credit union is headquartered in Oil, but Aneca Federal Credit Union is based in Shreveport, also in Caddo Parish.
Sources
- U.S. Census Bureau — City and town population totals, Vintage 2024
- U.S. Census Bureau — 2024 Gazetteer files (place locations)
- NCUA — Credit union call report data, June 2026 (FOICU)
- Louisiana OFI — 2025 deferred presentment and small loan legislation
- Louisiana OFI — Payday loans pamphlet
- Center for Responsible Lending — Red Alert Rates: APRs on $400 single-payment payday loans (June 2023)
- CDFI Fund — NCUA payday alternative loans summary