Alabama Payday loans & Cash Advance Lenders
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Payday Loans Alabama What can a payday loan do for you? Payday loans are short term loans which allow you to essentially receive an advance on your paycheck. These short term loans are designed to hold you over if you’re having a rainy day until you get your next paycheck. Even with the most carefully balanced budget, an unexpected expense can send all your plans down the toilet. Did an unexpected pipe burst, leaving you with a huge repair bill? Is a family member sick and in desperate need of financial assistance? Are your electricity bills unexpectedly high? Payday loans can help you keep the lights on and pay your bills until you receive your next paycheck and can get your financial affairs in order. Where To Get Payday Loans In Alabama Also known as “fast cash loans” or “cash advance loans”, payday loans in Alabama can easily be obtained at your local payday loan lender. Most neighborhoods will have a payday loan lender at a strip mall or office complex. However, the most efficient way to obtain a payday loan, whether it’s a payday loan in Birmingham, Alabama or a payday loan in Tuscaloosa, Alabama – or any other state for that matter – is to seek an online payday loan. Online payday loans offer instant payday loans deposited into your bank account on approval, all done from the convenience of your own home. Additionally, seeking online payday loans allows you to compare and contrast the terms, conditions, and interest rates of multiple loan providers around the state and even the country, allowing you to get the best deal on your payday loan. Requirements For Obtaining Payday Loans – Alabama The requirements for obtaining payday loans in Alabama are quite minimal. Because the amounts are relatively small, most payday loan companies even offer no credit check payday loans, or even faxless payday loans where you are not required to submit any physical documentation. While the specific requirements for obtaining a payday loan in Alabama will vary from lender to lender, the general requirements will be: Borrower must be a resident of Alabama Borrower must be at least 18 years of age Borrower must be employed with a valid social insurance number Borrower must have a valid checking account Additionally, some payday loan companies will require that the borrower submit a check, which will be cashed when the repayment period is up. However, if the borrower is unable to pay back the loan at the time of repayment, the borrower may request a roll over or a long term repayment plan, depending on the circumstances. Alabama Payday Loan Laws So exactly how much can you get with your Alabama payday loan? Because of the relatively high interest nature of Payday loans, Alabama payday loan laws only allow payday loan lenders in Alabama to lend up to $500. While they are technically permitted to loan you more, Alabama payday loan laws only allow the payday loan company to collect their full interest or fees on the first $500. While payday loan lenders can be extremely helpful in keeping the bills paid, there are unfortunately some unscrupulous lenders looking to take advantage of vulnerable Alabamans in their time of need. In order to protect yourself against predatory lenders, it’s important to know your rights in regards to payday loans in Alabama. Alabama payday loan laws only allow the interest on your Alabama payday loans to be a maximum of 17.5% of the loan amount. If you’re unable to pay back the payday loan in time, Alabama payday loan laws also prohibit payday loan companies from rolling over your loan into an unending cycle of debt. Alabama payday lenders are only allowed to rollover your loan one cycle at their interest rate. If you are unable to pay back your payday loan in this timeframe, payday loan lenders in Alabama cannot charge you additional fees or interest above 3% for the additional time the loan is outstanding. However, the payday loan lender may charge an additional fee if you provided a check drawn on a bank account with insufficient funds. The repayment periods for payday loans are relatively short since they are only designed to hold you over until your next pay check, but Alabama payday loan laws set the minimum repayment period at a minimum of 10 days, and a maximum of 31 days. One more important note for Alabamans seeking online payday loans is that even if your lender is out of state – if you are a resident of Alabama – Alabama payday loan laws are applicable to your cash advance loans. This means your pay day loan lender must abide by Alabama’s laws, wherever they are. Repayment Plans For Payday Loan – Alabama If due to unforeseen circumstances, you are legitimately unable to replay your loan in full, payday lenders in Alabama are legally obliged to offer you a reasonable repayment plan where you can pay off your payday loan in smaller, monthly installments. A Brief Caution About Instant Payday Loans The convenience and availability payday loans both locally and online can be a huge relief to those needing financial relief until their next payday loan. With the proper research and a full knowledge of your rights, you can take advantage of these loans to smooth over a short term financial crisis. However, payday loans are not a long-term financial solution and it’s important that you have a plan in place in order to payback your payday loan. Be sure to also do your research on your payday loan lender and ensure that their terms comply with local laws. Payday loan lenders that don’t respect Alabama payday loan laws are also likely to resort to other unscrupulous methods to squeeze extra interest and fees out of you. That being said, payday loans can be used effectively to relieve temporary financial burdens placed by unexpected events. With a few clicks of the mouse, Alabamans can easily get a same day payday loan to help relieve the pressures of a financial emergency.

 

 

 

Alabama Payday loan laws:

Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default
Finance Charge for 14-day $100 loan: $17.50
APR for 14-day $100 loan: 456.25%

 

Alabama laws and Regulations | Quick payday loans | Cash Advance Explained