This is a guide that will help you navigate all available options for payday loans in Alabama. Short term loans which are also known as payday loans are often vilified in the media. However, they are useful for emergencies as long as you are careful. In the state of Alabama, you can get a payday loan and there are legal limitations that protect you as a lender and the economy in general.
Check Into Cash Loans
This is a company that allows you to apply easily right from their website and have cash when you need it most. A perfect credit is NOT required and you have multiple repayment options at your disposal.
- Minimum loan: $50
- Loan term: varies
- Turn around: 24-48 hours
- Cost: varies
- Must be 18 or older
- No security needed
- Confidential application!
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Are payday loans legal in Alabama?
Yes, you can get a payday loan in Alabama, they are legal. The law applies to both stores and websites. All lenders are required to have a special license for each of their operations and in Alabama payday loans can only lend $500 and the maximum APR (Annual Percentage Rate) for $100 is 456.25%. Repayment terms are as few as 10 and up to 31 days. Only one roll over is permitted!
- $500 max
- APR max 456.25%
- 1 rollover max
- Terms 10-31 days
Here is a selection of payday loans that are available for you in the State of Alabama:
Why get a payday loan in Alabama
Here are some of the characteristics of a payday loan in Alabama
- If you have bad credit you can still apply. Payday loans in Alabama have more flexibility than banks. If you can make your repayments you can apply for a payday loan in Alabama.
- Easily apply. It is as easy to apply for a short term payday loan in Alabama from a website as it is to apply from a store in your town. It simply means you can apply from anywhere as long as you have documents that proof that you are a resident of the great state of Alabama.
- Easily get your hands on your cash. If you get your loan from a store, you get the money in as little as one hour. If you choose an online option, money is usually transferred the same day.
- Use the money anyway you like. As you may already know, you can use the money in anyway you want. For example, you can use the case for a car payment, to pay an important bill or for a medical emergency.
What are the fees on payday loans in Alabama
Here are an easy to understand list of what charges you can expect when taking out a payday loan in Alabama.
- Annual Percentage Rate The most you will pay (per $100) is 456.25% for a 24 day payday loan in Alabama. For a 30 day loan the APR is 206.05%
- Fees & other charges Payday loan companies in Alabama can charge as much as 17.5% of the total loan in fees. This means that the maximum charge for a $100 14 day loan is $17.50. They can also charge 3% if case you fail to pay which will be charged from the due date.
- Loan extensions You can only ask for an extension once with a payday loan in Alabama. There will be a fee! Lenders can also legally charge what is called a NSF (non-sufficient funds) fee if you do not have enough money in your bank account to cover for the check.
- Collection It is legal for payday loan companies in Alabama to charge up to $30 for a NSF fee. They are also entitled to court and attorney costs, amounting to as much of 15% of the value of the check.
- Early repayment You can repay payday loans in Alabama anytime ahead of the due date and not pay any extra fees.
How to apply for an Alabama Payday Loan
You can apply for an Alabama payday loan online or at a store and although criteria will change between companies, these are the usual requirements:
- 18 years old minimum
- American citizen or green card holder
- Steady income
- Name, DOB, SS#, national ID such as a driver’s license
- Address, email, phone
- Employer, income
- If you are applying through a website, your bank account details