A quick guide to payday loans in Alabama and it’s laws and regulations.
If you are looking for a fast payday loan in Alabama, you are at the right place! Here we can help you to get a Payday loan quickly, confidentially and efficiently. Once your request for a loan is approved, the payday loan amount will be credited in your Bank account within just a single business day. Hence, you don’t need to wait long for the funding after the approval is done.
The process for application is quite easy and quick, and after you fill the application, you may also get the approval in just few minutes. Payday loans must be also considered as short-term loans and they generally range in the amounts of about $100 to $500 dollars which is more then enough to keep you afloat financially between pay checks.
Click on one for the cities below to find payday loan companies in Alabama or apply online right now!
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The three important aspects to apply for a payday loan are:
- you should be a major, which means above eighteen years of age.
- you should be the US citizen or residing permanently in the US
- you should have a constant flow of Income such as salary or business income
What are the payday loan laws and regulations in Alabama?
In the year 2003, payday loan law was approved by state legislature of Alabama that legalized different kinds of payday loans and where the courts also have ruled the fact that payday loans will fall in different group from various other small loans. Here, outcome is the fact that applying for the pay day loan is now considered to be legal for the residents of Alabama. By the year 2011, there were about 1,067 licensed options that were offering the payday loans, and this number could possibly grow at exponential rates after this.
In Alabama, you will find various lenders of payday loans. Selecting a payday loan which is most appropriate for you and for your specific situation might certainly seem to be quite overwhelming.
- Maximum term for payday loans: 31 days
- Maximum Amount of the loan: $500
- Maximum Fee charges: 17.50% and additional fees of 3%/month after a single default
- Minimum term of Loan Term: Until the next payday
- Finance fees for 14-day while applying for $100 of loan is $17.50
Limits for Debt:
- Maximum count for the Outstanding Loans: None (Maximum of $ loan amount at single time: $500)
- Allowed Rollovers: Single
- Repayment Plan: Applicable
How much can you be charged by a payday lender in Alabama?
- Collection Fees: $30 NSF fee and Court expenses;
- Reasonable fees of Attorney for about 15% of the check amount
- Criminal Action is also allowed (Until the check is returned because of account closed)
A few tips to borrow money in AL
- Take a proper knowledge about the costs involved
- The lender should never use the new loan to pay off current loan.