How Alabama Residents Can Attain A Payday Loan In Alabama

Most people including residents in Alabama understand the need for quick cash when an unexpected expense arises – medical expense, car repair, etc. Even people with a steady source of monthly income can experience a financial crisis. This is when they need to help of a payday loan to help them through until their next payday. If you live in Alabama and have considered payday loans, you need to understand what they are, how the loan works and what is expected of you to pay it back.

What are the important things to know about AL payday loans so you can secure a quick payday loan – a loan in as little as one business day in Alabama?

What Are Alabama Payday Loans?

The term payday loan goes by many definitions; but, in short, it is a cash loan a lender provide for a short period of time (usually due the day of your paycheck). How much cash you’re permitted to take out in payday loans will vary based on the state you live in. The rules in Alabama may differ significantly from other states. Some payday loans in Alabama range from as little as $30 to as much as $2,500. Each state has its own laws on how the payday loan industry is to run. There are two ways in which to attain your payday loan – even if you live in Alabama.

  • In-store (in person)
  • Online

How Can You Get a Quick Payday Loan in Alabama?

Payday loans are quite popular, even with all the negativity surrounding the industry. If your budget has hit a snafu and you need quick cash, these are certainly an option to consider. Of course, if you’re continuously experiencing a negative cash flow, you may want to look at why that may be before taking out a short-term payday loan in AL. Payday loans are only for when you face an unexpected expenditure such as a car repair or medical bill. A payday loan allows you to have money when you need it most.

Alabama is like any other state – it has laws and regulations that pertain to the industry. What are some of these AL regulations you should be mindful of before you agree to take out a payday loan from a payday loan lender? After all, knowing them means saving yourself time, money and headaches!

  • Finance Charges – Payday loans that are $30 and no more, Alabama lenders are not permitted to charge you more than $1 for every $5 you borrow,
  • Maximum Annual Percentage Rate – A 14-day, $100 loan in Alabama has a maximum APR of 309 percent.
  • Acquisition Charges – If you’re borrowing $30 to $100, the Alabama acquisition charge may be one-tenth of the loan amount. If you’re borrowing over $100, the charge is $10 (no more) in Alabama.
  • Maximum Term – According to AL regulations, payday loans can vary from one week to one month (31 days).
  • Maximum Amount – Alabama regulations say nothing amount of money that can be borrowed from a lender.

What Are The Requirements To Attain AL Payday Loans?

  • When you go to a payday loan lender in Alabama – be in online or in person – you must be at least 18 years of age. It is illegal for anyone under 18 to attain a loan.
  • You must be a legal Alabama resident to attain a payday loan in AL. You can confirm this status by providing your residential address.
  • If you have bad credit, you can still get payday loans. You just need a verifiable source of income (usually a job) that brings in a minimum of $1,000. This shows the payday loans lender that you can effectively repay your loan.
  • For immediate loan approval, you need a valid email address and phone number. Without this information, the lender cannot get in contact with you to let you know about your payday loan.
  • You must not be in bankruptcy proceedings when trying to attain payday loans.

The information a payday loans lender in Alabama will also need is your name and social security number (although no credit check will be ran to determine your eligibility). You also need to inform the Alabama payday loan lender how much you wish to borrow. After this information has been provided, you will be contacted about the loan’s approval or denial and be made aware of the terms and conditions.

While quick payday loans in Alabama can help you with an emergency financial need, it is not a substitute for continuous financial troubles. Do not get more than one AL payday loan from AL multiple companies, as you’ll only dig yourself into a deeper financial hole that will seem never-ending.

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