How Do Alabama Online Payday Loans Function?
Alabama state law governs all short-term loans in the state. Each borrower should carefully review them before to filing a loan request. Once you’ve made up your mind, apply online for the required amount following these three easy steps:
- Submit an online application form;
- Receive a lender match;
- Get your money the same day it’s authorized.
Why Should I Think About Online Alabama Payday Loans?
If you have experienced any of the following circumstances, Fast and Easy Payday Loans may be a great choice for Alabama residents:
- Banks and credit unions have turned you down because of your poor credit, bankruptcy, or other factors.
- Like 70% of Americans, you struggle to pay your regular bills, such as rent and electricity.
- You owe a lot of money and need to repay it quickly to avoid paying exorbitant interest rates.
- Consolidate credit cards into one by using a loan.
- Asking your family and friends makes you feel humiliated or ashamed.
- You don’t want to jeopardize your poor credit history by making a lot of loan requests. Payday loans without credit checks are ideal for you.
Select your city to find the best Payday Loan direct lenders near you
- Birmingham
- Montgomery
- Huntsville
- Mobile
- Tuscaloosa
- Hoover
- Dothan
- Auburn
- Decatur
- Madison
- Florence
- Phenix City
- Gadsden
- Prattville
- Vestavia Hills
- Alabaster
- Opelika
- Enterprise
- Bessemer
- Daphne
- Homewood
- Athens
- Northport
- Pelham
- Prichard
- Anniston
- Albertville
- Trussville
- Oxford
- Mountain Brook
- Fairhope
- Troy
- Tillmans Corner
- Selma
- Helena
- Foley
- Center Point
- Hueytown
- Cullman
- Talladega
- Millbrook
- Alexander City
- Scottsboro
- Ozark
- Hartselle
- Fort Payne
- Jasper
- Saraland
- Muscle Shoals
- Pell City
- Gardendale
- Calera
- Moody
- Jacksonville
- Sylacauga
- Eufaula
- Irondale
- Chelsea
- Leeds
- Gulf Shores
- Fairfield
- Saks
- Pleasant Grove
- Forestdale
- Atmore
- Russellville
- Boaz
- Clay
- Rainbow City
- Valley
- Bay Minette
- Fultondale
- Sheffield
- Andalusia
- Clanton
- Pike Road
- Tuskegee
- Southside
- Meadowbrook
- Guntersville
- Tuscumbia
- Arab
- Spanish Fort
- Wetumpka
- Greenville
- Pinson
- Brook Highland
- Demopolis
- Hamilton
- Montevallo
- Oneonta
- Opp
- Lincoln
- Lanett
- Tarrant
- Satsuma
- Meridianville
- Monroeville
- Theodore
- Robertsdale
What Conditions Do Alabama Payday Lenders Have?
An applicant for a short-term financial advance must do the following:
- be older than 18;
- being an Alabama resident;
- possess a functioning banking account;
- give evidence of your income.
The eligibility conditions may differ according on the lender, but overall they are quite similar and don’t typically involve any minimum income or credit score requirements.
What Are The Fees And Conditions For Alabama Payday Loans?
Because payday loans must often be repaid within 14 to 30 days, they are referred to as short-term loans. Lenders often don’t charge extra costs for early prepayment. If you are unable to return the loan on time, you can ask for a rollover, an extension, or a repayment schedule.
The annual percentage rate, or APR, is what determines how much a cash advance costs in Alabama. The range is from 300% to 1200%, however 400% is the norm. In addition, you can be charged:
- Processing fees for loans or verification.
- Charges for acquisition.
- Other fees.
Prior to submitting the loan agreement, confirm the rates and costs with the lender. You are not required to accept any loan offer unless you are entirely satisfied with all its terms.
Are Payday Loans legal in Alabama?
Loan Rates and Fees, Laws and Regulations in Payday Loans. Consumer loan act imposes some restrictions on Payday Loans in Alabama. But one can legally apply for $1000 - $5000 Installment and $5000 - 35,000 Personal loans. According to Md. Code Com. Law § 12-101 et seq.1 and Senate Joint Resolution 7 of 20022 the APR on Payday cash advance mustn’t exceed 2.75% per month; 33% per year.
| Legal Status | Legal |
|---|---|
| Minimum Loan Amount | $100.00 |
| Maximum Loan Amount | $500.00 |
| Repayment Term | 10-31 days |
| Average APR | 300.00% |
| Finance Charges | 17.5% of the amount advanced |
| Additional Fees |
|
Can Alabaman Borrowers With Weak Credit Obtain A Payday Loan?
Your chances of getting a payday loan in Alabama have never been most heavily influenced by your credit score rating. Even though it might have some effect on the size and cost of a cash advance, it won’t stop you from applying. Regardless of the information on your credit report, if you apply for an immediate payday loan online in Alabama, the money will be in your account within a day or two, if not the same day.
Is There Any Possibility of Obtaining Alabama Payday Loans Without A Credit Check?
Credit checks are not required when applying for an online payday loan in Alabama because having bad credit is not a concern. Most lenders provide loans without doing a hard inquiry. By examining your income rather than your prior obligations, they ensure that you will repay the loan. However, be careful not to miss a payment because the penalties could be terrible.
Choose Alabama Payday Loans With Caution
We can’t help but agree that one of the simplest and quickest ways to get a cash advance is with a payday loan. However, such convenience always comes at a price. Therefore, be prepared for short-term loans to come with high rates and other drawbacks like:
- Additional charges,
- Scams,
- Default penalties,
- Collection methods,
- The sale of your information to third parties.
To be on the safe side, make sure you borrow money from a legitimate lender and thoroughly read the contract.
Payday Loan Calculator
$500 Your loan + $79 Your fee = $579 Total Cost*
* Total Cost - The sum of money you are to pay off within the term you’ve chosen if you borrow the stated above amount for the average (or required by your lender) APR.
