Payday loans are legal in the state of Alabama. Alabama imposes a $500 amount limit on payday loans offered in the state. Payday loans can be taken for the period of 10-31 days with the maximum finance charge of 17.50% for every $100. One loan rollover is allowed. A $30 NSF fee is allowed for loan defaults; criminal actions are prohibited, but collection actions may occur.
Also, all lenders must be licensed and must disclose all loan information (terms, fees, repayment period) before a consumer sign any loan documents.
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If you’re accepted you will be connected directly to your lender, usually within 90 seconds or less.
Cash is deposited in your account in as little as 1 business day.
The original loan amount & any fees will be debited from your bank account on the due day.
You may have more than one payday loan in Alabama. However, if you have had 2 and paid them off, a cooling-off period of 1 business day is required (after a second consecutive loan) before a person can apply for a new loan.
Two is the maximum number of loans you can have at the same time. You are also allowed to ‘rollover’ a loan if needed. You cannot rollover a loan more than once. Always contact your lender in advance if you believe you will miss your payment date. Most lenders will work with you to create a payment plan that will work for your budget.
There are usually additional fees for rollovers or extensions of due dates. Make sure you understand these fees before agreeing to a rollover of any kind.
You must be 18 years of age and a US citizen. Lending to military personnel is prohibited.
Payday loans can be taken for the period of 10-31 days with the maximum finance charge of 17.50% for every $100. The effective maximum interest rate is 456% APR. Payday loans are fee-based and are never intended to go for a long period resulting in the high APR rates. Always ask your lender, before you accept a loan offer, about the terms and conditions of your loan and any other questions you may have. You are not obligated to accept a loan offer.
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