About 18.4% of Alabama residents live in poverty, and the unemployment rate in the state (as of March 2018) was 3.5%. People in Alabama experiencing cash flow challenges might look to online payday loans to help them out.
Payday loans are legal in Alabama and governed by state statute 5-18A-1 et seq.
Payday loans in Alabama can be taken out for 10 to 31 days. Fees and finance charges should not exceed 17.5% for every $100 borrowed. The maximum amount payday lenders are allowed to offer is $50.000, with a maximum APR of 456.25%. Terms can range from 10 to 31 days, and you can rollover your loan one time. A lender can charge 3% per month if you default on the loan, beginning on the date of default.
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of the face amount of check
Criminal Action: Prohibited (Unless check returned due to a closed account)
Rollovers Permitted: One rollover is allowed
Maximum Number of Outstanding Loans at Any Time: One (max $ amount of loans at one time: $500.00)
Rollovers Permitted: One rollover permitted
Cooling-off Period: The next business day after you have repaid 2 continuous loans
Repayment Plans Allowed: Yes
While the eligibility criteria vary by lender, you typically need to meet the following basic requirements:
When applying, you’ll likely have to provide personal information, including your Social Security number and bank account details. Have these and other documents — like your government-issued ID — on hand to speed up the application process.
If you are looking for an online payday loan in Alabama, Cash in a Snap can help you get an instant cash advance easily and quickly. We are a payday loan referral service and help you connect with our large network of 100 payday loan providers. We aim to provide safe and convenient payday loan options to the residents of Alabama.
Our loan request process for Alabama is fast, easy, and secure. You just need to fill out all the required information in the form. All your information is kept confidential. You are then matched with an online payday loan provider. You can get approved in minutes and once approved, your loan amount is transferred into your account within one business day.
We have a trusted network of payday lenders who are licensed to do business in Alabama. All our lenders abide by the regulations set by the industry standards organization – OLA. Our loan request form is SSL secured which protects all your personal information and keeps transactions between you and the lender confidential.
We offer No Credit Check Payday Loan option to people who can’t get access to traditional loans due to bad credit. Our aim is to help the residents of Alabama who have bad credit and hence, nowhere to turn towards in case of a financial emergency. Our bad credit payday loans come to your rescue in times when you need an instant cash advance to cover up unexpected expenses.
Choosing the right payday loan provider in Alabama may be overwhelming. Let Cash in a Snap help you in urgent financial needs such as car repairs, medical bills, or any unexpected situation. Get short-term payday loans that will keep you financially afloat until your next paycheck. Request an online payday loan and recover from your unexpected financial emergency.
There are also certain collection restrictions that payday lenders in Alabama must follow if the borrower’s repayment check bounces or if they fail to repay their loan in full. In the case of non-sufficient funds, lenders can collect $30 as the maximum fee. While you cannot be sent to jail for the non-payment of payday loan debts, in rare instances, criminal proceedings against borrowers can be initiated by lenders if a check or repayment is returned due to a closed bank account. Lenders can charge court costs as well as reasonable attorney’s fees limited to 15% of the check’s face value.
There are currently over 1,000 payday lenders in Alabama. Almost all of these are storefronts. In 2015, Alabama residents took out more than 2 million payday loans, with an average of eight loans per borrower. The average loan amount in 2015 was $322, and the average fee a borrower-paid was $56 per loan.
Alabama enacted legislation requiring all applicants for payday loans to be at least 19 years of age. Many states allow applicants to be 18 but not in Alabama. Alabama does allow you to get a loan at the age of 18 if you have a co-signer e.g., a parent or adult friend.
No, you cannot get a loan if you are 18 years old in Alabama. Alabama regulations require you to be 19 years of age in order to request a payday or installment loan.