What are payday loans in Alabama?
The term “payday loan” has many definitions, but in a nutshell, it is a money loan that a lender makes for a short period of time (usually payday). How much money you are allowed to borrow on a payday loan depends on the state in which you live. The rules in Alabama may differ significantly from those in other states. Some payday loans in Alabama range from $30 to $2,500. Each state has different laws about how the payday loan industry is supposed to work. There are two ways to get credit – even if you live in Alabama.
-In-store (in person).
How do I get a quick loan in Alabama?
Payday loans are quite popular, even despite all the negativity surrounding this industry. If your budget has hit a rough patch and you need some quick cash, these loans are definitely worth considering. Of course, if you are constantly experiencing negative cash flow, you should look into the reasons why before taking out a short-term payday loan in AL. Payday loans are only for when you are faced with an unexpected expense, such as a car repair or medical bill. A payday loan allows you to get money when you need it most.
Alabama, like any other state, has laws and regulations that pertain to the industry. What are some of these Alabama state rules that you should keep in mind before agreeing to take a payday loan from a lender? After all, knowing them will save you time, money, and headaches!
Finance Fees – For payday loans of $30 or less, Alabama lenders cannot charge you more than $1 for every $5 you borrow,
Maximum Annual Percentage Rate – The maximum annual interest rate on a $100, 14-day loan in Alabama is 309 percent.
Acquisition Fee – If you borrow between $30 and $100, the Alabama acquisition fee may be one-tenth of the loan amount. If you borrow more than $100, Alabama’s fee is $10 (not more).
Maximum term – Under Alabama state rules, payday loans can range from one week to one month (31 days).
Maximum amount – Under Alabama state rules, there is no limit to the amount of money you can borrow from a lender.