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Payday Loans Alabama

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Online Payday Loans Alabama

The word ‘payday loan’ brings to us a lot of fear and images of people surrounded by debts on their heads. We see how some people end up with bankrupt status and falling flat on their face after engaging themselves with payday loans. We get really scared sometimes if we need to imagine about any financial emergency coming on our head requiring an urgent money outflow. With a really short cooling period, will we still be scared of taking help from a payday loan product?


It is important to understand if borrowing money through this channel should even be considered or not. Through this article we will try to see how can we use this option without getting into any undesirable situation at the same time how our Alabama State has tried its best to shield us from such loan sharks by applying restrictions.


Payday borrowing and its rules in Alabama

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It is important to understand if borrowing money through this channel should even be considered or not. Through this article we will try to see how can we use this option without getting into any undesirable situation at the same time how our Alabama State has tried its best to shield us from such loan sharks by applying restrictions.

 

Online Payday loans are one of the easiest loan products you can borrow these days. It scores a lot of points when it comes to the convenience and application time over other conventional lenders like banks or credit unions. The ease of minimum documentation and putting this loan application sitting on the sofa of your house makes it even more attractive. The application process is very simple asking for basic details which is compared against few qualifying criteria. The applicant must be a legal resident of the United States and should be in a legitimate job. The applicant must have a running bank account. A credit check is also done to determine if the applicant is not a declared bankrupt or already a defaulter with any other institution. If all these criteria are satisfied, the loan amount is transferred to the customer’s bank account the same or by next day.

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Payday Loans Online Alabama No Credit Check

As per the contract, the borrower is expected to repay the entire loan amount by the end of the month i.e. as soon as he receives the next salary. This repayment includes of the loan amount as well as all the applicable interest and fees. This balloon payment is made either by an already issued post-dated check or debit authorization provided by the borrower at the time of contract signing.

The major arguments against payday loans is having a substantially high rate of interest. A typical loan arrangement has an APR in the range of 500% – 700% which makes it the costliest loan contract. This amount goes even higher when the borrower requests for a loan rollover. As the nature of loan requires a complete payment by end of month, this leaves the borrower with a reduced liquidity the following month. Again this forms the basis of another borrowing and finally it ends up in a debt trap for the borrower where he is using the money from one loan to pay off another loan.

Considering all the aspects surrounding this product, payday loans in Alabama has been regulated by the Alabama Banking department. The objective of such regulations is to protect the interest of the customers. Some of the highlights under these regulations are:


  1. An applicant cannot borrow more than a maximum of $500 from a lender.
  2. Each loan to have a minimum tenure of 10 days and the maximum term can be 31 days
  3. The loan cannot exceed 17.50%. Financial charges of 3% per month can be levied after default. With this, the finance charge on every $100 borrowed works out to be $17.50 with an APR of 456.25%
  4. In case the customer is not able to repay their loan as per the agreed term on the repayment date, he can rollover the loan for maximum once in its lifecycle.
  5. There is no cooling off period. An individual can borrow the next day once two continuous loans are repaid.
  6. A maximum of $30 can be collected by the lenders as a “Non-Sufficient Funds Fee”. The attorney fee be can up to a maximum of 15% of the loan amount.
  7. Criminal proceedings cannot be initiated against the borrowers unless they close the bank account leading to check return.

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Below is a list of cities, counties and towns that we service with payday loans in Alabama.

Abbeville Adamsville Addison Akron Alabaster Albertville
Alexander Aliceville Allgood Altoona Andalusia Anderson
Anniston Arab Ardmore Argo Ariton Arley
Ashford Ashland Ashville Athens Atmore Attalla
Auburn Autaugaville Avon Babbie Baileyton Bakerhill
Banks Bay Minette Bayou La Batre Bear Creek Beatrice Beaverton
Belk Benton Berry Bessemer Billingsley Birmingham
Black Blountsville Blue Springs Boaz Boligee Bon Air
Brantley Brent Brewton Bridgeport Brighton Brilliant
Brookside Brookwood Brundidge Butler Calera Camden
Camp Hill Carbon Hill Cardiff Carolina Carrollton Castleberry
Cedar Bluff Center Point Centre Centreville Chatom Chelsea
Cherokee Chickasaw Childersburg Citronelle Clanton Clay
Clayhatchee Clayton Cleveland Clio Coaling Coffee Springs
Coffeeville Coker Collinsville Colony Columbia Columbiana
Coosada Cordova Cottonwood County Line Courtland Cowarts
Creola Crossville Cuba Cullman Cusseta Dadeville
Daleville Daphne Dauphin Island Daviston Dayton Deatsville
Decatur Demopolis Detroit Dodge City Dora Dothan
Double Springs Douglas Dozier Dutton East Brewton Eclectic
Edwardsville Elba Elberta Eldridge Elkmont Elmore
Emelle Enterprise Epes Ethelsville Eufaula Eutaw
Eva Evergreen Excel Fairfield Fairhope Fairview
Falkville Faunsdale Fayette Five Points Flomaton Florala
Florence Foley Forkland Fort Deposit Fort Payne Franklin
Frisco City Fruithurst Fulton Fultondale Fyffe Gadsden
Gainesville Gantt Garden Gardendale Gaylesville Geiger
Geneva Georgiana Geraldine Gilbertown Glen Allen Glencoe
Glenwood Goldville Good Hope Goodwater Gordo Gordon
Gordonville Goshen Grant Graysville Greensboro Greenville
Grimes Grove Hill Guin Gulf Shores Guntersville Gurley
Gu-Win Hackleburg Haleburg Haleyville Hamilton Hammondville
Hanceville Harpersville Hartford Hartselle Hayden Hayneville
Headland Heath Heflin Helena Henagar Highland Lake
Hillsboro Hobson City Hodges Hokes Bluff Holly Pond Hollywood
Homewood Hoover Horn Hill Hueytown Huntsville Hurtsboro
Hytop Ider Indian Springs Village Irondale Jackson Jackson's Gap
Jacksonville Jasper Jemison Kansas Kellyton Kennedy
Killen Kimberly Kinsey Kinston La Fayette Lake View
Lakeview Lanett Langston Leeds Leesburg Leighton
Lester Level Plains Lexington Libertyville Lincoln Linden
Lineville Lipscomb Lisman Littleville Livingston Loachapoka
Lockhart Locust Fork Louisville Lowndesboro Loxley Luverne
Lynn Madison Madrid Magnolia Springs Malvern Maplesville
Margaret Marion Maytown McIntosh McKenzie McMullen
Memphis Mentone Midfield Midland City Midway Millbrook
Millport Millry Mobile Monroeville Montevallo Montgomery
Moody Mooresville Morris Mosses Moulton Moundville
Mount Vernon Mountain Brook Mulga Munford Muscle Shoals Myrtlewood
Napier Field Natural Bridge Nauvoo Nectar Needham New Brockton
New Hope New Site Newbern Newton Newville North Courtland
North Johns Northport Notasulga Oak Grove Oak Hill Oakman
Odenville Ohatchee Oneonta Onycha Opelika Opp
Orange Beach Orrville Owens Cross Roads Oxford Ozark Paint Rock
Parrish Pelham Pell City Pennington Perdido Beah Petrey
Phenix City Phil Campbell Pickensville Piedmont Pike Road Pinckard
Pine Apple Pine Hill Pine Ridge Pinson Pisgah Pleasant Grove
Pleasant Groves Pollard Powell Prattville Priceville Prichard
Providence Ragland Rainbow City Rainsville Ranburne Red Bay
Red Level Reece City Reform Rehobeth Repton Ridgeville
River Falls Riverside Riverview Roanoke Robertsdale Rockford
Rogersville Rosa Russellville Rutledge St. Florian Samson
Sand Rock Sanford Saraland Sardis City Satsuma Scottsboro
Section Selma Sheffield Shiloh Shorter Silas
Silverhill Sipsey Skyline Slocomb Smiths Station Snead
Somerville South Vinemont Southside Spanish Fort Springville Steele
Stevenson Sulligent Sumiton Summerdale Susan Moore Sweet Water
Sylacauga Sylvan Springs Sylvania Talladega Springs Talladega Tallassee
Tarrant Taylor Thomaston Thomasville Thorsby Town Creek
Toxey Trafford Triana Trinity Troy Trussville
Tuscaloosa Tuscumbia Tuskegee Twin Union Grove Union Springs
Union Uniontown Valley Valley Grande Valley Head Vance
Vernon Vestavia Hills Vina Vincent Vredenburgh Wadley
Waldo Walnut Grove Warrior Waterloo Waverly Weaver
Webb Wedowee West Blocton West Jefferson West Point Westover
Wetumpka White Hall Wilsonville Wilton Winfield Woodland
Woodstock Woodville Yellow Bluff York

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All customers who wish to receive a short term loan should apply for the same through our simple online form. Once we have all the details, we would send them to our network of lenders. After our lenders our satisfied with the information provided by you, they would make you an offer. The offer would contain all the terms and conditions attached to the loan along with the fee, interest rates and the final amount payable. If you are satisfied with the offer, you can accept the offer by providing your electronic signature. The electronic signature would be legally binding. After providing your signature, the lender would transfer the loan amount to your bank account. FurnishLoans.com or its associated lenders never put our customers under any obligation to accept an offer. In case you are not satisfied with the offer, you can choose to reject it. FurnishLoans.com exists to connect our customers with our network of lenders and is in no way responsible for the terms and conditions set by the lender.
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