We’ve gathered all of the necessary information and data so you can quickly compare different types of loans in Alabama. Find the best loan terms and the lowest rates by browsing our Alabama loan guide below.
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Loan Laws & Regulations in Alabama
It’s important that you know all of the regulations regarding short-term payday loans in your area before committing to borrowing money from a company. You’ll want to make sure that you aren’t being overcharged. With so many predator lenders online just looking to make a fortune off of your debt, it’s hard to know which loans are following the rules and which aren’t. Here are a few basic Alabama payday loan laws and regulations so you can have a better understanding of maximum interest rates, maximum duration and other such details. Feel free to contact us if you still have questions about the loan regulations in Alabama.
Quick Facts About Lending in Alabama
- Maximum Loan Amount: $500
- Loan Repayment Period: 10 to 31 days
- Maximum APR Rate: 456.25%
- Allowed Rollovers: Just one
- Maximum # of Loans at One Time: No limit as long as they are under $500
- Cooling Off Period: 1 business day after repaying 2 consecutive loans in full
- Minimum Age: 18 years old
- Must be a USA citizen or permanent resident
- Must have a stable income
- Must have minimum 30 days worked at the same job
- Must not currently have other outstanding payday loans
- Roughly 390,000 Alabama residents use payday loans
- Payday loan laws in Alabama are identical for storefront locations & online loan providers
- Lenders can charge $30 non-sufficient funds (NSF) fees if you miss a payment
- You can choose to repay your loan early without dealing with any penalties according to state law
- There are currently over 1,050 cash advance lenders in the state of Alabama, both online and offline
Average Credit Card Debt in 2017- Alabama vs. USA
Average Household Income in 2017- Alabama vs. USA
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Frequently Asked Questions
Do payday loans in Alabama perform credit checks?
When applying for an online loan, you’ll have to keep in mind that all lenders will perform a credit check. However, not all of them rely on your credit score in order to determine your eligibility. So, yes – they all check your credit report, but no – they don’t all use the information to get your approval. Many cash advance lenders rely mainly on your source of income and your job stability.
What is the difference between direct and indirect lenders?
Direct lenders are companies that lend you funds directly from their back account. Indirect lenders will connect you with someone who is capable of sending you funds, but they initial indirect lender takes all the credit as far as you’re concerned. One benefit of choosing direct lenders is that you get to work with the people who are borrowing the money directly. However, indirect lenders often work with networks including hundreds of exclusive loan providers, allowing you to get a higher chance of approval and better loan terms.