Alabama Payday Loans
While payday loans are legal in Alabama, there are a few things you should know before you consider borrowing money. Alabama payday loans are useful for emergencies as long as you are borrowing responsibly.
Alabama Payday Loan Laws
You can get a payday loan in Alabama, they are legal. The law applies to both stores and websites. All lenders are required to have a special license. In Alabama, payday loans can only lend $500 and the maximum APR (Annual Percentage Rate) for $100 is 456.25%.
Repayment terms are as few as 10 days and up to 31 days. However, only one rollover is permitted!
Online Payday Loans Alabama
Here are some of the characteristics of an online payday loan in Alabama
- If you have bad credit you can still apply. Payday loans in Alabama have more flexibility than banks. If you can make your repayments you can apply for a payday loan in Alabama.
- Easily apply. It is as easy to apply for a short term payday loan in Alabama from a website as it is to apply from a store in your town. It simply means you can apply from anywhere as long as you have documents that prove that you are a resident of the great state of Alabama.
- Easily receive cash. If you choose to get your payday loan online, money is usually transferred the same day.
- Use the money any way you like. As you may already know, you can use the money in any way you want. For example, you can use the case for a car payment, to pay an important bill or for a medical emergency.
Alabama Payday Loans Direct Lenders
Here at LoanPigUSA, we work alongside lenders from all around Alabama. Thankfully, when it comes down to finding a safe and secure lender, we can help. We understand there are plenty of loan sharks and fraudsters over the internet, so we ensure that the lenders we work with abide by all the rules laid out by the specific state. The direct lenders which we work with can offer you the loan you need if you fit their eligibility and their criteria.
How Many Payday Loans Can You Have In Alabama?
Loan Amounts: The maximum loan amount for Alabama residents is $500.00.Based on your income and other factors, loan limits will be determined on an individual basis.
Loan Balances: Loan balances, including fees, cannot exceed 25 per cent of Gross monthly income up to $500.00.
Term of Loan: Minimum 10 days – Maximum 31 days.
Permitted Fees: Up to 17.5 per cent of the amount financed the Annual Percentage Rate (APR) will vary depending on the length of your loan.
Maximum Loan Amount: The maximum amount payday lenders are allowed to offer is $500 with a maximum APR of 456.25%. Terms can range from 10 to 31 days, and you can rollover your loan once.
Payday Loans Alabama
Applying for a payday loan in Alabama is easy with the help of LoanPigUSA. As a referral service, we can help you find a lender to suit your needs in no time with just a few simple steps!