Alabama Payday Loan Laws and Legislation

Home » USA » Alabama

It is a normal situation for an average American family to look forward to a next paycheck. In the majority of cases a family budget in not able to handle certain unexpected expenses. There are situations when money is nowhere to get and penalties and high interest rates are only left to be put up with. Citizens of Alabama, however, have got one very convenient way out. Payday loan lending companies are ready to offer short-term loans until a person's next paycheck. This service is a real way out in cases when cash is needed badly in short time. Loansdale.com is a company that specializes in payday loans and is ready to provide its services to all the citizens of Alabama. The whole procedure is simple and not at all time consuming and you will be able to get your cash in no time.

If you take a closer look to the history of payday loans in Alabama, you will learn that in 1999 it was among 19 states involved in legislation procedure concerning small loans. The point was to set a usury cap for interest rates on such loans. However, in 2002 these measures were avoided and nowadays lending companies are able to provide short-term payday loans to the benefit of themselves and the borrowers. Payday loans in Alabama are not at the present moment under the regulation of the Small Loan Act. Such conditions have become very favorable for many old companies to expand and for a number of new ones to appear. At the present moment payday lending is absolutely legal in Alabama.

Payday loans are named so because they are supposes to be repaid with the next paycheck of a borrower in due time. This is a very good opportunity for people with temporary financial difficulties to solve their problems very conveniently and without any fuss. Generally, in Alabama there are about 1,000 lending companies that work with payday loans and their number increases progressively.

Alabama state law allows payday lending in the amount not exceeding $500. A borrower is able to take such loan for a period from 10 to 31 days. Finance charges and fees should not exceed 17.50% for every $100 borrowed for a fortnight. APR equals 456.25% for a loan of $100 given for a period of two weeks.

Alabama state law also allows one payday loan at a time at a given location. In case the borrower is unable to repay in due time, one rollover is allowed. There is also cooling-off period presupposing that after the repayment of two continuous loans there should be made a break of one business day. In case of necessity a repayment plan can be offered to a borrower. One of the peculiarities of payday lending in Alabama is that, though the whole business is absolutely legal, only check cashing companies are allowed to give payday loans.

Basically, payday application process just takes a couple of minutes and all you have to do is to fill in the application and send it to loansdale.com. You will get the money as soon as your application is approved. Whatever expenses you need the money to cover, feel free to apply for our payday loans. With these short-term loans all your problems with unexpected bills, car repairs, medications and so on will be happily resolved in time.

More information

APPLY ONLINE
First Name:
Last Name:
Email:
State:
Zip:

Preferences

Fast loan process
Grate rate guarantee
100% secure aplication online
No faxing (Faxless), No credit check
Guaranteed loan approval

Testimonials

Loansdale acts professionally and by the way they are always there when needed. It was hard time and they really trusted me. This grants them an A.

Rachel F.
more testimonials