Alabama State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal

Loan Terms:

Maximum Loan Amount: $500

Loan Term: 10-31 days

Maximum Finance Rate and Fees: 17.50%; 3%/month after default

Finance Charge for 14-day $100 loan: $17.50

APR for 14-day $100 loan: 456.25%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)

Rollovers Permitted: One (rollover)

Cooling-off Period: Next business day after 2 continuous loans repaid

Repayment Plan: Yes (Four equal monthly installments)

Collection Limits:

Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check

Criminal Action: Prohibited (Unless check returned due to closed account)

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

To Find Legal Status of Payday Loans by State. Get matched with direct lender Start application now!