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Cash Advances in Alabama
Posted on Wednesday, May 19th, 2019 at 12:05 pm in Payday Loans
Online payday loans offer a fast and convenient solution to temporary financial hardships. Unlike a long-term loan from a bank, you can be approved and receive your money within 24 hours, and never have to face a credit check or borrow against collateral. The amount of your payday loan is determined based on your past and future income, not your credit score or collateral value. Before applying for your online payday loan however, it’s important to understand the laws of payday loan or cash advance loan lending that govern your state, as payday loan regulations vary between states. This article looks at payday loan laws in the state of Alabama.
The minimum borrowing term for payday loans in Alabama is 10 days, with a maximum lending period of 31 days. The largest amount you can borrow for your payday loan is $500. Alabama also regulates finance charges for payday loans, not to exceed 17.5% of the cash advance amount. If you are unable to repay your payday loan right away, you can roll your cash advance over into the next month once, then begin repayment. Lenders can offer repayment of a payday loan with an installment plan of four equal monthly payments but may charge an additional fee if you lack the adequate funds to repay your payday loan, so make sure you’re responsible with your cash advance loan amount.
If you remember to borrow responsibly and repay your payday loan on time, you’ll place yourself on the road to financial freedom with the cash you need when you need it. If you come up short, Alabama payday loan laws allow for flexible payment in as many as four installments to ease the burden. With reasonable financing and flexible repayment, an Alabama payday loan can be the solution you need!
Source: Credit.com’s State-by-State Payday Loan Summary
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