Online Payday Loans In Alabama
Are you in dire need of money? Getting an online payday loan can be your way out of the challenging situation. It is not uncommon for financial emergencies to show up out of the blue. While your savings might suffice in most situations, extra aid is sometimes needed.
Payday loans are short-term cash loans that usually come with high-interest rates. A payday lender grants loans on the agreement that the borrower will repay them upon receiving their next wage.
In the hour of need, you can rely on payday lenders who offer their lending services to Alabama residents. However, it is essential to ensure that you only trust reputable lenders.
In this article, Money-Wise shows the eligibility criteria, maximum loan limit, and the maximum loan term of an Alabama payday loan. Keep reading if you are in search of reliable lenders to get the best payday loan in Alabama.
Online Payday Loans Alabama
Looking for a way to cope with a financial emergency? As a resident of Alabama, you can manage to get a payday loan irrespective of the city you live in. After the legalization of small loans, various lenders have emerged who offer soft search loans.
Not to mention, many payday loan lenders provide cash loans to people irrespective of their credit rating. Correspondingly, it is possible to get a short-term loan even if you have a bad credit score. Apart from payday loans, installment loans and title loans are also available for Alabama residents.
Online Payday Loans in Alabama: Rules and Regulations
Payday loans were not always legal in Alabama. Initially, payday became legal under the Small Loan Act in 1994. However, it is now regulated by The Deferred Presentment Act ever since 2003. Correspondingly, all lenders have to abide by the best practices of the legislation. The state law governing the terms of payday loans clearly states various conditions that lenders and borrowers must be careful of if they want to deal with payday loans in Alabama.
According to the state’s law, the minimum term for a payday loan must be 10 days, while the upper limit of the loan term is 31 days. Although the law does not specify a minimum loan amount, the maximum loan amount that is allowed is $500. Borrowers can not take two or more loans simultaneously. Moreover, rolling over is only allowed once per each loan. Borrowers may return the amount they owe in four equal monthly installments. On average, the APR in Alabama is 456%. Additionally, loan lenders cannot charge more than 17.5% of the principal amount as a loan fee. Before getting into a new loan agreement, there must be a gap of one day, which is the cooling-off period after a loan.
Eligibility Criteria for Alabama Online Payday Loans
You must be able to fulfill some basic criteria to be able to be eligible for an Alabama payday loan.
The eligibility criterion is not the same as the conditions set by the state. Regardless, you need to be able to meet the set conditions to become eligible for an online payday loan in Alabama.
The eligibility requirements are as follows:
- The loan applicant must be a resident of the US, above 18 years of age
- They must have proof of a stable income of no less than $800
- Live checking and an online mobile phone account
- A government-sanctioned photo ID lending responsibly
Factors to Consider Before Getting Alabama Payday Loans Online
Payday loans are short-term unsecured loans with high-interest rates. Before you get one for yourself, there are a few factors you should take into consideration. These include:
One of the basic things to check is whether you qualify for the eligibility criteria for a payday loan. In case you don’t meet any of the conditions, you will not be able to get a payday loan.
Another crucial factor to keep in mind is that on-time repayment is essential. It is best to carefully consider the amount you need to borrow to avoid future troubles.
How to Apply for an Online Payday Loan in Alabama?
With the advancements in the industry, getting a loan has become considerably easy. As of late, various online platforms have emerged to provide a middle ground between you and the willing lenders.
The application procedure for an online payday loan is fairly straightforward. First, you must fill out an online application form and provide your personal details, bank information, and proof of income.
Then, this information is forwarded to a network of third-party verified lenders. The lenders review your information, and those willing to offer you a loan will present you with their loan terms.
Once the platform matches you to the best suitable lenders with respect to the details on your online application form, you must pick the lender with the best loan terms and a good reputation. Lenders usually transfer the loan amount to your bank account within 24 hours.
Frequently Asked Questions
Can you include payday loans during bankruptcy in Alabama?
Payday loans are small, personal, unsecured loans. Since they don’t need any collateral, payday loans are dischargeable in Alabama even while you file for bankruptcy.
How many payday loans can I get at the same time in Alabama?
Alabama state laws restrict residents from taking one payday loan at a time. While there is no limit to taking consecutive loans, simultaneous loans are not allowed.
What are the wage garnishment laws in Alabama?
The state laws on wage garnishment align with the federal law on the matter. Consequently, the lending company can only garnish up to 25% of the weekly disposable earnings upon the judge’s order.
What happens if I don't repay my payday loan?
If you are unable to pay your payday loan after term completion, the lender can take you to court. While not paying a payday loan will not land you in jail, you wish to face other repercussions.
Are payday loans legal in Alabama?
Payday loans are legal in Alabama according to state laws. Nevertheless, you should rely on state-licensed lenders that are lending responsibly rather than using the services of lending companies that do not have the state-issued license.
Can I renew my Alabama payday loan?
The loan amount is due in full upon the completion of the loan term. However, state law permits one rollover on payday loans.
How can I verify the outstanding amount on my payday loan?
To check the remaining loan amount, you can contact the lending company.
Get The Alabama Online Payday Loans Today!
When money is tight, a payday loan can be a lifesaver so you can meet your obligations. Alabama has very specific and all-encompassing laws regarding this issue.
Feel free to apply for a payday loan from Money-Wise if you wish to meet all the eligibility requirements. Don’t shy away from applying for a bad credit payday loan if your credit rating is not up to par. Nevertheless, it is important to borrow an amount you can afford to repay.