Payday Loans in Alabama
Do you need some extra cash to hold you over until your next paycheck arrives? If this is the case, consider taking out payday loans in Alabama. These are short-term loans up to $500 that have above-average interest rates. With a payday loan, you need to repay the cash advance in full before your next payday. So, if you need instant cash and have a steady income source, opt-in for a payday loan.
Below, we’ll explain to you all about the benefits that come with these same-day advances. We’ll also cover the loan regulations in Alabama and the extra fees you might endure if you take out a quick loan.
Advantages of Taking Out a Payday Loan in Alabama
From the quick service to the convenience of the entire procedure, many benefits come with payday loans in Alabama. Consumers get access to several different kinds of advance payday loans, and they can choose whatever suits their situation the best. Additionally, these short-term loans from AdvanceSOS are available to all types of applicants.
It doesn’t matter if you’re unemployed or have a bad credit score. The lenders in our network cater to many needs. Unlike bank advances, our borrowers aren’t limited to how they can spend their cash advance. Moreover, the entire process is online and requires virtually no effort on the part of the applicant.
It’s important to note that payday loans online are entirely legal in the state of Alabama, and you’ll be completely safe.
Reasons to Get a Payday Loan in Alabama
The entire loan procedure is wholly digitized so that you can do it from the comfort of your own home. Not only does the loan application take just a few minutes of your time, but you also get an instant response from the loan lender we matched you with.
The processing is incredibly fast, and the money will hit your bank account within minutes. Moreover, these are short-term loans with an average length of two weeks to a month. Short repayment terms are guaranteed to save you money because you don’t need to pay a lot of interest. In case you are having a difficult time repaying the loan, our Alabama lenders often offer rollovers. Plus, our lending partners also have other repayment plans to help you deal with the situation.
What will you need?
Applying for payday loans in Alabama with AdvanceSOS is a quick procedure that only requires a few minutes and some personal documents. To make the loan application easier for you, we listed all you need to do to get approved for a loan.
- To be at least 18 years old.
- A valid, government-issued ID proving you’re a resident of an Alabama area code.
- Social Security Number.
- Proof of income of at least $1,000 a month.
- An active checking account in your name.
- Valid phone number and email address.
How much can you borrow?
The state of Alabama doesn’t have a minimum limit on how much you can take out with a payday loan. The maximum amount, however, is $500. So, you can take out anywhere from $100 to $500. Most of the time, our customers take out small loans from the following range:
- 100 dollar loan
- 200 dollar loan
- 300 dollar loan
- 500 dollar loan
Note that the loan amount you get depends on your eligibility for the loan type you’re applying for. Some factors that impact this include your employment, income source, and bank account standing. If you need more money, a personal loan may be a better alternative.
When will you receive your funds?
We refer to these loans as instant cash because they are deposited very fast to our customers’ bank accounts! The loan lenders in our network understand that most borrowers need quick cash immediately, and they do their best to deliver.
Once you’re approved for the loan and sign the agreement, the lender will send the deposit through immediately. Depending on the provider that handles the transaction, you will probably have your cash advance by the end of the day. If you apply for a loan after our working hours or during holidays, you’ll have to wait until the following business day.
APR and Fee
Payday loans in Alabama come with an average annual percentage rate of 456%. Yet, the actual APR varies depending on the loan amount you choose. Another critical factor that determines the APR is the loan repayment term.
Regarding extra charges, customers might need to cover up to 17.5% of the amount they borrow. So, let’s say you take out a $100 loan with a 14-day repayment term. The loan cost is $17.50, and you’ll need to pay back $117.50. The maximum period for which you can take out a payday loan in Alabama is for 31 days.
Regulations surrounding payday loans in Alabama
Payday loans online in Alabama come with several lenders guided by state regulations, and clients must follow these guidelines. This way, both parties are guaranteed protection. First, the maximum you can take out in Alabama with a payday loan is $500.
The repayment term ranges between ten days and one month. The state of Alabama allows one rollover per loan, while there are no outstanding loans permitted. There’s also a cooling-off period of 24 hours after the repayment of the loan. So, if you want to get another cash advance, you’ll have to wait until the next business day after you repay.
Additionally, if your checking account is overdrawn, you’ll need to cover a $30 NSF fee. AdvanceSOS and its network adhere to all state and federal regulations.
Amanda is a senior writer at AdvanceSOS. She has more than six years of journalism experience, mostly in the finance sector. She graduated with a Bachelor’s Degree from Drew University.