When you have due bills before your paycheck arrives, you may be left with few options to make ends meet before your next salary arrives. If something similar happens to you, don't lose heart, you are not alone. It is tough to stay afloat when you are hit hard by financial hardship. However, you may always find a way out to help eliminate financial stress.
Payday Loans Explained
First things first, let’s understand what a payday loan is and how it works.
Payday loans are small-dollar loans up to $2500 due in full, typically on your next payday. Generally, the amount of the loan depends on your income and your state laws. That's why we strongly encourage our customers to check the local regulation before submitting your credit request.
How to Get Short-Term Loans in Alabama?
If you are strapped for cash and want to find a short-term solution, payday loans may be a suitable option. Looking for a cash loan in Alabama? LoanPlaces will make your quest more efficient. We will help you find a suitable lender in your state and get your money deposited into your bank account in as little as one working day. Featuring quick and easy processing, LoanPlaces is a convenient platform to turn to during your financial emergencies.
Can I get a Loan with Bad Credit in Alabama?
LoanPlaces works with a network of reliable legitimate lenders. Thus, you may save your time and boost the chances of getting credit approval by dealing with multiple lenders. Don't worry if you have poor or no credit, as our bad credit lenders may get you through. Most lenders don't perform credit checks, thus giving the bad credit holders a chance to get the cash they need. it also cuts down the processing time and significantly improves customer experience.
An essential piece of advice: Bad credit loans may seem to be a lifesaver when you have a FICO score of 699 or less. However, aside from being a good option for getting money right away, they also have drawbacks in form of high interest rates. Thus, before heading for these loans, please weigh up pros and cons and make a wise financial decision.
How do I Need to Pay Off my Payday Debt?
Usually, cash lenders require you to pay back the borrowed amount plus calculated interests until your next payday, typically in a month. Unlike regularly scheduled payments that should be made over time, payday loans suggest a one-time payment towards your upcoming paycheck. Before submitting your credit request, clearly consider your ability to return your debt in time. Otherwise, you may end up renewing (rolling over) your debt, thus sticking in a debt cycle.
As a result of changes CFPB has made, from July 2020 the lenders don't have to check if the borrower is able to repay the loan. Thus, we encourage you to be careful and make sure you can afford the loan before applying.
|Annual Percentage Rate (APR)||≈ 456%|
|Minimum Loan Amount||$100|
|Maximum Loan Amount||$500|
|Minimum Loan Term||10 days|
|Maximum Loan Term||31 days|
|Number of Rollovers Allowed||1|
|Finance Charges||17.50% per $100|
|Cooling-off Period||Next business day after repayment|
Real interest rate map /PDF/ of payday loans in the United States calculated on a typical loan.
Payday loans regulation /PDF/ by state 2020.
|Criminal actions against borrowers in Alabama are not allowed, however, in rare cases they can be applied in case repayment check is returned due to the closed account.|
|The Consumer Financial Protection Bureau (CFPB) makes the financial marketplace work more effectively and educates consumers to help them take more control over their financial lives. Click here to learn more.|
|For more information about payday loan laws and regulations in Alabama visit Alabama State Banking Department website.|
[ Updated on 14-Jan-2021, 07:34 ]