Consumer-Friendly Payday Loans in Alabama
There's lots of reasons to love living in Alabama. From the rich history to the diverse landscape and excellent weather, residents of Alabama are fortunate to live in this area of the nation. Birmingham, Montgomery, Mobile, Huntsville and all the other popular cities and rural areas offer a unique blend of culture, industry and southern hospitality. Discover why more and more residents of this proud state are considering using payday loans to create some flex space in their monthly budget.
Of course, there are some challenges to living in this state. Alabama has an average household income of $61,000, which is significantly lower than the national average. While housing prices are affordable and also below the national average, residents need to be strategic with their paychecks in order to afford to pay their bills on time. A growing economy can still leave some residents feeling the effects of unemployment and other financial hardships.
If you're struggling to make routine monthly payments on time, consider how a payday loan can help you get a grasp of your finances. Payday loans are short-term, small loans that are designed to give you the income you need before your rent and other bills are due. Instead of waiting for payday, whether it's weekly or monthly, you can utilize your cash today.
The Importance of Payday Loans
From minor grocery bills to costly monthly rent and utility bills, payday loans can be used to cover any routine or unexpected expense. Because these are hard money loans, you'll receive cash. This allows you to use your loan however you need, without prior approval. You'll simply receive your paycheck earlier, with some fees and interest applied.
Middle-income residents of Alabama are also likely to use these loans. While payday loans typically have a reputation of being a low-income alternative, residents with diverse financial backgrounds can use these loans effectively to avoid high interest rates or unpaid bills. Payday loans are typically more convenient and low-interest than credit cards, and are easier to apply for than a traditional bank loan.
Some residents need these loans on a routine basis. Others need a single loan to pay off a sudden medical bill or other expense. Regardless of the reason you need fast cash, the most important benefit of a payday loan is that they are incredibly flexible. Use your cash however you need, and don't worry about tracking expenses or waiting for loan approval of a particular expense.
Important Payday Loan Stats in Alabama
Here are some fast facts and important stats when considering payday loans in Alabama. Like most states, Alabama has strict requirements for all payday loan providers. Don't borrow from a lender who offers a loan that doesn't follow these basic requirements:
- Maximum loan amount: $500
- Loan term: 10 to 31 days
- Maximum interest rate: 456%
- One rollover permitted
- Cool-off period of one day
- 17.5% maximum finance charge per $100
These laws are put in place to protect you as a borrower. Many illegal payday loan providers attempt to deceive borrowers with hidden fees, high interest rates or huge loan amounts. Repaying these loans becomes a major burden for borrowers, and typically requires far more than the original loan amount. This can lead to individuals seeking multiple loans, which compounds the problem.
Instead, a legal, licensed Alabama payday loan provider offers short-term loans that use affordable interest rates and are convenient to receive. Find out today if these loans are right for you and shop local, legal Alabama loan providers conveniently online.
From pristine beaches to glistening fields and bustling cities, take time to enjoy your home state of Alabama. Whether you've recently relocated or are a long-term resident of Alabama, a payday loan can help take the stress out of paying your bills and allow you to enjoy the local scenery.
Payday Loan Laws in Alabama
There are any other laws that apply to loan providers in Alabama. These protective regulations help you as the consumer. In the event of non-sufficient funds for repayment, a maximum fee of $30 can be applied.
Typically, criminal action is prohibited. You shouldn't be afraid of criminal charges, but in some rare instances this can be allowed. This law is put in place to avoid you from being arrested for a minor debt and failure to repay the debt in time.
The cool-off period is another important way that Alabama state law protects you. Because one rollover is permitted, you're allowed to avoid repaying your loan or take out another loan the next month or loan period. However, a cool-off period of one business day allows you to cancel that contract with no questions asked within one day.
Set term limits allow you to take out a loan just long enough to advance your next paycheck. These loans aren't designed to be long-term solutions, but allow you to spend your paycheck when you need it, not when you receive it. Too often residents of Alabama are forced to choose between groceries or timely payments as they wait for payday.
A $500 limit helps avoid taking out a loan that is too high for you to repay in a month. The 31-day limit makes it easy to repay a $500 amount. The goal of these laws is to help you avoid undue burden of debt and enjoy a convenient loan that can be easily repaid with your next paycheck.
These laws are subject to change. Alabama strives to provide a safe, secure atmosphere for residents to receive the financial assistance they need. Whether you're looking for a one-time loan or need a more routine source of fast cash, be sure to keep up with the latest rules and regulations regarding your payday loan.
What Makes Snappy Payday Loans Different?
We're working hard to restore the reputation of payday loans, cash advances and other short term lending services. We believe that all kinds of people should have access to the financial products which can help them to deal with unforeseen expenses even if they have less than exemplary credit records. Unfortunately, the reputation of payday loans in Alabama has been marred by less than reputable lenders who prey on the financially vulnerable.
If you've made the informed decision to take out a payday loan you can do so safe in the knowledge that Snappy Payday Loans can help you do so in the safest way possible. Remember we are not a payday lender. Instead we put you in touch with the right payday loans direct lenders in Alabama to suit your needs, helping you to make a well informed and zero-obligation decision that's right for you and your household.
How the Loan Process Works
When you apply for payday loans through our website, the process is completely secure and confidential. Our 128-bit encrypted connection transmits your application to our partners without the risk of interception by third parties.
We pride ourselves on our simple, streamlined application process. Most people are approved if they meet the following requirements:
- Have an active checking account in good standing
- Are a permanent resident or citizen of the United States
- Are age 18 or older
- Have had a job for at least one month
- Can supply a working phone number and email address
The Types of Lenders Available
You can get payday loans and cash advances in Alabama either online or in person. Scores of brick-and-mortar lenders operate in Alabama, and some of these lenders also operate online. You can go in person during the lender's business hours or call the lender and begin the process that way. Alternatively, you can fill out an online request form if the lender has one.
Then there are online-only companies such as Snappy Payday Loans. We offer a variety of helpful features:
- With our quick service, most loans distributed within one business day.
- Loans are deposited right into your bank account.
- Lenders are often willing to work with applicants who have bad credit.
- You only have to fill out a simple online form.
We do not loan you the money, but we use the information you submit to match you with a direct lender (assuming you qualify for a loan). This online option is convenient because you don't have to leave your home and wait in line or wait for a business to open. We process applications on secure servers 24 hours a day, seven days a week.
If you want a loan as soon as possible, check out our easy online form. Start the process here, and see if you're matched to a lender. If you don't like the rates or terms proposed, you are under no obligation to accept the offer. It's a win-win situation in which you get to see whether you qualify and what the terms are like.
Frequently Asked Questions
Are Payday Loans Available for Senior Citizens?
Even senior citizens need a hand once and awhile. Regardless of your financial situation or source of income, you're still eligible for a payday loan as a senior citizen. Use it to advance your part-time job paycheck or Social Security check.
Whether you're struggling to pay off recent medical bills or simply affording groceries for the week, senior citizens can gain access to all the flexible, convenient payday loans that are available to other borrowers.
Where Can I Ask Questions or Report Problems With My Loan?
The state of Alabama not only puts laws and licensing procedures in place, they also have Consumer Affairs at the State of Alabama Banking Department to ask any questions, report any issues or file a formal complaint against a loan provider.
If your question is less serious than a formal complaint, you can also contact your loan provider to understand your repayment plan, interest rate and options regarding your loan. Be sure to verify that your loan provider is licensed to provide payday loans in Alabama before signing any paperwork or receiving your loan.
Are Online Loans Available in Alabama
Many online loan providers offer unlicensed loans all across the country. However, there are also many licensed and safe providers that you can conveniently access in Alabama. Online loan providers can still be licensed in Alabama, so don't be afraid to shop for online loans in Alabama. Take advantage of all the protective laws of Alabama while you browse fast, convenient and flexible payday loans in Alabama.
Kelly Stone - President
Kelly Stone - President
Kelly is a graduate of Northwestern University's Kellogg School of Management with a Master's Degree in Finance. She began her career in the short-term lending industry in 1996. Starting with one store, she grew the business to over 50 storefronts offering payday loans. As the industry started to shift online, she changed gears and started Snappy Payday Loans, allowing consumers nationwide to apply online for a payday loan. Through relationships and time, Kelly has built a large network of lenders that offer loans that Snappy utilizes today.