Payday Loans Alabama (AL)
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Getting Payday Loans in Alabama
Payday loans, also known as short-term loans, represent a great way to solve any problems caused by unexpected expenses or any sort of emergencies. As the name suggests, these are loans that take place over a short period of time and come with high interest rates – as they provide you with the amount of money you need in a short time.
Overall, bad credit loans have the same features, benefits, and disadvantages. However, most of the American states have different regulations when it comes to loans. Therefore, if you live in Alabama, you should consider getting informed on the current status of payday loans in Alabama.
We thought of collecting most of that information for you and laying it out here, hoping to be of your help. Let’s jump in and find out the features and the details one must know before applying for a loan in this state.
Online Payday Loans Alabama – The Numbers
You are allowed to borrow up to $500 under the form of a payday loan. In the case of payday loans, the annual percentage rate (APR) is of 456.25% per $100 borrowed.
The terms of the loans vary between 10 to 31 days, and the loan can undergo a rollover only once.
Now, let’s look into the fees you will have to pay for your payday loan – expect a high interest rate, of course.
In terms of financing fees, the lenders can charge you with 17.50% of the loan – the maximum charge for a 14-day $100 loan being of $17.50. In case the lender stumbles upon NSF (non-sufficient funds) when trying to withdraw the amount you owe from your bank account or when cashing your check, you will be charged a fee of $30.
The default fees come under the form of a 3% charge per month, that if you default on the loan.
In case you want to extend your loan because of various reasons, you can do so only once, and you might also pay a fee for this extension.
Naturally, you’ll have to fulfill some requirements before applying for Alabama payday loans. You have to be at least 19 years old (unlike the 18 years old required in many other American states), you must be a US citizen or a permanent resident and, of course, you must have a steady source of income.
The Bottom Line
So, if you really need a payday loan, you can apply for one. But keep in mind the high interest rates it will come with and the short term you will have available to pay it off. It is not advised that you get a loan if you have trouble managing your finances and only apply for one in case of emergencies or unexpected expenses.
The laws in the US are also there to help you avoid getting into debt. Still, you should also do extensive research on payday loans in Alabama and their pros and cons before getting one.
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Disclaimer
Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.
The owner and operator of PaydayClick.com is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designedonly for amatching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning short-term loan products and the industry is presentedon the website for information purposes only. PaydayClick.com does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. PaydayClick.com does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Short-term loans are not available in all the states. Not all the lenders in the network can provide the loans up to $1,000. PaydayClick.com cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a short-term loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.
APR Representative
APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since PaydayClick.com is not a lender and has no information regarding the terms and other details of short-term loan products offered by lenders individually, PaydayClick.com cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant.
Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with PaydayClick.com and PaydayClick.com has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a short-term product.
Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.
Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.
Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.
Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.