Alabama Pay Day Loans
Alabama is pretty “middle of the road” when it comes to payday loans. They only offer a maximum loan amount of $500 and you’ll be paying $17.50 on top of every $100 you borrow. That means if you take the maximum of $500, you’ll pay $587.50 back when your loan is due and possibly a little more depending on the individual company and their finance charges. Alabama is very consumer friendly in regards to loans and is one of few states that allows a repayment plan (depending on company) so you can pay your payday loan off gradually over a few months should you need to.
Alabama Pay Day Loan Laws
Maximum Loan Amount: $500
Maximum Finance Rate: $17.50 on every $100 borrowed with a repayment period of 14 days. 3% extra per month can be added if loan defaults.
Annual Percentage Rate: 456.25%
Minimum Payoff Time: 10-31 Days
Extensions Allowed: One rollover allowed. Repayment plan may be arranged if inability to pay in time.
Top 5 Alabama Payday Loan Companies
Alabama Payday Loans Inc
alabamapaydayloansinc.com
2316 B North Memorial Parkway
Huntsville, AL 35810
Telephone: 256-539-7731
Alabama Payday Loans Inc goes by “Alabama Title Loans” on the official website. This is actually a benefit for those looking for loans because you may have the option to get a title loan on your vehicle if you don’t make enough per month to qualify for an average payday loan where they do a deferred deposit check. This company has multiple physical offices across Alabama as well as a website you can apply on.
Ezmoney
979 Ann Street
Montgomery, AL
(334) 262-0389
ezmoneypaydayloans.com
Ez Money has over 380 locations across the US with dozens scattered across Alabama. This company knows how difficult it can be to stay afloat in between paydays and has a number of different short-term loan options available. The most basic is the standard payday loan where you get some cash now and pay it back plus all fees within 30 days or on your very next payday. Some branches also offer “signature loans” where you can get a larger amount up front and have a longer repayment period so you don’t have to worry about getting it all repaid out of your next paycheck.
Check ‘n Go
1301 3rd Ave W # B
Birmingham, AL
(205) 788-4702
checkngo.com
Check ‘n Go is a nationwide company that has locations all across the US. You’ve probably seen a commercial or two for this company if you watch local television stations. Check ‘n Go offers Alabama residents three distinct type of loan and these are installment loans, payday loans, and title loans. The first two don’t require collateral and have limited available amounts but title loans can get you a lot more cash up front if your vehicle is relatively new and in good shape. You’ll have to sign your vehicle over to this company and you get the title back when the loan is repaid.
Ace Cash Express
604 West Fairview Avenue
Montgomery, AL
(334) 261-2041
acecashexpress.com
Ace Cash Express is one of the oldest personal finance companies in the US. They opened their doors in 1968 and since then have expanded to every corner of the country. There are dozens of offices in Alabama that you can visit personally or you can just simply fill out the application online using the form on their official website. As of October 2011, they offer payday loans online and both payday loans and title loans from their offices.
Check Into Cash
104 Green Springs Highway
Homewood, AL
(205) 944-2930
checkintocash.com
Check Into Cash offers all your standard personal finance options. You can do Western Union, electronic bill paying, purchase prepaid debit cards, get payday loans and title loans. There are numerous locations all across the country and many of them have limited time promotional offers if you visit them in person. You may find they have a reduced interest deal, no fee deal or other special offers for first time customers.