Online Payday Loans in Alabama
We've all found ourselves there a couple of times, when some unexpected bill occurs be it vet costs, utility shutoff notices, or possibly an expense that we didn't remember. In this situation, you should request a payday loan in Alabama.
The process of applying for a cash advance loan is fast and easy. Although, you do need to meet specific requirements to make sure you're eligible.
What Exactly is a Payday Loan And Why Is It Necessary?
A payday advance loan is when a person borrows a small amount of funds on a short-term basis that they're contracted to repay with their next paycheck. This type of loan doesn't require collateral, therefore it's considered an unsecured personal loan.
Getting a cash advance loan will help pay for emergency expenses that pop up such as auto repairs, medical expenditures, eviction notices, outstanding utility fees, and a lot more.
What Are The Guidelines For Payday Loans in the State of Alabama?
To be able to get a payday advance loan in Alabama there are a few standards the borrower must meet in order to qualify, for example:
- Be 18 years of age or older
- Be able to submit a social security number
- Provide proof of being a resident of Alabama
- Have proof of a steady income of $1,000 per month or greater
- Share an email address and phone number
- You cannot be bankrupt or in debt
The inability to meet the criteria above will lead to an automatic denial of your request. Always be sure to possess the necessary documents available when applying.
Payday Loan Rules and Laws in Alabama
Along with payday loans come specific rules and laws particular to the city. We've listed some of these, specific to the state of Alabama:
- The maximum loan amount is $500 for a single payment back and $1,000 for multiple installments
- APR is 304%
- The state of Alabama does not allow rollovers due to this the loans have to be repaid within the agreed upon time frame
There are specific time frames for single payment loans and multiple installment loans.
- The borrower has 7 days to pay back a single-payment loan
- For multiple installment loans, the borrower has 60 days to pay it back
- The borrower will get no more than 31 days to complete payment on a single-payment loan
- 90 days will be granted to the borrower for repayment on a multiple installment loan
Do Payday Loan Lenders Review Credit History?
Lenders will run a credit check, but it's not the usual credit check you may be thinking of. They will perform what's known as a soft credit check which looks into your basic details in addition to your overall credit history.
The soft credit inquiry won't impact your credit, whereas a hard credit pull will. However, this requires your permission and is commonly only used for rental applications, credit cards, auto loans, and other financial matters.
Can I Be Approved For a Payday Loan with Less Than Perfect Credit in Alabama?
If you're worried because you have lackluster credit; don't! You can still be approved for a cash advance loan with dismal credit or no credit, in Alabama. If you have proof that you can pay the loan back, lenders commonly aren't worried about your credit rating.
Irregardless of if you apply online or at a payday advance lender store local to you, always have your proof of income available along with other documents proving that you're able to pay back the loan. With additional evidence, you increase the likelihood of approval.
When Will The Cash Show Up In My Account?
Generally, most borrowers should expect that their funds will show up in their checking account the next business day. However, this depends on a couple of things like:
- The time and day you apply
- Who you bank with
As long as you apply before 10:30 AM when you are trying for a same-day payday advance loan in Alabama, it will boost the chance that you see your funds on the same day you apply. Obviously, only if you're approved.
Don't forget that banks, as well as many other financial institutions, close over the weekends, and on holidays. Therefore, if you apply the day leading up to a holiday, or before the weekend, there's a chance your transfer will be postponed.
Who Do You Do Your Banking With?
Something else you'll want to be mindful of is who you do your banking with. Financial institutions have their own processes concerning releasing funds. A few may be fine releasing them the same day while others will rely on a 3 to 5 day holding period.
What you can do is notify your banker that you are applying for a cash advance loan so that they may be able to make an exception on when to transfer the funds to your checking account. If they aren't able to make an exception, you can ask them what their policy consists of so that you're informed.
Payday Application Process In the State of Alabama
The payday loan application process in Alabama is simple. It doesn't rely upon if you have no credit or even lackluster credit, you can still be approved. You don't need to leave your home if you want to apply through us online. Or, you can locate your nearest lender's storefront.
Either way, whatever you pick, all you must have is your general information such as your email address, phone number, social security number, etc.
If you decide to go to your closest lender at their business building, make sure you have your government ID or passport to verify your identity. They may also want proof of address to prove you live in Alabama, as well as proof of income.
Consider Borrowing From Us
We are an online service that provides payday loan applications online in Alabama. We are working closely with over a hundred direct lenders who also provide services online. Plan to receive your payday loan by the next business day.
Alternatively, you can always locate the closest payday advance loan storefront and apply in person. This might increase the likelihood that you see your cash on the same business day as long as you apply prior to 10:30 AM.
To find a payday advance loan storefront near you, locate your city on the list below:
If you need cash as soon as possible, consider applying in person instead of online. If approved, you will get your money almost immediately. Please find the list of cities in California to find the nearest payday loan storefront.