Payday Loans in Arab, Alabama

Events happen, and we usually end up in a spot where we have to pay for some unforeseen expenses. Consider submitting an application for a cash advance loan in Arab, Alabama, to see if you meet the requirements.

The loan application process is fast and straightforward. To qualify, loan borrowers have to satisfy a couple of basic requirements.

What is a Cash Advance Loan? What Can It Be Used For?

A payday advance loan is where the borrower will get a small sum of money on a short-term contract. This is deemed to be an unsecured loan because no collateral is needed.

When surprise expenses come up, such as missed rent or utility payments, car fixes, health or vet fees, and so on, people commonly turn to payday loans.

Payday Loan Requirements In Arab, Alabama

In Arab, AL, cash advance loan borrowers need to meet several criteria to be eligible for a loan.

The borrower is required to:

• Show proof that they live in Arab, AL
• Must be at least 18
• Have a steady stream of income that they can provide proof of being at least $1,000 per month
• Give up-to-date contact information such as cell phone number and email address
• Provide their SSN

If a borrower does not abide by the above requirements, they will immediately be denied a paycheck advance loan. Make sure you have the documentation required when applying for a loan.

Laws and Regulations Concerning Cash Advance Loans in Arab, AL

Alabama has ruled payday lending legal. However, they have created the following rules and laws for the payday advance lending industry:

• An individual lender cannot extend a loan greater than $600. Borrowers are not allowed to possess more than two active loans from different lenders. There is no minimum loan amount.
• There is no minimum loan term, the longest loan term length is 31 days. In Alabama, borrowers are unable to rollover their loans.
• The fees and charges change for each money lender. The service costs enacted by lenders on a cash advance loan are not considered interest. The service fees apply to every $100 borrowed and can range from 11% up to 15%.
• An interest rate is required to be mutually agreed upon. APR can be as much as 369%.

Will Paycheck Advance Lenders in Arab, AL, Run Credit Checks? What If I Have Poor/No Credit History At All?

Yes, the lenders we work with will run a credit check on you, still, even if you possess no credit or dismal credit, you might still be approved for a loan provided you can prove that you are able to repay the loan. Lenders are generally unconcerned about your credit history if you possess proof of income and a plan to repay the loan.

Lenders will use a soft credit check, which will have no impact on your credit score. This is simply to get an idea of your credit history and general information.

A hard credit pull, alternatively, must have your permission. These credit inquiries are done for a variety of purposes, including mortgages, credit cards, and more.

You can still be approved for a payday advance loan with bad credit in Arab, Alabama, if you can prove you will repay the loan.

Therefore, when you apply for a loan, albeit in person or online, double check that you have your income information available and any other documents showing that you can repay the loan. The more evidence you have, the more likely you are to be approved.

When Will I See My Deposit in Arab, AL?

When you get your deposit really relies on the lender as some lenders offer same-day cash advance loans, which means you will see your payday loan on the same day you apply, as long as you're approved.

Most of the time, however, lenders will send the borrower their lump sum on the next business day. Businesses usually close for holidays and weekends. So, if you submit your application on a Friday, you may not receive your funds until Monday.

If you're needing a same-day payday loan in Arab, AL, you will need to be sure that you're applying by 10:30 am. Any and all same-day payments going out that day will be approved by that deadline. However, you should submit an application earlier than that if able, as it will increase the likelihood that you see your deposit on the day that you apply.

One other factor that you should know is even if the money lender approves your application and posts the funds to your bank, occasionally the bank won't release that deposit at that time. It's important to let your bank know that you plan to receive a payday advance loan, so they might make an exception in releasing the money earlier.

On the whole, it's best to prepare ahead of time to receive your funds on the following business day. That way, you're not left in the lurch if you cannot get it on the same day.

Think About Working With PaydayLoanRadar

If you have bad credit or no credit and are searching to secure a paycheck advance loan, consider applying with us, as you frequently have a higher chance of approval.

We partner with over one hundred different lenders who offer their services online. Most of the time you will see your loan on the following business day so make sure that you plan appropriately.

However, you can always locate the nearest paycheck advance loan store to you and apply in person to increase the chances of receiving your money on the same business day. When applying in person, ensure that you have your government ID or driver's license; a passport is sufficient. Infrequently, lenders may ask for proof of address, so bring a utility bill to the store as well.

To find the nearest paycheck advance loan storefront, please refer to the list below and locate your city.

Payday Loan Direct Lender Companies in Arab, AL

Below you will find a list of payday loan companies offering their services in Arab, Alabama. If you can't find a lender near your location in Arab, consider applying in a nearby city in Alabama. Alternatively, you can apply online on our website and get a decision almost instantly.