Payday Loans in Bay Minette, Alabama

Incidents happen, and we usually end up in a place where we must cover some unexpected expenses. Consider applying for a paycheck advance loan in Bay Minette, Alabama, to see if you meet the requirements.

The loan request process is fast and simple. To be qualified, borrowers have to satisfy a couple of general requirements.

What is a Cash Advance Loan? What Can It Cover?

A payday advance loan is where the borrower will be extended a small sum of cash on a short-term agreement. This is deemed to be an unsecured personal loan due to the fact that no collateral is needed.

When unforeseen bills arise, like missed rent or utility costs, auto repairs, health or vet costs, and so on, individuals often turn to paycheck advance loans.

Payday Advance Loan Criteria In Bay Minette, Alabama

In Bay Minette, Alabama, payday advance loan borrowers must meet several criteria to be eligible for a loan.

The borrower is required to:

• Prove that they live in Bay Minette, Alabama
• Must be 18 or older
• Receive a steady stream of income that they can provide proof of being at least $1,000/month
• Provide current contact information including cell phone number and email address
• Provide their social security number

If a borrower does not meet the above rules, they will automatically be denied a payday advance loan. Ensure that you have the documentation needed when applying.

Laws and Regulations Regarding Paycheck Advance Loans in Bay Minette, Alabama

The State of Alabama has deemed paycheck advance lending legal. Still, they have put forth the below rules and laws for the paycheck advance lending market:

• A single money lender cannot offer a loan greater than $600. Borrowers may not have more than two unpaid loans from different lenders. There is no smallest loan amount.
• The minimum loan term is not determined, the longest loan term length is 31 days. In the State of Alabama, borrowers are unable to rollover their loans.
• The fees and charges change for each money lender. The service fees enacted by the lender on a loan are not considered interest. The service fees apply to every $100 borrowed and can range from 11% up to 15%.
• An interest rate must be mutually decided upon. APR can be as much as 369%.

Will Payday Advance Lenders in Bay Minette, Alabama, Perform Credit Checks? What If I Have Poor/No Credit History At All?

Yes, the lenders we work with will do a credit check on you, but, even if you possess no credit or dismal credit, you may still be approved for a loan given that you can show that you are able to pay back the loan. Lenders are commonly unconcerned about your credit if you possess proof of income and a plan to pay back the loan.

Lenders will conduct a soft credit inquiry, which will not impact your credit score. This is only to get a feel of your credit history and basic information.

A hard credit check, alternatively, requires your permission. These credit inquiries are utilized for various purposes, such as mortgages, credit cards, and more.

You may still qualify for a payday advance loan with less than great credit in Bay Minette, Alabama, as long as you have proof of repayment.

So, when you apply for a loan, whether it is in person or online, ensure that you have your income information easily accessible and any other documents verifying that you can repay the loan. The more evidence you possess, the better chance your loan request will be granted.

When Will I See My Cash in Bay Minette, Alabama?

When you see your money actually relies on the lender as some lenders advertise same-day paycheck advance loans, which means you will see your paycheck advance loan on the same day you submit your application, as long as you get an approval.

Much of the time, however, lenders will give the borrower their lump sum on the next business day. Businesses typically close for holidays and weekends. So, if you apply on a Friday, you may not get your loan until Monday.

If you're looking for a same-day paycheck advance loan in Bay Minette, Alabama, you will need to ensure you're applying by 10:30 am. Any and all same-day funds going out that day will be approved by that cut-off. However, you should request a loan earlier than that if able, as it will increase the likelihood that you receive your loan on the day that you apply.

One more consideration that you should know is even if the lender grants your loan request and posts the credit to your checking account, sometimes the bank won't release that credit at that time. It's important to let your bank know that you plan to get a paycheck advance loan, so they might make an exception in releasing the funds earlier.

Overall, it's wise to prepare in advance to receive your loan on the next business day. That way, you're not out of luck if you cannot get it on the same day.

Consider Working With Us

If you have underwhelming credit or no credit and are searching to get a payday loan, think about applying with us, as you frequently have a higher chance of approval.

We work with hundreds of different lenders who offer their services online. Most of the time you will get your deposit on the following business day so make sure that you plan correctly.

However, you can always locate the nearest paycheck advance loan store to you and apply in person to boost the chances of seeing your money on the same business day. When requesting a loan in person, ensure that you have your government ID or driver's license; a passport will work as well. Infrequently, lenders may request proof of address, so bring a utility bill to the store as well.

To find the nearest cash advance loan store, please use the list below and locate your city.

Payday Loan Direct Lender Companies in Bay Minette, AL

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