Payday Loans in Chelsea, Alabama

Life happens, and we usually end up in a place where we have to pay for some unforeseen bills. Consider applying for a cash advance loan in Chelsea, AL, to see if you qualify.

The loan request process is fast and painless. To be qualified, loan borrowers have to satisfy a couple of basic criteria.

What is a Payday Loan? What Can It Be Used For?

A payday loan is where the borrower will be extended a small amount of money on a short-term contract. This is deemed to be an unsecured loan because no collateral is required.

When unforeseen costs arise, for example late rent or utility bills, vehicle fees, medical or vet payments, and so on, people commonly seek out cash advance loans.

Cash Advance Loan Criteria In Chelsea, AL

In Chelsea, Alabama, payday loan borrowers are required to meet a few criteria to be eligible for a loan.

The borrower must:

• Provide proof that they live in Chelsea, AL
• Must be 18 years old
• Have an income that they can provide proof of being at least $1,000 per month
• Give up-to-date contact information including cell phone number and email address
• Give their social security number

If a borrower does not abide by the above requirements, they will immediately be denied a paycheck advance loan. Make sure you possess the documents required when submitting your application.

Laws and Regulations Concerning Cash Advance Loans in Chelsea, Alabama

Alabama has ruled paycheck advance lending legal. Still, they have created the following rules and laws for the cash advance lending industry:

• An individual lender cannot offer a loan for more than $600. Borrowers cannot take out greater than two active 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 not allowed to rollover their loans.
• The fees and charges are different for each loan lender. The service fees enacted by lenders on a payday loan are not considered interest. The service fees apply to every $100 loaned and can range from 11% up to 15%.
• An interest rate must be mutually settled upon. APR can be as much as 369%.

Will Cash Advance Lenders in Chelsea, Alabama, Complete Credit Checks? What If I Have Dismal/No Credit History At All?

Yes, the lenders we partner with will perform a credit check on you, but, even if you possess no credit or less than stellar credit, you might still be approved for a loan as long as you can show that you are able to repay the loan. Lenders are commonly unbothered by your credit if you possess proof of income and a strategy to pay back the loan.

Lenders will use a soft credit inquiry, which will have no impact on your credit score. This is simply to get a feel of your credit history and basic information.

A hard credit pull, dissimilarly, needs your permission. These credit checks are performed for various purposes, including mortgages, credit cards, and more.

You can still qualify for a payday advance loan with bad credit in Chelsea, AL, provided that you have proof of repayment.

Therefore, when you apply, whether it is in person or online, make sure that you have your income information ready and any other documents verifying that you can repay the loan. The more evidence you show, the more likely your loan application will be approved.

When Will I See My Cash in Chelsea, Alabama?

When you get your loan really depends on the lender as some lenders advertise same-day payday loans, which means you will receive your payday loan on the same day you apply, as long as you receive an approval.

Most of the time, though, lenders will send the borrower their lump sum on the following business day. Businesses generally close for holidays and weekends. Because of this, if you apply on a Friday, you may not see your deposit until Monday.

If you're wanting a same-day payday loan in Chelsea, AL, you will need to make sure you're applying by 10:30 am. Any and all same-day loans going out that day will be approved by that deadline. However, you should request a loan earlier than that if able, as it will boost the likelihood that you receive your funds on the day that you apply.

One additional factor that you should understand is even if the money lender approves your application and posts the credit to your bank account, sometimes the bank won't release that funds immediately. It's vital that you let your bank know that you plan to get a paycheck advance loan, so they could possibly make an exception in releasing the deposit earlier.

Overall, it's wise to prepare ahead of time to get your deposit on the following business day. That way, you're not surprised if you cannot receive it on the same day.

Consider Borrowing From Us

If you have poor credit or no credit and are wanting to secure a paycheck advance loan, think about applying with us, as you most likely have a higher chance of approval.

We work with more than one hundred different lenders who provide their services online. Frequently you will get your cash on the following business day so make sure that you plan appropriately.

Although, you can always find the closest payday advance loan store to you and apply in person to increase the chances of getting your funds on the same business day. When requesting a loan in person, ensure that you have your government ID or driver's license; a passport is sufficient. Occasionally, lenders may request proof of address, so take along a utility bill to the store as well.

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

Payday Loan Direct Lender Companies in Chelsea, AL

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