Payday Loans in Clay, Alabama

Events happen, and we usually find ourselves in a spot where we must pay for some unforeseen bills. Consider submitting an application for a payday advance loan in Clay, AL, to see if you qualify.

The loan process is quick and straightforward. To qualify, loan borrowers must meet a few basic conditions.

What is a Cash Advance Loan? What Can It Pay For?

A payday loan is where the borrower will be extended a petite amount of money on a short-term agreement. This is considered an unsecured personal loan as no collateral is needed.

When surprise financial needs arise, for example missed rent or utility payments, auto costs, health or vet payments, and so on, individuals usually turn to paycheck advance loans.

Payday Advance Loan Requirements In Clay, Alabama

In Clay, AL, paycheck advance loan borrowers need to meet a few criteria to qualify for a loan.

The borrower must:

• Show proof that they reside in Clay, AL
• Must be 18 years old
• Have a steady stream of income that they can provide proof of being at least $1,000/month
• Provide active contact details including cell phone number and email address
• Provide their SSN

If a borrower does not meet the above rules, they will automatically be denied a payday advance loan. Make sure you have the documentation required when requesting a loan.

Laws and Rules Regarding Cash Advance Loans in Clay, Alabama

Alabama has deemed payday advance lending legal. However, they have created the following rules and laws for the paycheck advance lending market:

• An individual money lender cannot extend a loan greater than $600. Borrowers are not allowed to possess greater than two outstanding loans from different lenders. There is no minimum loan amount.
• The minimum loan term is not determined, the maximum 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 lender. The service fees charged by lenders on a payday loan do not fall under interest. The service fees apply to every $100 loaned and can vary between 11-15%.
• An interest rate is required to be mutually agreed upon. APR can be as high as 369%.

Will Payday Lenders in Clay, Alabama, Run Credit Checks? What If I Have Bad/No Credit History At All?

Yes, the lenders we have a relationship with will perform a credit check on you, still, even if you have no credit or poor credit, you may still be approved for a loan provided you can prove that you can repay the loan. Lenders are commonly unconcerned about your credit history if you possess proof of income and a plan to pay back the loan.

Lenders will rely on a soft credit check, which will not impact your credit score. This is simply to get an idea of your credit history and general information.

A hard credit pull, on the other hand, needs your explicit consent. These credit pulls are used for a plethora of purposes, such as mortgages, credit cards, and more.

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

Therefore, when you apply, whether it is in person or online, double check that you have your income information at hand and any other documents proving that you can pay back the loan. The more evidence you have, the more likely you are to be approved.

When Will I Receive My Funds in Clay, AL?

When you get your funds really relies on the lender as some lenders provide same-day paycheck advance loans, which means you will get your payday loan on the same day you submit your application, as long as you're approved.

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 might not get your cash until Monday.

If you're looking for a same-day paycheck advance loan in Clay, AL, you will need to make sure you're applying by 10:30 am. Any and all same-day funds going out that day will be approved by that deadline. However, you should submit an application earlier than that if able, as it will boost the likelihood that you receive your cash on the same day that you apply.

One more consideration that you should understand is even if the lender approves your application and posts the loan to your checking account, sometimes the bank won't release that funds at that time. It's vital that you let your bank know that you plan to receive a cash advance loan, so they could possibly make an exception in releasing the deposit earlier.

On the whole, it's wise to prepare ahead of time to receive cash 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 possess bad credit or no credit and are searching to secure a payday advance loan, think about applying with us, as you probably have a better chance of approval.

We partner with over one hundred different lenders who offer their services online. Much of the time you will get your cash on the next business day so ensure that you plan accordingly.

Although, you can always locate the nearest cash advance loan store to you and apply in person to boost the chances of seeing your loan on the same day. When requesting a loan in person, make sure 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 payday advance loan store, please refer to the list below and find your city.

Payday Loan Direct Lender Companies in Clay, AL

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