Payday Loans in Dothan, Alabama

Life happens, and we usually find ourselves in a situation where we must cover some surprise expenses. Think about applying for a payday advance loan in Dothan, Alabama, to see if you are eligible.

The loan request process is quick and simple. To be qualified, borrowers must satisfy a couple of basic criteria.

What is a Payday Advance Loan? What Can It Be Put Towards?

A payday loan is where the borrower will receive a small amount of money on a short-term contract. This is thought of as an unsecured personal loan due to the fact that no collateral is needed.

When unexpected costs arise, for example past due rent or utility expenditures, auto fees, health or vet payments, and so forth, people commonly seek out payday loans.

Cash Advance Loan Requirements In Dothan, AL

In Dothan, AL, cash advance loan borrowers are required to meet a few stipulations to be eligible for a loan.

The borrower must:

• Provide proof that they live in Dothan, AL
• Must be 18 years of age
• Have an income that they can prove that's at least $1,000 per month
• Provide current contact information including phone number and email address
• Provide their social security number

If a borrower does not meet the above criteria, they will immediately be denied a payday loan. Make sure you possess the documentation needed when applying for a loan.

Laws and Regulations Regarding Payday Loans in Dothan, AL

Alabama has ruled cash advance lending legal. Although, they have enacted the following rules and laws for the payday advance lending market:

• A single lender can't offer a loan in excess of $600. Borrowers are not allowed to have greater than two outstanding 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 not allowed to rollover their loans.
• The fees and charges are different for each lender. The service costs charged by the lender 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 must be mutually agreed upon. APR can range up to 369%.

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

Yes, the lenders we partner with will do a credit check on you, still, even if you have no credit or less than stellar credit, you might still be eligible for a loan as long as you can show that you are able to repay the loan. Lenders are commonly unconcerned about your credit history if you have proof of income and a plan to pay back the loan.

Lenders will perform a soft credit check, which will not impact your credit score. This is only to get an idea of your credit history and basic information.

A hard credit check, alternatively, must have your permission. These credit inquiries are utilized for a variety of purposes, including mortgages, credit card applications, and more.

You may still qualify for a payday advance loan with less than great credit in Dothan, Alabama, if you have proof of repayment.

Therefore, when you apply, albeit in person or online, ensure that you have your income information easily accessible and any other documents showing that you can repay the loan. The more evidence you show, the better chance your loan application will be approved.

When Will I Receive My Money in Dothan, AL?

When you get your deposit truly depends on your lender as some lenders provide same-day cash advance loans, which means you will receive your payday loan on the same day you submit your application, as long as you're approved.

Much of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses often close for holidays and weekends. Because of this, if you submit your application on a Friday, you may not receive your funds until Monday.

If you're searching for a same-day cash advance loan in Dothan, Alabama, you will need to ensure you're applying by 10:30 am. All same-day deposits going out that day will be approved by that time. However, you should request a loan earlier than that if able, as it will increase the likelihood that you receive your money on the same day that you submit your application.

One more consideration that you should understand is even if the lender grants your loan request and posts the credit to your bank account, occasionally the bank won't release that deposit right away. It's important to let your bank know that you plan to receive a cash advance loan, so they might make an exception in releasing the deposit earlier.

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

Consider Working With PaydayLoanRadar

If you have underwhelming credit or no credit and are needing to secure a payday 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 offer their services online. Much of the time you will see your deposit on the following business day so ensure that you plan correctly.

Although, you can always locate the closest payday loan storefront to you and apply in person to strengthen the chances of seeing your loan on the same day. When submitting an application in person, make sure that you have your government ID or driver's license; a passport will work as well. Now and again, lenders may require proof of address, so take along a utility bill to the store as well.

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

Payday Loan Direct Lender Companies in Dothan, AL

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