Payday Loans in Fairhope, Alabama

Incidents happen, and we usually find ourselves in a situation where we must cover some unforeseen bills. Think about submitting an application for a payday advance loan in Fairhope, AL, to see if you are eligible.

The loan application process is quick and simple. To be eligible, you must meet a few basic criteria.

What is a Payday Loan? What Can It Cover?

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

When surprise bills come up, for example missed rent or utility costs, auto fixes, medical or vet payments, and so forth, people often rely upon payday advance loans.

Payday Advance Loan Criteria In Fairhope, AL

In Fairhope, Alabama, payday loan borrowers are required to satisfy a few criteria to qualify for a loan.

The borrower is required to:

• Provide proof that they reside in Fairhope, Alabama
• Must be 18 years old
• Have a steady stream of income that they can prove that's at least $1,000/month
• Provide active contact details like cell phone number and email address
• Give their social security number

If a borrower does not satisfy the above requirements, they will immediately be denied a payday loan. Make sure you have the documents required when applying.

Laws and Regulations Concerning Cash Advance Loans in Fairhope, AL

The State of Alabama has deemed payday lending legal. However, they have put forth the following rules and regulations for the cash advance lending industry:

• A single lender cannot extend a loan for more than $600. Borrowers are not allowed to have more 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 Alabama, borrowers are not allowed to rollover their loans.
• The fees and charges change for each loan lender. The service fees charged by lenders on each loan or transaction are not considered interest. The service fees apply to every $100 loaned and can range between 11-15%.
• An interest rate is required to be mutually decided upon. APR can range up to 369%.

Will Cash Advance Lenders in Fairhope, AL, Run 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, still, even if you possess no credit or poor credit, you might still be approved for a loan as long as you can prove that you can pay back the loan. Lenders are commonly unconcerned about your credit if you possess proof of income and a strategy to pay back the loan.

Lenders will conduct a soft credit check, which will have no impact on your credit score. This is only to get a look at your credit history and general information.

A hard credit check, on the other hand, must have your permission. These credit pulls are utilized for a plethora of purposes, including mortgages, credit cards, and more.

You can still qualify for a cash advance loan with imperfect credit in Fairhope, Alabama, if you can prove you will repay the loan.

Therefore, when you request a loan, albeit in person or online, ensure that you have your income information available and any other documents verifying that you can pay back the loan. The more evidence you possess, the more likely you are to be approved.

When Will I Get My Funds in Fairhope, AL?

When you receive your deposit truly depends on the lender as some lenders advertise same-day payday loans, which means you will see your payday loan on the same day you submit your application, as long as you receive an approval.

Much of the time, though, lenders will give the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. Because of this, if you submit your application on a Friday, you may not get your loan until Monday.

If you're needing a same-day payday loan in Fairhope, Alabama, 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 cut-off. However, you should request a loan earlier than that if able, as it will boost the likelihood that you see your cash on the same day that you apply.

One other factor that you should know is even if the lender grants your loan request and posts the credit to your bank, occasionally the bank won't release that funds at that time. It's paramount that you let your bank know that you plan to receive a paycheck advance loan, so they might make an exception in releasing the cash earlier.

On the whole, it's wise to prepare in advance to receive money on the next business day. That way, you're not out of luck if you cannot receive it on the same day.

Think About Working With Us

If you possess poor credit or no credit and are searching to get a cash advance loan, think about applying with us, as you probably have a better chance of approval.

We partner with hundreds of different lenders who provide their services online. Most of the time you will receive your deposit on the next business day so ensure that you plan correctly.

However, you can always find the nearest cash advance loan store to you and apply in person to boost the chances of getting your funds on the same day. When requesting a loan in person, make sure that you have your government ID or driver's license; a passport is sufficient. Now and again, lenders may request proof of address, so take along a utility bill to the store too.

To find the nearest payday advance loan storefront, please navigate to the list below and search for your city.

Payday Loan Direct Lender Companies in Fairhope, AL

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