Payday Loans in Florence, Alabama

Incidents happen, and we usually wind up in a situation where we have to pay for some surprise expenses. Consider applying for a payday advance loan in Florence, AL, to see if you qualify.

The loan application process is swift and painless. To be qualified, you have to meet a few simple requirements.

What is a Cash Advance Loan? What Can It Be Used For?

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

When surprise costs present themselves, like late rent or utility bills, auto repairs, medical or vet bills, and so on, people frequently turn to paycheck advance loans.

Cash Advance Loan Criteria In Florence, AL

In Florence, Alabama, payday loan borrowers need to satisfy a few stipulations to be eligible for a loan.

The borrower must:

• Provide proof that they reside in Florence, AL
• Must be at least 18
• Receive a steady stream of income that they can prove that's at least $1,000 per month
• Give current contact details including cell phone number and email address
• Give their social security number

If a borrower does not abide by the above rules, they will automatically be denied a payday advance loan. Ensure that you possess the documents required when applying for a loan.

Laws and Regulations Regarding Cash Advance Loans in Florence, Alabama

Alabama has ruled payday lending legal. Still, they have set the following rules and regulations for the payday advance lending market:

• A single money lender can't offer a loan for more than $600. Borrowers may not have greater than two outstanding loans from different lenders. There is no minimum 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 change for each money lender. The service fees charged by the lender on a loan do not fall under interest. The service fees apply to every $100 borrowed and can vary between 11-15%.
• An interest rate is required to be mutually agreed upon. APR can range up to 369%.

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

Yes, the lenders we have a relationship with will do a credit check on you, still, even if you have no credit or bad credit, you may still be approved for a loan given that you can prove that you can pay back the loan. Lenders are usually unconcerned about your credit if you have 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 look at your credit history and basic information.

A hard credit inquiry, on the other hand, requires your explicit consent. These credit inquiries are performed for various purposes, including mortgages, credit cards, and more.

You may still qualify for a payday advance loan with poor credit in Florence, Alabama, as long as you can prove you will repay the loan.

Therefore, when you apply for a loan, albeit in person or online, double check that you have your income information easily accessible and any other documents verifying that you can repay the loan. The more proof you possess, the better chance you are to be approved.

When Will I Get My Deposit in Florence, AL?

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

Much of the time, however, lenders will give the borrower their lump sum on the next business day. Businesses generally close for holidays and weekends. So, if you submit your application on a Friday, you may not see your deposit until Monday.

If you're needing a same-day payday loan in Florence, AL, 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 apply earlier than that if able, as it will increase the likelihood that you receive your deposit on the same day that you submit your application.

One more consideration that you should know is despite if the money lender grants your loan request and posts the deposit to your bank, occasionally the bank won't release that deposit at that time. It's paramount that you let your bank know that you plan to get a payday advance loan, so they might make an exception in releasing the money earlier.

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

Consider Working With PaydayLoanRadar

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

We work with hundreds of different lenders who offer their services online. Frequently you will get your money on the following business day so make sure that you plan accordingly.

However, you can always locate the nearest payday advance loan store to you and apply in person to boost the chances of receiving your loan on the same day. When submitting an application in person, ensure that you have your government ID or driver's license; a passport is sufficient. Infrequently, lenders may require proof of address, so bring a utility bill to the store too.

To locate the nearest payday loan storefront, please use the list below and locate your city.

Payday Loan Direct Lender Companies in Florence, AL

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