Payday Loans in Lincoln, Alabama

Life happens, and we often wind up in a spot where we have to cover some surprise bills. Think about applying for a payday loan in Lincoln, AL, to see if you meet the requirements.

The application process is quick and effortless. To be eligible, loan borrowers have to meet a few straightforward requirements.

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

A payday advance loan is where the borrower will receive a small sum of cash on a short-term basis. This is deemed to be an unsecured loan due to the fact that no collateral is required.

When unexpected costs arise, such as late rent or utility expenditures, auto costs, medical or vet fees, and so on, people usually turn to paycheck advance loans.

Paycheck Advance Loan Stipulations In Lincoln, AL

In Lincoln, AL, paycheck advance loan borrowers must satisfy a few requirements to qualify for a loan.

The borrower has to:

• Show proof that they live in Lincoln, Alabama
• Must be at least 18
• Receive a steady income that they can provide proof of being at least $1,000 per month
• Give current contact information including phone number and email address
• Give their SSN

If a borrower does not abide by the above criteria, they will immediately be denied a payday advance loan. Ensure that you have the documents needed when applying.

Laws and Rules Concerning Payday Loans in Lincoln, Alabama

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

• A single lender cannot extend a loan greater than $600. Borrowers cannot take out more than two active 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 unable to rollover their loans.
• The fees and charges are different for each loan lender. The service costs charged by the lender on a loan are not considered interest. The service fees apply to each $100 borrowed 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 Lincoln, Alabama, Run Credit Checks? What If I Have Poor/No Credit History At All?

Yes, the lenders we work with will perform a credit check on you, but, even if you have no credit or bad credit, you might still be approved for a loan provided you can show that you can repay the loan. Lenders are usually unbothered by your credit if you provide proof of income and a strategy to repay the loan.

Lenders will rely on a soft credit check, which will have no impact on your credit score. This is only to get an idea of your credit history and basic information.

A hard credit pull, on the other hand, must have your explicit consent. These credit inquiries are done for various purposes, including mortgages, credit card applications, and more.

You may still be approved for a payday loan with imperfect credit in Lincoln, AL, as long as you have proof of repayment.

Therefore, when you request a loan, whether it is in person or online, double check that you have your income information ready and any other documents proving that you can repay the loan. The more proof you provide, the better chance your loan application will be approved.

When Will I Receive My Funds in Lincoln, AL?

When you get your deposit really depends on your lender as some lenders advertise same-day payday advance loans, which means you will see your payday advance loan on the same day you request a loan, as long as you're approved.

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

If you're needing a same-day cash advance loan in Lincoln, AL, you will need to be sure that 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 request a loan earlier than that if able, as it will increase the likelihood that you get your cash on the day that you submit your application.

One more factor that you should know is despite if the money lender grants your loan request and posts the funds to your bank, sometimes the bank won't release that funds immediately. It's paramount 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 funds earlier.

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

Consider Working With Us

If you have bad credit or no credit and are needing to secure a payday loan, consider applying with us, as you probably have a better chance of approval.

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

However, you can always find the closest cash advance loan storefront to you and apply in person to increase the chances of seeing your funds on the same business day. When submitting an application in person, ensure that you have your government ID or driver's license; a passport will work as well. Now and again, lenders may ask for proof of address, so take along a utility bill to the store as well.

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

Payday Loan Direct Lender Companies in Lincoln, AL

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