Payday Loans in Madison, Alabama

Events happen, and we often find ourselves in a place where we must cover some unforeseen costs. Think about submitting an application for a payday loan in Madison, Alabama, to see if you meet the requirements.

The application process is fast and straightforward. To be eligible, loan borrowers must satisfy a couple of straightforward criteria.

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

A payday advance loan is where the borrower will get a petite sum of funds on a short-term basis. This is deemed to be an unsecured loan as no collateral is expected.

When unexpected expenses come up, such as missed rent or utility fees, car fixes, health or vet expenditures, and so forth, individuals often rely upon payday loans.

Paycheck Advance Loan Stipulations In Madison, Alabama

In Madison, AL, cash advance loan borrowers must meet several requirements to qualify for a loan.

The borrower has to:

• Show proof that they are a resident of Madison, Alabama
• Must be 18 or older
• Have a steady income that they can provide proof of being at least $1,000/month
• Provide up-to-date contact information like phone number and email address
• Provide their SSN

If a borrower does not satisfy the above requirements, they will immediately be denied a cash advance loan. Make sure you have the documentation needed when applying.

Laws and Rules Concerning Payday Advance Loans in Madison, AL

The State of Alabama has deemed cash advance lending legal. Although, they have enacted the below rules and laws for the payday lending industry:

• An individual lender cannot extend a loan in excess of $600. Borrowers are not allowed to possess more than two active loans from different lenders. There is no smallest loan amount.
• The minimum loan term is not set, the maximum loan term length is 31 days. In Alabama, borrowers may not rollover their loans.
• The fees and charges are different for each loan lender. The service costs enacted by lenders on each loan or transaction are not considered interest. The service fees apply to each $100 loaned and can range from 11% up to 15%.
• An interest rate must be mutually decided upon. APR can be as much as 369%.

Will Cash Advance Lenders in Madison, AL, Run Credit Checks? What If I Have Bad/No Credit History At All?

Yes, the lenders we work with will complete a credit check on you, but, even if you possess no credit or dismal credit, you might still be eligible for a loan provided you can show that you are able to pay back the loan. Lenders are typically unbothered by your credit history if you possess proof of income and a plan to repay the loan.

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

A hard credit pull, alternatively, needs your permission. These credit checks are used for a variety of purposes, such as mortgages, credit card applications, and more.

You can still be approved for a paycheck advance loan with less than great credit in Madison, AL, provided that you have proof of repayment.

So, when you apply, whether it is in person or online, make sure 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 your loan request will be granted.

When Will I Receive My Funds in Madison, Alabama?

When you get your cash truly relies on the lender as some lenders offer same-day cash advance loans, which means you will get your payday loan on the same day you request a loan, as long as you're approved.

Most 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 might not get your money until Monday.

If you're searching for a same-day paycheck advance loan in Madison, Alabama, you will need to be sure that you're applying by 10:30 am. All same-day payments going out that day will be approved by that time. However, you should request a loan earlier than that if possible, as it will boost the likelihood that you get your money on the day that you apply.

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

Overall, it's wise to prepare ahead of time to receive your deposit on the following business day. That way, you're not out of luck if you cannot get it on the same day.

Think About Borrowing From Us

If you possess less than great credit or no credit and are needing to secure a paycheck advance loan, consider applying through us, as you probably have a higher chance of approval.

We partner with more than one hundred different lenders who provide their services online. Much of the time you will see your cash on the next business day so ensure that you plan correctly.

Although, you can always find the closest paycheck advance loan storefront to you and apply in person to increase the chances of getting your funds on the same business day. When applying 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 request 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 search for your city.

Payday Loan Direct Lender Companies in Madison, AL

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