Payday Loans in Montgomery, Alabama
Life happens, and we usually end up in a situation where we must cover some surprise costs. Consider submitting an application for a payday loan in Montgomery, AL, to see if you meet the requirements.
The loan request process is quick and effortless. To be eligible, you must meet a few straightforward requirements.
What is a Payday Loan? What Can It Be Used For?
A cash advance loan is where the borrower will be extended a petite sum of funds on a short-term contract. This is thought of as an unsecured personal loan because no collateral is needed.
When unforeseen costs come up, for example past due rent or utility payments, car fixes, health or vet bills, and so on, people often seek out payday loans.
Payday Advance Loan Stipulations In Montgomery, Alabama
In Montgomery, Alabama, cash advance loan borrowers are required to meet a few requirements to qualify for a loan.
The borrower is required to:
- Show proof that they live in Montgomery, AL
- Must be 18 or older
- Have a steady stream of income that they can prove that's at least $1,000 per month
- Give up-to-date contact information like cell phone number and email address
- Give their SSN
If a borrower does not satisfy the above criteria, they will immediately be denied a cash advance loan. Make sure you have the documents needed when applying.
Laws and Regulations Regarding Cash Advance Loans in Montgomery, Alabama
The State of Alabama has deemed cash advance lending legal. Still, they have created the following rules and regulations for the payday advance lending market:
- An individual money lender cannot extend a loan in excess of $600. Borrowers may not possess greater than two active loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not determined, the longest loan term length is 31 days. In Alabama, borrowers may not rollover their loans.
- The fees and charges vary for each money lender. The service costs charged by the lender on a cash advance loan do not fall under interest. The service fees apply to each $100 loaned and can vary from 11% up to 15%.
- An interest rate must be mutually settled upon. APR can be as much as 369%.
Will Payday Advance Lenders in Montgomery, Alabama, Perform Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we partner with will run a credit check on you, but, even if you possess no credit or less than stellar credit, you might still be approved for a loan given that you can show that you can repay the loan. Lenders are generally unconcerned about your credit history if you offer proof of income and a plan to repay the loan.
Lenders will conduct a soft credit check, which will not impact your credit score. This is only to get a feel of your credit history and basic information.
A hard credit pull, dissimilarly, needs your permission. These credit inquiries are done for a plethora of purposes, including mortgages, credit card applications, and more.
You might still be approved for a cash advance loan with less than great credit in Montgomery, Alabama, if you can prove you will repay the loan.
Therefore, when you request a loan, 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 proof you provide, the better chance your loan application will be approved.
When Will I Receive My Money in Montgomery, AL?
When you receive your deposit really depends on your lender as some lenders advertise same-day paycheck advance loans, which means you will get your cash advance loan on the same day you request a loan, as long as you get an approval.
Most of the time, however, lenders will send the borrower their lump sum on the next business day. Businesses usually close for holidays and weekends. So, if you submit your application on a Friday, you may not receive your loan until Monday.
If you're needing a same-day payday loan in Montgomery, Alabama, you will need to be sure that you're applying by 10:30 am. Any and all same-day payments 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 increase the likelihood that you receive your deposit on the day that you apply.
One other consideration that you should be aware of is despite if the lender approves your application and posts the deposit to your bank account, occasionally the bank won't release that funds immediately. It's important to let your bank know that you plan to receive a payday advance loan, so they could possibly make an exception in releasing the deposit earlier.
On the whole, it's best to prepare ahead of time to receive your deposit on the following business day. That way, you're not left in the lurch if you cannot get it on the same day.
Think About Borrowing From Us
If you have less than great credit or no credit and are searching to get a payday loan, think about applying with us, as you frequently have a higher chance of approval.
We partner with hundreds of different lenders who provide their services online. Much of the time you will see your deposit on the following business day so make sure that you plan accordingly.
However, you can always find the closest paycheck advance loan store to you and apply in person to boost the chances of getting your funds on the same business day. When submitting an application in person, make sure that you have your government ID or driver's license; a passport is sufficient. Now and again, lenders may require proof of address, so take along a utility bill to the store as well.
To find the nearest payday advance loan store, please refer to the list below and locate your city.
Payday Loan Direct Lender Companies in Montgomery, AL
Below you will find a list of payday loan companies offering their services in Montgomery, Alabama. If you can't find a lender near your location in Montgomery, consider applying in a nearby city in Alabama. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Montgomery, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.