Payday Loans in Opelika, Alabama
Events happen, and we often wind up in a place where we have to cover some unforeseen bills. Consider submitting an application for a payday loan in Opelika, AL, to see if you are eligible.
The loan process is swift and effortless. To be qualified, loan borrowers must satisfy a few general requirements.
What is a Payday Advance Loan? What Can It Be Put Towards?
A payday loan is where the borrower will be extended a small amount of money on a short-term basis. This is thought of as an unsecured personal loan as no collateral is expected.
When unexpected expenses present themselves, like missed rent or utility fees, auto fixes, medical or vet bills, and so forth, individuals usually seek out paycheck advance loans.
Cash Advance Loan Criteria In Opelika, Alabama
In Opelika, AL, payday loan borrowers are required to satisfy several criteria to qualify for a loan.
The borrower has to:
- Provide proof that they reside in Opelika, Alabama
- Must be 18 years old
- Have an income that they can prove that's at least $1,000 per month
- Provide active contact details including phone number and email address
- Give their SSN
If a borrower does not satisfy the above requirements, they will automatically be denied a payday advance loan. Ensure that you possess the documents required when applying for a loan.
Laws and Rules Concerning Payday Advance Loans in Opelika, AL
Alabama has deemed payday advance lending legal. Still, they have set the below rules and laws for the paycheck advance lending market:
- A single lender cannot offer a loan greater than $600. Borrowers are not allowed to have greater than two outstanding loans from different lenders. There is no minimum loan amount.
- There is no minimum loan term, the maximum 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 lender. The service fees enacted by lenders on a cash advance loan do not fall under interest. The service fees apply to every $100 borrowed and can vary from 11% up to 15%.
- An interest rate must be mutually agreed upon. APR can be as much as 369%.
Will Paycheck Advance Lenders in Opelika, Alabama, Complete Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we have a relationship with will perform a credit check on you, still, even if you have no credit or less than optimal credit, you might still be eligible for a loan given that you can prove that you are able to repay the loan. Lenders are commonly unbothered by your credit history if you possess proof of income and a plan to pay back the loan.
Lenders will rely on a soft credit check, which will have no impact on your credit score. This is simply to get a look at your credit history and general information.
A hard credit inquiry, alternatively, requires your explicit consent. These credit checks are done for a variety of purposes, including mortgages, credit card applications, and more.
You might still qualify for a paycheck advance loan with less than great credit in Opelika, Alabama, provided that you have proof of repayment.
Therefore, when you request a loan, albeit in person or online, make sure that you have your income information easily accessible and any other documents proving that you can pay back the loan. The more proof you possess, the better chance your loan application will be approved.
When Will I Get My Funds in Opelika, Alabama?
When you receive your deposit really depends on your lender as some lenders offer same-day payday loans, which means you will receive your payday advance loan on the same day you apply, 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 generally close for holidays and weekends. Therefore, if you submit your application on a Friday, you may not receive your funds until Monday.
If you're wanting a same-day payday loan in Opelika, AL, you will need to ensure you're applying by 10:30 am. Any and all same-day loans going out that day will be approved by that deadline. However, you should apply earlier than that if able, as it will boost the likelihood that you see your deposit on the day that you submit your application.
One more consideration that you should understand is despite if the lender grants your loan request and posts the funds to your bank account, occasionally the bank won't release that loan immediately. It's paramount that you let your bank know that you plan to receive a payday advance loan, so they might make an exception in releasing the deposit earlier.
Overall, it's wise to prepare ahead of time 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.
Think About Borrowing From PaydayLoanRadar
If you have underwhelming credit or no credit and are wanting to get a payday loan, consider applying with us, as you usually 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 money on the following business day so ensure that you plan accordingly.
Although, you can always find the closest cash advance loan storefront to you and apply in person to boost the chances of getting your loan on the same day. When applying in person, ensure that you have your government ID or driver's license; a passport is sufficient. Infrequently, lenders may request proof of address, so take along a utility bill to the store too.
To locate the nearest payday loan storefront, please refer to the list below and find your city.
Payday Loan Direct Lender Companies in Opelika, AL
Below you will find a list of payday loan companies offering their services in Opelika, Alabama. If you can't find a lender near your location in Opelika, 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 Opelika, 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.