Payday Loans in Pelham, Alabama

Life happens, and we often find ourselves in a spot where we have to pay for some surprise bills. Think about submitting an application for a payday advance loan in Pelham, AL, to see if you are eligible.

The loan application process is quick and simple. To be qualified, loan borrowers must meet a few simple requirements.

What is a Payday Loan? What Can It Cover?

A payday loan is where the borrower will be extended a small amount of cash on a short-term basis. This is thought of as an unsecured loan because no collateral is needed.

When unexpected expenses arise, like late rent or utility payments, car repairs, medical or vet costs, and so on, people commonly turn to cash advance loans.

Cash Advance Loan Requirements In Pelham, AL

In Pelham, Alabama, payday advance loan borrowers must satisfy a few stipulations to be eligible for a loan.

The borrower has to:

• Show proof that they live in Pelham, Alabama
• Must be 18 years old
• Have a steady stream of income that they can provide proof of being at least $1,000/month
• Provide active contact details including cell phone number and email address
• Provide their SSN

If a borrower does not meet the above criteria, they will immediately be denied a paycheck advance loan. Ensure that you have the documents needed when requesting a loan.

Laws and Regulations Regarding Cash Advance Loans in Pelham, Alabama

Alabama has ruled paycheck advance lending legal. Although, they have created the below rules and regulations for the payday advance lending industry:

• An individual money lender can't offer a loan for more than $600. Borrowers cannot take out greater 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 the State of Alabama, borrowers are not allowed to rollover their loans.
• The fees and charges vary for each money lender. The service costs enacted by the lender on a cash advance loan do not fall under interest. The service fees apply to each $100 loaned and can vary between 11-15%.
• An interest rate must be mutually settled upon. APR can be as high as 369%.

Will Paycheck Advance Lenders in Pelham, AL, Complete Credit Checks? What If I Have Poor/No Credit History At All?

Yes, the lenders we partner with will run a credit check on you, but, even if you have no credit or bad credit, you might still be approved for a loan given that you can prove that you are able to repay the loan. Lenders are generally unconcerned about your credit if you have proof of income and a strategy to pay back the loan.

Lenders will perform a soft credit pull, which will not impact your credit score. This is solely to get a look at your credit history and basic information.

A hard credit check, dissimilarly, needs your permission. These credit inquiries are used for various purposes, such as mortgages, credit cards, and more.

You may still be approved for a payday loan with less than great credit in Pelham, Alabama, provided that you can prove you will repay the loan.

So, when you apply for 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 repay the loan. The more evidence you provide, the more likely you are to be approved.

When Will I See My Funds in Pelham, Alabama?

When you see your funds actually depends on the lender as some lenders provide same-day payday loans, which means you will get 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 give 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 see your deposit until Monday.

If you're wanting a same-day payday loan in Pelham, Alabama, 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 boost the likelihood that you see your deposit on the same day that you submit your application.

One additional consideration that you should be aware of is despite if the lender approves your application and posts the funds to your bank account, sometimes the bank won't release that deposit right away. It's vital that you let your bank know that you plan to receive a payday loan, so they could possibly make an exception in releasing the cash earlier.

Overall, it's best to prepare ahead of time to receive your loan on the next business day. That way, you're not out of luck if you cannot receive it on the same day.

Consider Working With Us

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

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

However, you can always locate the nearest payday loan store to you and apply in person to increase the chances of receiving your funds on the same business day. When applying in person, ensure that you have your government ID or driver's license; a passport will work as well. Sometimes, lenders may require proof of address, so bring a utility bill to the store as well.

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

Payday Loan Direct Lender Companies in Pelham, AL

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