Payday Loans in Phenix City, Alabama

Things happen, and we usually end up in a spot where we must pay for some unexpected bills. Think about applying for a cash advance loan in Phenix City, Alabama, to see if you are eligible.

The loan request process is quick and effortless. To qualify, borrowers have to meet a few general conditions.

What is a Payday Advance Loan? What Can It Pay For?

A paycheck advance loan is where the borrower will receive a small amount of cash on a short-term contract. This is thought of as an unsecured personal loan because no collateral is required.

When unforeseen bills arise, for example past due rent or utility costs, vehicle costs, medical or vet costs, and so forth, individuals commonly seek out cash advance loans.

Payday Loan Requirements In Phenix City, AL

In Phenix City, AL, paycheck advance loan borrowers are required to satisfy a few criteria to be eligible for a loan.

The borrower is required to:

• Prove that they live in Phenix City, Alabama
• Must be 18 years old
• Receive an income that they can provide proof of being at least $1,000/month
• Provide active contact information such as cell phone number and email address
• Provide their social security number

If a borrower does not meet the above criteria, they will automatically be denied a paycheck advance loan. Make sure you can provide the documentation needed when submitting your application.

Laws and Rules Regarding Payday Loans in Phenix City, Alabama

The State of Alabama has deemed payday advance lending legal. However, they have put forth the following rules and laws for the paycheck advance lending industry:

• An individual money lender cannot offer a loan greater than $600. Borrowers cannot take out greater than two unpaid 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 unable to rollover their loans.
• The fees and charges vary for each lender. The service fees enacted by the lender on a cash advance loan do not fall under interest. The service fees apply to each $100 borrowed 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 Phenix City, AL, Complete Credit Checks? What If I Have Dismal/No Credit History At All?

Yes, the lenders we partner with will perform a credit check on you, but, even if you have no credit or less than optimal credit, you might still be approved for a loan as long as you can show that you are able to repay the loan. Lenders are generally unbothered by your credit history if you offer proof of income and a plan 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 feel of your credit history and general information.

A hard credit check, dissimilarly, must have your explicit consent. These credit pulls are utilized for a plethora of purposes, such as mortgages, credit card applications, and more.

You might still be approved for a payday loan with imperfect credit in Phenix City, Alabama, if you have proof of repayment.

Therefore, when you request a loan, whether it is in person or online, ensure that you have your income information available and any other documents showing that you can repay the loan. The more evidence you show, the more likely your loan application will be approved.

When Will I See My Cash in Phenix City, AL?

When you see your loan really relies on the lender as some lenders provide same-day payday advance loans, which means you will receive your paycheck advance loan on the same day you submit your application, as long as you get an approval.

Much of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses usually close for holidays and weekends. Therefore, if you apply on a Friday, you might not receive your cash until Monday.

If you're wanting a same-day cash advance loan in Phenix City, Alabama, you will need to make sure you're applying by 10:30 am. All same-day loans going out that day will be approved by that deadline. However, you should submit an application earlier than that if possible, as it will boost the likelihood that you see your cash on the day that you submit your application.

One other consideration that you should be aware of is even if the lender approves your application and posts the funds to your checking account, occasionally the bank won't release that loan right away. It's important to let your bank know that you plan to get a cash advance loan, so they might make an exception in releasing the deposit earlier.

On the whole, it's best to prepare in advance to get cash on the next business day. That way, you're not surprised if you cannot receive it on the same day.

Consider Borrowing From Us

If you have bad credit or no credit and are wanting to secure a cash advance loan, consider applying with us, as you most likely have a higher chance of approval.

We partner with over one hundred different lenders who offer their services online. Most of the time you will receive your loan on the next business day so make sure that you plan appropriately.

However, you can always locate the closest cash advance loan store to you and apply in person to strengthen the chances of seeing your money on the same day. When requesting a loan in person, make sure that you have your government ID or driver's license; a passport will work as well. Sometimes, lenders may ask for proof of address, so bring a utility bill to the store as well.

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

Payday Loan Direct Lender Companies in Phenix City, AL

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