Cash Advances and Payday Loans in Birmingham, AL

A cash advance is a form of short-term financing. Payday loans are just one of several types of short-term loan products. These loans are designed to be repaid by the borrower’s next paycheck.

It is legal to get a payday loan in Birmingham, AL. However, there are strict laws that make the loan challenging to attain.

For further information about the payday loan in Alabama, borrowers can seek the State Banking Department. On their website, you can check if the lender’s license is valid, file a complaint, and learn more about regulations in Birmingham, AL.

Advantages of Taking Out Payday Loans in Birmingham

The benefits of payday loans are many. Here are some advantages of a payday loan in Birmingham, AL:

• Easy access to cash. Some lenders strive to transfer the money relatively fast to their borrowers. If approved, customers may receive the funds in as little as one business day.
• The application process is easy. Many companies encourage their customers to fill out a request form through their website. This helps initiate the process anywhere you are and get a faster response.
• Bad credit may be okay. While lenders will still initiate a credit check, they may also consider income when determining eligibility.
• You can forgo some of the lengthy paperwork. Unlike traditional loans, the application for a payday loan can be easier.

How to Get a Cash Advance and Payday Loan in Birmingham

Local storefront lenders act as a great provider for cash advances in Birmingham. Online payday lenders are also a viable option. As stated above, payday loans are a suitable alternative to traditional loans because payday lenders are generally less selective. Still, it’s always a good idea to improve your credit score as much as possible to increase your chances of loan approval.

Online payday loan processes can be straightforward. Lenders often ask for the following documents:

• Personal information such as name, address, phone number, and email address
• The borrower’s bank account number
• Proof of employment, including your employer or company name.

Cash Advance and Payday Loan Requirements

To begin your application for a payday loan in Birmingham, Alabama, you should meet the minimum requirements:

• You must be at least 18 years old.
• You must provide your Social Security number.
• You must be a U.S. resident.
• Your source of income must not be below $1,000.
• You must provide a phone number and email address.
• You must not already be in debt at the time of application.

Costs and Regulations of Cash Advances and Payday Loans in Birmingham, AL

Alabama State law includes many rules and regulations for receiving a cash advance. The maximum amount of cash granted that may be granted to Birmingham residents is $500.

Borrowers should wait for at least one business day between loan applications. This is referred to as a "cooling-off period."

Finance charges stand at 17.5% of the advanced amount, and the annual percentage rate is 456%. The minimum loan period should be ten days and can extend up to 31 days. Only one rollover is allowed. Lenders cannot bring criminal charges against borrowers.

To learn more about the lending limitations and rules in Alabama, visit the official State website.

Installment Loans in Birmingham

Installment loans are flexible cash advances that are repaid in small monthly amounts. Installment loans allow borrowers to repay debts when the borrowed amount is too hefty to cover with one payment. In some instances, lenders will offer up to a one-year repayment plan.

Requesting Title Loans in Birmingham

Title loans are another form of short-term loans. These cash advances use the borrower's vehicle as collateral. Cars, trucks, and even motorcycles can be used as collateral. The borrower must present the hard copy of the vehicle title before obtaining a title loan.

The request process for title loans is relatively similar to payday loans. Borrowers have to fill out the request form online and present their vehicle titles. After doing this, the lender will examine the vehicle to determine its worth.

To apply for title loans, borrowers may need to present the following information:

• Government-issued ID
• Proof of residency
• Personal information such as name, address, phone number, and email address
• Photos of the vehicle presented as collateral
• Proof of employment, such as employer and company name and revenue source
• Lien-free car title

If your car has an attached lien to it, you may have to pay your debt first before offering it as collateral for a loan.

Favorite Birmingham, AL, Cash Advance and Payday Loan Companies

The companies offering cash advances and payday loans in Birmingham, AL, are plenty.

Speedy Cash offers a storefront option and an online website providing resourceful information for borrowers. Their loan options include title loans, payday loans, and installment loans. You can apply online, on the phone, or physically at their stores.

Another reliable company for payday loans is Title Loan Express. They boast plenty of storefront locations and an online website to start your loan application. They also offer payday loans and title loans.

With so many payday loan options, it is always good to research before applying.

Find Payday Loan Companies Near You

Find Payday Loan Companies Near You