Cash Advance and Payday Loans in Mobile, AL
When seeking a short-term financial solution to cover an unexpected expense, cash advances, payday loans, installment loans, or title loans may be viable options in Mobile, AL. Some clients with low credit scores may also benefit from these services as some lenders may offer flexible financing options.
Advantages of Taking Out Payday Loans in Mobile, AL
Time is the most significant advantage when using cash advance or payday loan. The lender may approve these loans rather quickly, which helps the borrower to address the emergency as soon as possible. If approved, the borrower may receive the funds in as little as one business day.
Also, unlike most banks, alternative lenders may have more flexible requirements. Some lenders may consider income alongside credit score, sometimes offering financing opportunities to bad credit applicants.
Lastly, another advantage when applying for a cash advance and payday loans is not needing collateral or a guarantor.
How to Get a Cash Advance and Payday Loan in Mobile, AL
Applying for a loan in Mobile can be done online or by vising a lender in person. If approved, the lender will transfer the requested amount to the client's bank account.
Cash Advance and Payday Loan Requirements
Those searching for short-term funding should first make sure they meet the necessary Mobile requirements. To be eligible for a loan in Mobile, clients must be Alabama residents of at least 18 years of age. They should present proof of their checking account and a work document stating that they have been employed for the past six months. Requirements may vary by lender.
Costs and Regulations of Cash Advances and Payday Loans in Mobile, AL
Alabama law states that borrowers can request a loan of up to $500. They have to repay the loan in a minimum of 10 days or a maximum of 31 days. Borrowers may extend their loan term for another 31 days upon the lenders' approval. Loan lenders may charge an annual percentage rate equal to 300%. They are also allowed to charge borrowers $30 for non-sufficient funds and file a suit and seek reasonable attorneys' fees that do not surpass 15% of the amount of the check and court costs. Before lenders agree to loan people any money, they must provide them with a disclosure of all of the rates and fees they are charging in writing.
| Cost and Regulations of Cash Advance and Payday Loans in Mobile, AL | |
|---|---|
| Law Status | Legal |
| MIN Loan Amount | None |
| MAX Loan Amount | $500 |
| Min Loan Term | 10 days |
| Max Loan Term | 31 days |
| Max APR | 456%* |
| Additional Fees | Not specified |
| NSF Fee | $30 |
| Number of loans at the same time | No limit, but the total outstanding loan amount cannot exceed $500 |
| Cooling off period | Next business day after repayment |
| Rollover | 1 |
| Penalties for default | Prohibited unless check returned due to closed account |
Installment Loans in Mobile, AL
In Alabama law, there's no minimum period for lending an installment loan. Also, there's no maximum loan amount. Therefore, each lender sets those numbers individually. In general, the loan term is approximately 18 months, and some lenders may offer around $2,000 to $3,000. Nevertheless, the borrower should make a minimum of $1,000 per month. Interest rates will be charged, with a maximum Annual Percentage Rate (APR) of 220%.
Requesting Title Loans in Mobile, AL
A title loan uses the borrower's car as collateral. If the client fails to repay the credit and fees within 30 days, the lender can take possession of the vehicle and sell it. The lender may offer a loan between 25% to 50% of the vehicle’s appraised value, usually around $100 to $5,000.
Like cash advances and payday loans, the annual percentage rate for car title loans is around 300%.
To apply for a car title loan, borrowers should present proof of income, photo ID, proof of residence, photos of the vehicle, and a lien-free car title.
Our Favorite Mobile, AL, Cash Advance and Payday Loan Companies
Mobile offers several cash advance companies for people seeking short-term financial help. Advance America has been in business for more than 22 years and has more than 1,500 stores. Borrowers have the option to apply for a payday loan, cash advance, installment loan, and title loan. They also offer other financial services like MoneyGram.
Another respected company in Mobile is Advance Financial. The company offers payday loans and car title loans online and is known for its quick service and easy application process. If approved, borrowers may receive the money in their bank accounts.
Check Into Cash offers payday loans, in-store cash advances, and car title loans. Borrowers can electronically fill in an application. If approved, the lender will deposit the money in their bank accounts.
When seeking a short-term financial solution, it is best to consider which option best fits the customers' needs since each loan differs in terms of interest rates, fees, and payment methods.
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