Cash Advance and Payday Loans in Montgomery, AL
Finding a loan in Alabama is easier when you expand your search to include short-term lenders. Even if other creditors said no, lenders offering emergency funding in the form of cash advances and payday loans may still say yes. Many of these reputable providers are available online, meaning you can start your request right now.
Advantages of Taking out a Payday Loan in Montgomery
There are many advantages to taking out a payday loan in Montgomery, Alabama. Consumers may receive funding within a business day, which means they can pay off their debts without worry. The application process is simple and does not take long to complete, nor does it require an extensive amount of information. Read below to learn more about how to apply for a cash advance and payday loan.
How to Get a Cash Advance and Payday Loan in Montgomery
Most Alabama consumers need help covering a cash emergency. Short-term lenders are a great place to start, as they will often work with a wide variety of clients.
You can fill out a loan request online to get the ball rolling. Save time by requesting money from a network of lenders at the same time.
Cash Advance and Payday Loans Requirements
A loan request usually asks for the following:
- Personal information, like your name, address, and phone number
- Business information, like your employer or revenue source
- Bank information, like your account number (so the lender knows where to send your money)
Lenders require this information, so you will likely need to provide it no matter where you start looking for a loan.
After you submit your loan request, you should know within minutes if a lender is interested in working with you. If the lender approves you for a loan, then you could get your funding in as soon as a single business day.
Costs and Regulations of Cash Advance and Payday Loans in Montgomery, AL
In Alabama, the maximum loan amount is $500. The loan term limit is 31 days, but you’re allowed one rollover, which means you can extend your loan for up to another 31 days.
Alabama enforces a minimum loan term as well – you must have the loan for at least 10 days.
Your loan’s finance charges are not to be higher than 17.5%. So, the finance charge for a 14-day, $100 loan should be no more than $17.50, and the APR should be no more than 456.25%.
If you are unable to pay off your loan, your lender is allowed to charge you one $30 NSF fee, may file suit against you, and seek reasonable attorney’s fees, court costs, and other collection fees. They are not, however, allowed to pursue criminal action, unless you closed your checking account.
As far as short-term loan regulations in Alabama go, there is no difference between a cash advance and a payday loan. They are regulated the same, as they are the same product.
- How Payday Loans Work – When you need money faster than your next paycheck will arrive, this type of funding lets you borrow against your future earnings. You must pay the money and the fees back on a specified due date, usually within a couple of weeks of the loan.
- Maximum Amount – You might be able to borrow up to $500 with this type of lending in Alabama.
- Repayment Extensions – You are allowed one loan rollover if the lender permits.
Installment Loans in Montgomery
An installment loan is another type of short-term loan. It is a little different from payday loans for several reasons:
- The loan amount can be higher.
- Instead of paying off the loan in two weeks, installment loans give you about a year.
- You can request installment loans in Alabama for up to $5,000 through this site.
Requesting Title Loans in Montgomery
When qualifying for a payday loan is not possible, borrowers may turn to title loans. Title loans use your car as collateral, meaning that if you do not pay back the credit and fees, the lender can take possession of your automobile. Alabama residents who are seeking an alternative loan service may turn to title loans to pay off their debts.
Car title loans are popular among borrowers because their credit score may not be as important in the application process, and loans may go as low as $1,000. Car title loans are the most common forms of title loans.
Borrowers use their cars as collateral to qualify for a loan. Some lenders may offer car title loans if the borrower has equity in the vehicle. These types of loans last between 15 to 30 days and may have an annual percentage rate (APR) over 100%, which is higher than other forms of credit.
The Alabama Small Loan Act does not apply to most installment loans as it deals with loans of $749 or less. In fact, Alabama state legislation does little to regulate the rates of loans over $2,000. State interest and usury laws found in Section 8-8 say that the interest cannot be “unconscionable,” but stop short of defining a maximum APR.
One positive aspect of fewer regulations is that lenders are able to take more risks. When a lender knows that they can charge more for a loan, then they are sometimes more likely to lend to all credit types. That’s why it may be easier to find an installment loan in Alabama.
Favorite Montgomery, AL, Cash Advance and Payday Loan Companies
Express Check Advance is a financial service company with locations in Alabama. It tries to provide loan options for those seeking funding. They offer numerous financial services such as cash advances and title loans.
Check Depot, another payday loan service, was founded in 1991 in Birmingham, Alabama. It offers services through payday loans, title loans, and check cashing services. It also provides financial services through Western Union wire transfers, money orders, and Netspend prepaid Visa/MasterCard debit cards that include a direct deposit option.