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Alabama Payday Loans

If you want to get a payday loan in Alabama, then it would be of the utmost importance for you to learn the state's guidelines and find out which payday loans are actually legal there before anything else.

Alabama State Laws

As with every other state out there, Alabama has a set of laws that specify which kinds of cash advances and payday loans are actually legal in the state. Here are some of Alabama's parameters for you to peruse:

  • Cash loans and personal loans have to be from 10 to 31 days.
  • The maximum amount of money that a person can borrow in Alabama is $500.
  • The minimum amount of money that a person can borrow is not specified.

The majority of people who want to borrow payday loans in Alabama usually go online or look for stores nearby that offer them in cities like Heiberger, Birmingham, Opelika, Montgomery, Mobile, Huntsville and Jacksonville. Either way, though, the laws will not change within the different counties or cities in the country as they are all governed by the same state. Remember: every state sets personal rules when it comes to their payday loans or they allow them to be completely unrestricted.

Repayment Options

In Alabama, every lender has to offer repayment options to his  borrower. So, if you aren't able to pay your loan back in full, you should know that you have the right to ask for an extension from your lender if you need it. Now, this doesn't mean that you should depend on the extension as your callback in case you cannot meet your initial obligations, though. In fact, you should actually be very careful and try your best not to get into debt when borrowing payday loans since every extension comes with more interest. In other words, it could get much harder to you to pay off your loan balance in the end if you keep extending it. Because of this, it would also be extremely vital for you to look around long and hard for good loans before committing to anything in order to ensure that you get the best fees and rates possible in the end.

Interest Rates

Another thing you should know is that payday lenders in Alabama tend to differ in terms of the interest rates that they charge. So, make sure you shop around for payday loans online before making your final decision. The good news is that there are a lot of online companies out there that service Alabama, so you can get quotes and compare different rates with ease and speed if you apply for them online. A lot of the time, if you go to an actual store for a loan, you will probably get the loan straight away instead of looking around. If you choose to get the loan online, on the other hand, you will have more time to shop and look around, and even get approvals quicker than if you go to an actual location for them.