5 Surprising Facts About Payday Loans Alabama
February 22, 2021 | Louis Tully
If you’re one of the many folks who live in Alabama and find yourself in a financial bind, then looking for a quick solution is inevitable. Many people seek payday loans in Alabama because they are simple and easy to acquire.
However, there are a lot of misconceptions about payday loans in Alabama, including the biggest one that suggests only a particular class of people get a payday loan. This couldn’t be further from the truth. Everybody at some point in their life needs a little assistance financially.
Keep reading to discover 5 surprising facts about payday loans in Alabama!
Fact 1 - Maximum Loan Amount
Most people don’t realize that when they look into payday loans in Alabama, that there is a cap on how much money they can receive. This is both responsible and beneficial to the recipient of the payday loan.
With the capped maximum loan amount being $500, people don’t usually struggle to repay the loan.
Fact 2 - Loan Terms
Did you know that online payday loans in Alabama have both a minimum and maximum loan term? It’s true, and you can take a payday loan for just ten days or up 31 days at most.
Fact 3 - Bad Credit Accepted
If you have bad credit due to some unfortunate events in your life taking place, don’t worry. Getting online payday loans in Alabama is still possible. You can apply for it with bad credit, little credit, and even with non-existent credit.
Fact 4 - Same Day Cash
With many lenders, it can take several days before you can get your cash. We take pride in our same-day cash policy as long as you bring all the required documents with you to our branch locator. You can get a payday loan in as little as 30 minutes!
Once one of our loan representatives verifies all your details, and if you get approved, you’ll have your money the same day. It’s as simple as that!
Fact 5 - Disclosure Protection
In the state of Alabama, there is a regulation in place that requires all loan lenders to disclose all the loan details before signing any of the loan documents.
So, if you missed something during the discussions, you could still read about it before signing any legally binding documents.
What Are Payday Loans?
Payday loans are considered short-term borrowing solutions that are based on a borrower’s income and credit profile. The principal of a payday loan usually is determined by the borrower’s next paycheck.
Can You Apply for a Payday Loan Online?
Yes, you can apply online, and then one of our representatives will contact you to come in and bring your social security card, ID, your most recent pay stub, and a checking account bank statement that is less than thirty days old.
How Do You Find an Alabama Title Loans, Inc Location Near You?
If you go to the main home page of our website, you’ll easily find our store locator button. You can enter your details in there to find the closest location near you. Offering a wide array of services including title pawns or payday loans, Alabama Title Loans, Inc. has branches all over the state, so chances are you’ll be able to find one close to your location.
When Do You Have to Repay Your Loan?
One of the most frequently asked questions from people just like you is ‘How much time do I have before I have to pay off my payday loan?’ As mentioned before, it is based on your paycheck. Typically, your payday loan will be due when you receive your next paycheck.
However, some loan terms may vary, and we suggest going over yours to see when your payment(s) are due. Your loan agreement will have all the details for your exact terms and conditions of your payday loan.
Get a Payday Loan in Alabama Today
We hope these surprising facts about payday loans in Alabama were helpful in your decision-making for acquiring a payday loan. Regardless of why you need payday loans in Alabama, the process can be straightforward and not stressful at all.
Getting a payday loan can be a simple solution to minor financial obligations. Get started with us today!