A guide to Payday Loans in Alabama, USA.
What are the Citation (s) to Payday Loan or Small Loan Laws in Alabama?
A: The relevant citation regarding Payday Loans in the Alabama State Jurisdiction is Ala. Code § 5-18A-1 et seq.
Q: Are Payday Loans legal in Alabama?
A: Yes Payday Loans are legal in Alabama.
Q: What is the Maximum Cash Advance Loan Amount in Alabama?
A: The maximum Cash Advance or Payday Loan amount is $500.
Q: What is the Payday Loan Term in Alabama?
A: The Payday Loan Term in Alabama is 10-31 days.
Q: What is the Maximum Rate and Fee for Cash Advance Loans in Alabama?
A: The Maximum fee for Cash Advance Loans in Alabama is 17.50%; 3%/month after default
Q: What is the Finance charge for 14-day $100 payday loan in Alabama State?
A: The Finance charge for 14-day $100 payday loan in Alabama is $17.50.
Q: What is the APR for 14-day $100 payday loan in Alabama State?
A: The APR charged for 14-day $100 payday loan in Alabama is 456.25 percent.
Q: Is there a limit on the number of payday loans I can take at one time?
A: No, there is no limit on the number of payday loans you take at one time, but the total amount should not exceed $500.
Q: How many times can the lender rollover my payday loan in Alabama?
A: The lender can rollover (renew, extend or consolidate) the payday loan only once.
Q: Is there a cooling off period in Alabama?
A: Yes, the next business day after 2 continuous loans repaid is the cooling off period.
Q: Am I entitled to a repayment plan if I take a payday loan in Alabama?
A: Yes you are entitled to a repayment plan.
Q: If I cannot repay my payday loan can the lender initiate a criminal action?
A: No the lender cannot initiate a criminal action against the borrower (Unless check returned due to closed account)
Q: Can I be charged a collection fee for a payday loan?
A: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
Contact the Department Of Financial Institutions
If you have questions about payday loans please contact the Alabama Department of Financial Institutions at:
Alabama Banking Department
Address: P.O. Box 4600 Montgomery, AL 36103
Phone: (334) 242-3452
Fax: (334) 353-5961
Regulatory Contact: Arlene Baldwin, Consumer Services Specialist, Bureau of Loans
Website: http://www.bank.state.al.us/
Where can I find a payday loan store in Alabama?
You can find the store nearest to your location by simply clicking on this link loc: Alabama
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