Below is the information you should have prior to getting an Alabama payday loan.
In Alabama the maximum amount you can borrow is $500 and you can take that loan for 10 up to 31 days.
The maximum interest rate that is allowed to be charged by the lender is 17.5%. The annual percentage rate or APR for such a loan can be as high as 456.25%.
You’re allowed to have one roll over. A roll over means that you are allowed to take a new payday loan to repay an existing loan, but you can only do that one time.
If the check you used to repay the loan is returned NSF the lender can charge you a one time $30 NSF fee. If it goes to collections they can also charge you court fee’s and attorney fee’s up to 15% of the payday loan.
This is how the payday loan cycle can start. Maybe you can’t make the first payment so you decide to roll over the loan – sounds easy enough but now you have a bigger loan to pay back because of the high interest.
Or maybe you need to take out another loan to pay off the first loan – now you’re in a real mess – you have more loans and even more to payback.
If you’re caught up in the payday loan cycle and you think there is no way out.
Contact us today – there is a way out and it’s simple and easy!!
Complete our FREE online quote forum. Once we receive your request one of our experienced negotiators will contact you. Or you can call us toll free at: 1-877-280-5100