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payday loans
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Payday Loan Laws In Alabama
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Payday Loan Laws In Alabama

If you live in the state of Alabama and are thinking of taking out a payday loan before you act on it be aware of the payday loan laws in Alabama.

You can take out a payday loan in Alabama for a duration of 10 to 31 days at the rate of 17.5% interest. They give you the option of paying off the whole balance at the end of the term or you can roll it over into 4 equal monthly payments, all at the rate of 17.5% per payment. The maximum, and minimum loan limit is $500.00

The payday loan trap is an easy one to get into, and statistics show most payday loans are rolled over 4 times before they are payed off, and this is how they make large amounts of money off the borrowers.

If you are unfortunate enough to not have enough to pay the loan off when it comes due, and the check does not clear at the bank, now you owe the loan, the roll over fee, the check charge at both the payday loan company and the bank, and any other charges from any other checks that might have bounced because of this action.

Now you can say you are caught in the payday loan trap.

Payday loan companies in Alabama make it convenient by just going ahead and offering the 4 roll overs up front.

The best way to combat this is to contact a payday loan consolidation company, and get the debt consolidated ino low monthly payments you can afford, and pay them off for good.

Once you get them payed off, never ever use them again! If a person could just get a short term loan like this and pay it off when it comes due, aside from the high interest rate paid for the short term loan all would be well, but even with the best of intentions it almost always never works out this way.

It kind of follows the line of thinking that you have to wreck the car to get the insurance to pay the car payment. Yes, you read that right! These loans can lead to sleepless nights, harassing phone calls threatening legal action and on and on.

Lets follow a 3 step process when dealing with these loans.

  • Step one, find a payday loan debt consolidation company if you already have payday loan debt in Alabama or any other state and need help.
  • Step two, if you are dead set on getting a payday loan be aware of the Alabama payday loan laws, or the laws in whatever state you live in.
  • Step 3, pay it off when it is due and be done with it.

I hope this information helps you get some financial peace of mind!

Please feel free to share this article and leave any questions and comments below!


Street Talk

Another nice article that reminds me of the Shylock in Alabama other than that of the merchant of Venice

Reply
  about 1 decade ago

Thanks!

Reply
  about 1 decade ago

Excellent break down on these payday loan laws! People in Alabama are especially having a tough time with these loans.

Reply
  about 1 decade ago

They sure are, but the good news is there is help available!

Reply
  about 1 decade ago
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