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Payday Loan Laws In Alabama - Get The Straight Facts
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Payday Loan Laws In Alabama  -  Get The Straight Facts

People across the United States are facing extreme credit card, payday loan, and other kinds of debt because of the financial recession. The state of Alabama is no different from the rest and due to the dependence on agriculture, has actually been harmed greatly as drought conditions have worsened. In order to keep up with the growing trend of payday loans, many politicians have been enacting payday loan laws in Alabama to keep people safe from the predatory lenders and their own misconceptions. In the article below, we will help the residents of Alabama realize what kind of laws are currently in place to protect you from predatory lending and make your life much easier. Hopefully it will be useful.

Payday Loan Laws in Alabama and Licensing

One of the main indicators that Alabama is doing its job in terms of protecting consumers is the payday loan licensing law. Many of the states in the country have laws that require states to get a license from the state government in order to provide online payday lending services. These laws are incredibly important for the state to maintain total control of the money being lent to individuals so that there is no faulty business going on. There are three main online payday lenders that are allowed to operate legally in the state of Alabama. These are “CashCentral,” “CheckCity,” and “ChecknGo”. All of these follow the regulations set by the government in order to protect the consumers. Anyone outside of these three in the state of Alabama is doing business illegally.

Payday Loan Laws in Alabama with Terms and Loans

As with many other states, Alabama has its own set of terms and loan amounts that it can offer to borrowers. One of the payday loan laws in Alabama states that loans can be anywhere between 10 and 31 days which is a far cry from many of the other states that try to require only 15 days. This allows flexibility on the part of both the lender and the consumer, which is beneficial for both parties.

In addition, the interest rate for loans is quite low as well. At 17.5% on a loan of $100, this is far below what many people are paying in other states. Thankfully, the state government in Alabama has kept these rates low for people to maintain a level of protection from lenders that might try to take advantage. Many people take advantage of these loans at affordable rates but end up taking more than one which makes it very difficult to manage pay day loan debts.

Street Talk

It's nice to see a state providing measures that actually afford some protection for the consumer instead of the payday loan sharks. Keep up the great work, David.

  about 9 years ago
Dom Wells  

It's such a shame that when people feel the credit crunch, they end up making things worse for themselves. I hope you can save them all David

  about 9 years ago
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