Payday Loans in Banks, Alabama

All Credits Welcome!

If you have a bad credit score, then don’t worry – it’s not an issue for us!

TGL Loan Services

You can get your money fast after filling out the simple form on the "Get Started" page! Lenders cannot guarantee the approval, but they could approve your loans, even if you are unemployed, receiving government benefits.

Fast Money In Your Bank

You can get your money within hours after filling out the form! We work 24/7 for you!
  • This form is protected with secure 256-bit SSL encryption
  • By clicking “Get Started”, I consent and agree to the Privacy Policy and Terms of Use.

No payday loan companies in Banks, AL. Consider companies in other cities:

Company nameAddressZip codePhone number
Anderson Chrysler Dodge Jeep Ram 5711 E State St, Rockford, Illinois +1 (815) 229 - 2000
Direct Payday Loans 965 Hwy 80 West, 200, Demopolis, AL 36732 +1 (877) 244 - 8254
Credit Central 1106 S Gilmer Ave, Lanett, AL 36863 +1 (334) 644 - 5863
EZ Money 6600 Atlanta Hwy, Montgomery, AL 36117 +1 (334) 271 - 2308
Always Money 219 Cox Creek Pkwy, Florence, AL 35630
Citizens Bank of Fayette 100 Temple Ave S, Fayette, AL 35555 +1 (205) 932 - 8911
Affordable Loans 1113 S Foster St 1, Dothan, AL 36301 +1 (334) 792 - 7183
Liberty Finance 7419 US-431 STE B, Albertville, AL 35950 +1 (256) 894 - 5870
Covington Credit 1527 S Broad St, Scottsboro, AL 35768
Security Finance 14001 Hwy 43 Suite 22, Russellville, AL 35653 +1 (256) 332 - 9808

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Banks, AL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Cullman, AL, Payday Loan Companies in Daphne, AL, Payday Loans in Decatur, AL, Online Loans in Dothan, AL, Payday Loans in Enterprise, AL, Online Loans in Eufaula, AL, Payday Loans in Florence, AL and 24-Hour Loan in Foley, AL. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Banks, AL.

Payday Loans Available in Banks, AL By The Following ZIP Codes:

36005

Are Payday Loans Legal In Banks, Alabama?

Loan Rates and Fees, Laws and Regulations in Alabama.

Alabama Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)456
Maximum Loan Amount$500
Minimum Loan Term10 days
Maximum Loan Term31 days
Number of Rollovers Allowed1
Finance Charges17.5% of the amount advanced

Banks, AL payday loan calculator

Payday loans in Banks, Alabama: All You Need to Know

You may be in a situation where you find yourself in need of money for an emergency expense. Payday loans have become a popular option for those who need cash quickly in Banks, Alabama. This guide will help you understand how payday loans work within the state, from what they are, to how much you can borrow, and what you should know before taking one out. We aim to provide you with accurate information so you can make an informed decision in difficult financial times.

What are Payday Loans?

A payday loan is a short-term, high-interest loan that is typically due on your next payday. These loans are designed for people who need cash quickly to address unexpected expenses, such as car repairs, medical bills, or other bills that cannot wait until the next paycheck. The amounts you can borrow differ depending on state laws and the lender’s guidelines.

In Alabama, payday loans are legal. Under Alabama law, borrowers are allowed to borrow up to $500 with a maximum loan term of 31 days. The state does require lenders to use a statewide database to track all payday loans. This database is used to enforce the state’s regulations and ensure that borrowers are not taking out multiple payday loans simultaneously or from different lenders. It also helps to regulate interest rates and fees imposed by lenders.

The Process of Getting a Payday Loan in Banks, Alabama

The process of obtaining a payday loan is relatively straightforward. Once you have identified a lender in Banks, Alabama that offers payday loans, here is what you can expect:

  • Complete an online application or visit the lender’s physical location
  • Provide the required documentation, which may include state-issued identification, proof of income, and bank account information
  • If approved, sign a loan agreement
  • The lender disburses the funds directly to your bank account
  • The loan amount plus interest and fees are due on the repayment date

The repayment date of your payday loan is typically your next payday. On this date, the lender will automatically withdraw the money owed from your bank account.

What are the Costs Associated with Payday Loans?

The costs associated with payday loans in Banks, Alabama include both interest and fees. Alabama law allows lenders to charge up to 17.5% of the amount borrowed. For example, if you borrow $100, the lender can charge up to $17.50 in interest and fees. The interest rate can seem high when compared to traditional loans, but it’s important to note that these loans are meant to be repaid in a short amount of time.

If you are unable to repay the loan by the due date, you may be subject to additional fees and interest charges. It’s important to read the loan agreement carefully to ensure you understand all of the costs associated with your payday loan.

What Should You Know Before Taking Out a Payday Loan?

Before taking out a payday loan in Banks, Alabama, there are several things you should consider:

  • Is a payday loan the best option for your financial needs? Consider alternatives, such as borrowing from friends or family or taking out a personal loan from a bank or credit union.
  • Are you able to repay the loan on time? Missing your repayment date can lead to additional interest and fees, not to mention damage to your credit score.
  • Is the lender reputable? Research the lender’s reputation online and via word of mouth.
  • What are the costs associated with the loan?

Interesting Facts and Statistics About Payday Loans in Banks, Alabama

  • Alabama is one of the 27 states that has legalized payday lending.
  • In 2019, Alabama borrowers took out an average of 2.7 payday loans per borrower per year.
  • The average payday loan amount in Alabama in 2020 was $350.
  • The average APR for payday loans in Alabama is 456%.
  • Alabama’s payday lending industry generates approximately $100 million in fees every year.

Apply Now

If you need a payday loan in Banks, Alabama, TheGuaranteedLoans can help. Our online application process is quick and easy, making it simple for you to get the funds you need. We are a connector service, not a direct lender, and will facilitate your connection with potential lenders. Click below to get started today.

Note: It is important to remember that payday loans should only be used in situations where it is absolutely necessary and you will be able to repay the loan amount on your next payday.

F.A.Q.

What are the requirements for taking out a payday loan in Banks, Alabama?

To take out a payday loan in Banks, Alabama, you must be at least 18 years old, have a regular source of income, and have a valid checking or savings account.

How do I apply for a payday loan in Banks, Alabama?

To apply for a payday loan in Banks, Alabama, you can either visit a payday lender in person or apply online. In either case, you will need to provide some basic information, such as your personal details, employment information, and bank account information.