What You Should Know About Payday Loans in Bessemer, Alabama
Payday loans are short-term financing options that can help individuals in need of quick cash in a pinch. Payday loans are legal in the state of Alabama, and those residing in Bessemer, Alabama have access to the same payday loan services as most other parts of the state. This article will cover some important information about payday loans in Bessemer, Alabama, including their availability, how to get one, and repayment.
Are Payday Loans Legal in Alabama?
Yes, payday loans are legal in the state of Alabama, as long as lenders follow the rules and regulations that apply. This includes a $500 maximum loan amount and a finance charge of no more than 17.5% per $100 borrowed. Therefore, a typical payday loan in Alabama cannot exceed $500 and the total finance charge should not exceed $87.50. The loan should be repaid in 14 days or less, and borrowers can have no more than two outstanding payday loans at one time.
Where Can I Get a Payday Loan in Bessemer, Alabama?
Payday loans in Bessemer, Alabama can be obtained from payday loan lenders either in-person or online. There are several payday loan lenders in the Bessemer area, including Advance America and Check ‘n Go. Advance America is located near the Walmart at 508 Academy Drive, while Check ‘n Go is located on 9th Avenue near the Bessemer Public Library. If you prefer to apply for a payday loan online, there are several lenders who offer this service as well. To apply, visit TheGuaranteedLoans website and fill out the online application to be connected with a lender.
How Do I Qualify for a Payday Loan in Bessemer, Alabama?
In order to qualify for a payday loan in Bessemer, Alabama, you must meet certain criteria. First, you must be at least 18 years of age and a legal resident of the United States. Second, you must have a valid checking account and a steady income. Finally, you must provide proof of your identity, such as a state-issued ID. Once you meet the eligibility requirements, you can apply for a payday loan with any lender of your choice.
When Is My Payday Loan Due?
The repayment due date for your payday loan will typically depend on the lender and when you apply for the loan. Most payday loans come with a 14-day repayment period, and the loan must be repaid in full by that date. If you are unable to repay your loan in full, you may be able to roll it over or extend the due date with some lenders. However, it’s important to note that this will usually come with added fees and an increase in the interest rate. It’s best to repay the loan in full and on time to avoid additional fees and interest.
Frequently Asked Questions About Payday Loans in Bessemer, Alabama
Do I need to have good credit to qualify for a payday loan?
No, you do not need to have good credit to qualify for a payday loan. Payday loans are based on your income and ability to repay the loan, not your credit history. As such, most payday loan lenders do not perform a credit check when approving applications.
Are there any fees associated with payday loans?
Yes, payday loans typically come with finance charges that range from 15-30% of the loan amount. Additionally, some lenders may also charge loan origination fees or processing fees.
What if I can’t repay my payday loan on time?
If you are unable to repay your payday loan on time, contact your lender as soon as possible to discuss your repayment options. Some lenders may be willing to extend your repayment date or roll over your loan, but this typically comes with extra fees and interest. It’s best to repay your loan in full and on time to avoid any additional charges.
Apply Now for Payday Loans in Bessemer, Alabama
If you’re in need of a payday loan in Bessemer, Alabama, visit TheGuaranteedLoans website and fill out the payday loan application. We will connect you with a lender who can provide you the financing you need. Please remember that TheGuaranteedLoans is not a lender and does not provide loans directly. All loans will be provided by one of our lending partners. Apply now and get the help you need today!