Payday Loans in Carlton, Alabama

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

Company nameAddressZip codePhone number
Regional Finance 2801 Mall Rd Suite 9, Florence, AL 35630 +1 (256) 740 - 0611
MAX Credit Union 1207 US-231, Troy, AL 36081 +1 (334) 260 - 2600
Always Money 3581 AL-14, Millbrook, AL 36054
Modern Loans LLC 1031 Skyland Blvd E, Tuscaloosa, AL 35405
1st Franklin Financial 102 Micah Way Suite 1101, Scottsboro, AL 35769
Check Into Cash 705 Hwy 43 South, Suite 14, Saraland, AL 36571
First Southern Financial 12521 AL-157, Moulton, AL 35650 +1 (256) 974 - 1776
World Finance 28 Court Sq, Ashland, AL 36251 +1 (256) 354 - 1491
Advance America 2246 Winchester Rd NE Suite 103 Suite 103, Huntsville, AL 35811 +1 (256) 859 - 3579
BB&T 501 2nd Ave N, Clanton, AL 35045 +1 (205) 755 - 0250

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Carlton, AL, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan in Mountain Brook, AL, Short-term Loans in Northport, AL, Quick Loan in Opelika, AL, Payday Loans in Oxford, AL, Payday Loan Without a Credit Check in Pelham, AL, Payday Loans in Pell City, AL, Payday Loans in Phenix City, AL and Online Loans in Prattville, 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 Carlton, AL.

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

36515

Are Payday Loans Legal In Carlton, 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

Carlton, AL payday loan calculator

When it comes to Alabama payday loans, Carlton is a city that is not exempt from the presence of payday loan providers. While payday loans are legal in the state of Alabama, there are still regulations in place to protect borrowers.

What are Payday Loans?

A payday loan is a short-term, high-interest loan that is typically due on the borrower’s next payday. These loans are often used by individuals who need quick cash to cover unexpected expenses or bills that cannot wait until their next paycheck. Payday loans are accessible to anyone, regardless of their credit history.

In Carlton, Alabama, payday loans are regulated by the Alabama State Banking Department. The Alabama Deferred Presentment Services Act, which was enacted in 2003, outlines the regulations governing payday loans in the state.

Payday Loan Regulations in Carlton, Alabama

In Carlton, Alabama, borrowers are allowed to take out a maximum of $500 at a time. This loan amount must be repaid within 10 to 31 days, depending on the borrower’s pay cycle. The interest rate for payday loans in Alabama cannot exceed 17.5% of the loan amount.

The Alabama State Banking Department also limits the number of payday loans a borrower can have at one time. A borrower is only allowed to have one outstanding loan with a lender at a time. Payday loan lenders are required to keep a record of all loans made to borrowers, which are submitted to a statewide database.

Benefits of Payday Loans

While payday loans have been scrutinized for their high interest rates and short repayment terms, they do offer some benefits to borrowers in need of quick cash. Some of these benefits include:

  • Easy access to cash: Payday loans are accessible to anyone, regardless of their credit history.
  • No collateral required: Payday loans are unsecured loans, meaning borrowers do not need to put up any collateral to secure the loan.
  • Quick approval times: Unlike traditional loans, payday loans do not require extensive credit checks or paperwork, so borrowers can receive funds quickly.

Drawbacks of Payday Loans

However, the drawbacks of payday loans cannot be ignored. These include:

  • High interest rates: Payday loans have interest rates that can exceed 400%, making them one of the most expensive forms of credit available.
  • Short repayment terms: Borrowers who cannot repay their loans within the established timeframe are subject to additional fees and charges.
  • Debt cycle: Some borrowers may find themselves trapped in a cycle of debt, taking out multiple loans to cover the fees and interest on previous loans.

Interesting Facts and Statistics about Payday Loans in Carlton, Alabama

  • According to a 2019 report by the Center for Responsible Lending, Alabama has one of the highest concentrations of payday lenders in the country, with roughly one lender for every 4,000 residents.
  • In 2018, Alabama lawmakers rejected a bill that would have limited payday loan interest rates to 36%, leading to criticism from advocates who argue that high interest rates contribute to the state’s poverty rate.
  • Payday lending in Alabama generates an estimated $100 million in fees each year.

Apply Now

If you are in need of quick cash and are considering a payday loan, TheGuaranteedLoans can help. As a connector service, we work with a vast network of lenders who may be able to offer you a loan. When you fill out our online application, we will match you with potential lenders who may be able to offer you the funds you need. Remember that we do not lend money directly. Apply now and see if you qualify.

F.A.Q.

Is there a limit on the amount of fees and interest that a payday lender can charge in Carlton, Alabama?

Yes, there is a limit on the amount of fees and interest that a payday lender can charge in Carlton, Alabama. The state has specific regulations in place that limit the amount of fees and interest that can be charged on payday loans. Lenders are required to disclose the fees and interest charges associated with the loan upfront, and borrowers should carefully review these charges before agreeing to the loan.

Can a payday lender garnish my wages if I default on my loan in Carlton, Alabama?

Yes, a payday lender can garnish your wages if you default on your loan in Carlton, Alabama. If you are unable to repay your payday loan, the lender may be able to take legal action to collect the debt, including garnishing your wages. It is important to avoid defaulting on your loan if at all possible, as this can have serious consequences.