Payday Loans in Cecil, Alabama

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

Company nameAddressZip codePhone number
Security Finance 4110 AL-14, Millbrook, AL 36054 +1 (334) 365 - 1132
Trico Financial Services 102 Deatsville Hwy, Millbrook, AL 36054
Western Finance 2761 Eastern Blvd, Montgomery, AL 36117 +1 (334) 270 - 8011
Sun Loan Company S, 1404 Old Hwy 231 N a, Troy, AL 36081
First Southern State Bank 80 Bank St, Stevenson, AL 35772 +1 (256) 437 - 2171
Title Cash 3443 Pelham Pkwy, Pelham, AL 35124
BB&T 507 S Broad St, Scottsboro, AL 35768 +1 (256) 259 - 4800
World Finance 814 Pelham Rd S, Jacksonville, AL 36265 +1 (256) 435 - 7700
Rice Banking Co 1617 2nd Ave, Opelika, AL 36801 +1 (334) 745 - 3494
Lendmark Financial Services LLC 1963-B Cobbs Ford Rd, Prattville, AL 36066 +1 (334) 568 - 0690

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cecil, AL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Gadsden, AL, Short-term Loans in Homewood, AL, Payday Loans in Hoover, AL, Payday Loans in Huntsville, AL, Emergency Loan in Jasper, AL, Payday Loans in Madison, AL, Bad Credit Loans in Mobile, AL and Bad Credit Loans in Montgomery, 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 Cecil, AL.

Are Payday Loans Legal In Cecil, 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

Cecil, AL payday loan calculator

Understanding Payday Loans in Cecil, Alabama

If you’ve found yourself short on cash and in need of money to cover unexpected expenses, such as car repairs or medical bills, you may have considered taking out a payday loan. Payday loans are short-term loans with high-interest rates designed to help financially strapped individuals make it to their next payday. While payday loans may seem like an easy way to access cash quickly, they come with significant risks and should be approached with caution.

How Payday Loans Work in Alabama

Payday lending is legal in Alabama, and Cecil residents can access payday loans both through storefront loan centers and online lenders. The maximum amount borrowers can access through a payday loan is $500, and lenders may charge a maximum fee of 17.5% of the amount borrowed. This means that if you take out a payday loan for $100, the maximum fee you’ll pay is $17.50.

Payday loans are typically due on the borrower’s next payday, which is usually within 14 days of the loan being approved. If the borrower is unable to repay the loan in full on the due date, they may be able to roll the loan over for an additional fee. The cycle of rolling over loans and accruing more fees is what often leads borrowers into a cycle of debt.

The Risks of Payday Loans

While payday loans can seem like a lifeline in times of financial distress, they come with significant risks. The high-interest rates and fees associated with payday loans make them an incredibly expensive form of borrowing. For example, if you take out a payday loan for $500 with a 17.5% fee and are unable to repay the loan on time, you may end up paying over $100 in fees alone.

Payday loans can also lead to a cycle of debt that is difficult to escape. For many borrowers, the high-interest rates and fees make it challenging to repay the loan in full on the due date. When this happens, borrowers may choose to roll the loan over for an additional fee, leading to more debt and interest charges.

Alternatives to Payday Loans

While payday loans can seem like the only option for those facing financial hardship, there are alternative options that may be more affordable and less risky. Some alternatives to payday loans include:

– Borrowing from family or friends
– Using a credit card or line of credit
– Seeking assistance from community programs or charities
– Negotiating payment plans with creditors
– Exploring government assistance programs

Apply Now with TheGuaranteedLoans

If you have determined that a payday loan is the best option for your financial situation, TheGuaranteedLoans takes the guesswork out of finding a lender. We are a connector service that helps you connect with potential lenders quickly and easily. Our application process is simple and straightforward, and we consider all credit types. Once you have submitted your application, we will work to connect you to a lender who can meet your needs.

Interesting Facts and Statistics

– In Alabama, the average payday loan APR (annual percentage rate) is 456%.
– Payday lending in Alabama is a $1.4 billion industry.
– The average payday loan borrower in Alabama takes out 8 loans per year.

Conclusion

While payday loans can seem like a quick solution to financial problems, they come with significant risks and should be approached with caution. If you’re considering a payday loan, explore all of your options and consider the potential long-term costs of this form of borrowing. When you’re ready to apply for a payday loan, turn to TheGuaranteedLoans to simplify the process and connect you with a potential lender.

F.A.Q.

Is it legal to take out a payday loan in Cecil, Alabama?

Yes, payday loans are legal in Cecil, Alabama.

How much can I borrow with a payday loan in Cecil, Alabama?

in Cecil, Alabama, the maximum amount that you can borrow with a payday loan is $500.