Payday Loans in Cottonton, Alabama

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

Company nameAddressZip codePhone number
Covington Credit 14923 AL-59, Foley, AL 36535
First Cash Express 712 S Broad St, Scottsboro, AL 35768 +1 (256) 999 - 0035
Acceptance Loan Company, Inc. 2011 College Ave, Jackson, AL 36545
Security Finance 1133 Main St a, Roanoke, AL 36274
Check Mate Cash Advance Center 1110 N Chalkville Rd 128, Trussville, AL 35173 +1 (205) 661 - 0482
TitleBucks Title Loans 2204 6th Ave SE, Decatur, AL 35601
Fast Cash 1706 Glenn Blvd SW # 2, Fort Payne, AL 35968
Car Title Loans 719 S Broad St, Scottsboro, AL 35768 +1 (256) 259 - 0408
World Finance 3331 S Alabama Ave, Monroeville, AL 36460 +1 (251) 743 - 3050
Check Depot 1751 Pinson Valley Pkwy, Birmingham, AL 35217

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cottonton, AL, you can try to find different companies in big cities near by. Check out the following pages here: Online Loans in Alabaster, AL, Payday Loans in Albertville, AL, Payday Loans in Anniston, AL, Payday Loans in Athens, AL, Payday Loans in Atmore, AL, Payday Loans in Auburn, AL, Payday Loan Companies in Bessemer, AL and Payday Loans in Birmingham, 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 Cottonton, AL.

Are Payday Loans Legal In Cottonton, 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

Cottonton, AL payday loan calculator

Payday Loans in Cottonton, Alabama

Payday loans can be a helpful financial tool in a time of need. In Cottonton, Alabama, payday loans are legal and can provide a way to access cash quickly.

Payday loans are popular among those who need money fast, but they also come with risks and drawbacks. Before taking out a payday loan, it’s important to understand how they work, the potential costs involved, and the alternatives available.

What is a payday loan?

A payday loan is a short-term loan that typically lasts for two to four weeks. It is intended to help individuals cover expenses until their next paycheck. Payday loans can be obtained by individuals with bad credit, no credit, or those who are unable to obtain loans from traditional banks.

The application process for a payday loan is typically quick and simple. Borrowers must provide proof of employment and income, a valid ID, and a checking account. Once approved, the lender will provide the funds electronically or with a check.

What are the fees and costs associated with payday loans?

Payday loans can come with high fees and interest rates, making them a costly option for borrowing money. In Cottonton, Alabama, payday loans can have an annual percentage rate (APR) of up to 456.25% for a 14-day loan.

For example, if a borrower takes a loan of $300 with a due date of two weeks and an APR of 456.25%, the total amount due at the end of two weeks would be $372.

It’s important to note that payday loans must be repaid on the due date, which is typically the borrower’s next payday. If the borrower is unable to repay the loan on time, the lender may charge additional fees and interest and can take legal action to collect the debt.

What are the alternatives to payday loans?

Payday loans can be a quick fix for a financial emergency, but there are other options to consider. These may include:

  • Credit union loans
  • Personal loans from a bank or online lender
  • Using a credit card
  • Borrowing from family or friends
  • Government assistance programs

Each of these options has its own advantages and disadvantages, and it’s important to choose the option that works best for your individual financial situation.

Interesting facts and statistics about payday loans in Cottonton, Alabama

Here are some verified facts and statistics about payday loans in Cottonton, Alabama:

  • The number of payday loan stores in Alabama dropped to 672 in 2019, down from a peak of 1,100 in 2006.
  • Alabamians took out more than 1.6 million payday loans in 2019, with a total value of more than $563 million.
  • The average payday loan in Alabama is $348, with an average fee of $55 per loan cycle.
  • 28% of payday loan borrowers in Alabama take out 12 or more payday loans per year.

Apply Now

If you are in need of a payday loan in Cottonton, Alabama, TheGuaranteedLoans can help connect you with potential lenders. We are a connector service, not a direct lender, and we strive to provide our customers with the best possible options for their financial needs. To apply, simply fill out our online application and we will facilitate the process.

Remember, it’s important to fully understand the risks and costs involved with payday loans before taking one out. Consider all of your options and make an informed decision that is right for you.

F.A.Q.

What are payday loans in Cottonton, Alabama?

Payday loans in Cottonton, Alabama are short-term, high-interest loans that are designed to be repaid on the borrower's next payday. These loans are often used to cover unexpected expenses or to bridge the gap between paychecks.

How do payday loans in Cottonton, Alabama work?

To take out a payday loan in Cottonton, Alabama, a borrower typically writes a check for the amount of the loan plus a fee, which the lender holds until the borrower's next payday. On that date, the borrower has the option to either repay the loan in full, including the fee, or roll the loan over for another term by paying only the fee.