Payday Loans in Daviston, Alabama

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

Company nameAddressZip codePhone number
World Finance 2717 John Hawkins Pkwy Ste 101, Hoover, AL 35244
World Finance 28 Court Sq, Ashland, AL 36251 +1 (256) 354 - 1491
Harrison Finance Co 705 Saraland Blvd S # 12, Saraland, AL 36571
Small Loans Inc 1109 E Commerce St, Greenville, AL 36037 +1 (334) 382 - 2610
Regions Bank 1805 S Alabama Ave, Monroeville, AL 36460 +1 (251) 575 - 4169
Escambia County Bank 2151 Ringold St, Flomaton, AL 36441 +1 (251) 296 - 5356
World Finance 65 Rumbling Waters Dr, Wetumpka, AL 36092 +1 (334) 514 - 0525
Easy Money 3101 Atlanta Hwy, Montgomery, AL 36109
Easy Money 4820 University Dr NW, Huntsville, AL 35810
International Teachers 116 East Interstate 65 Service Rd N, Mobile, AL 36607 +1 (251) 476 - 3131

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Daviston, AL, you can try to find different companies in big cities near by. Check out the following pages here: Guaranteed Loans in Cullman, AL, Bad Credit Loans in Daphne, AL, Payday Loan Without a Credit Check in Decatur, AL, Same Day Loans in Dothan, AL, Payday Loans in Enterprise, AL, Emergency Loan in Eufaula, AL, Same Day Loans in Florence, AL and Payday Loans 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 Daviston, AL.

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

36256

Are Payday Loans Legal In Daviston, 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

Daviston, AL payday loan calculator

Are you considering a payday loan in Daviston, Alabama? While payday loans may provide a quick solution for those in need of emergency funds, it’s essential to understand the potential risks and benefits of these types of loans. Here’s what you need to know about payday loans in Daviston, Alabama.

What are Payday Loans?

Payday loans are short-term loans that typically range from $50 to $1000, depending on state regulations. In Daviston, Alabama, payday loans are legal with a maximum loan amount of $500. These loans are designed to provide immediate cash to borrowers who need it to cover unexpected expenses or funding gaps between paychecks.

How do Payday Loans Work in Daviston, Alabama?

In Daviston, Alabama, payday loans have a term of up to 31 days and a maximum finance charge of 17.5 percent. Borrowers must provide proof of income and have an active checking account to be eligible for a payday loan. The lender will give the borrower cash or directly deposit the funds into their checking account. On the due date of the loan, the borrower must pay back the loan amount plus fees, or the lender can cash the borrower’s post-dated check.

The Potential Risks of Payday Loans in Daviston, Alabama

While payday loans may seem like an easy solution to your financial problems, they come with several potential risks.

High Fees and Interest Rates

Payday lenders often charge high fees and interest rates, making it difficult for borrowers to pay back the loan on time. In Daviston, Alabama, the maximum finance charge for a payday loan is 17.5 percent, which can add up quickly for those who struggle to pay back the loan on time.

Debt Traps

Payday loans can become debt traps for borrowers who cannot pay back the loan on time. Borrowers who are unable to repay the loan must roll over the loan, which incurs additional fees and interest, creating a cycle of debt that becomes increasingly difficult to escape.

Impact on Credit Score

Payday loans do not require a credit check, but failing to pay back the loan on time can negatively impact the borrower’s credit score. This can make it more difficult to qualify for loans and other financial products in the future.

The Potential Benefits of Payday Loans in Daviston, Alabama

While payday loans do come with risks, they can also provide several potential benefits for borrowers facing financial emergencies.

Quick Access to Funds

Payday loans offer quick access to funds for those facing unexpected expenses or funding gaps between paychecks. The application process is often quick and easy, providing borrowers with the funds they need in a matter of hours.

No Credit Check Required

Payday loans do not require a credit check, making them a viable option for those with poor credit or no credit history. Borrowers must provide proof of income and have an active checking account to be eligible for a payday loan.

Regulated Industry

The payday loan industry in Alabama is regulated by the Alabama State Banking Department, which sets limits on loan amounts and finance charges. This provides borrowers with some protections against predatory lending practices.

Interesting Facts About Payday Loans in Daviston, Alabama

  • In 2018, Alabama lawmakers passed legislation that would limit the maximum interest rate on payday loans to 36 percent.
  • According to a study by the Center for Responsible Lending, the average payday loan borrower in Alabama takes out eight loans per year, with an average loan amount of $302 each.
  • In 2019, the Alabama Supreme Court ruled that payday loan lenders are not immune from state lending laws, which provide protections for borrowers against predatory lending practices.

Apply Now for a Payday Loan in Daviston, Alabama

If you’re facing a financial emergency and need quick access to funds, a payday loan in Daviston, Alabama may be a viable option for you. TheGuaranteedLoans connects borrowers with potential lenders who can provide payday loans. Please note that TheGuaranteedLoans is a connector service and not a direct lender. To be eligible for a payday loan, borrowers must provide proof of income and have an active checking account. Apply now on our website to get started.

Remember, payday loans should only be used as a last resort and borrowers should carefully consider the potential risks and benefits before taking out a loan.

F.A.Q.

Can I take out more than one payday loan at a time in Daviston, Alabama?

No, it is not legal to take out more than one payday loan at a time in Daviston, Alabama. Borrowers are only allowed to take out one payday loan at a time, and they must wait at least seven days before taking out another loan.

Can I take out a payday loan if I already have one outstanding in Daviston, Alabama?

No, it is not legal to take out a payday loan if you already have one outstanding in Daviston, Alabama. Borrowers are only allowed to take out one payday loan at a time, and they must wait at least seven days before taking out another loan.