Payday Loans in Gantt, Alabama

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

Company nameAddressZip codePhone number
Easy Money 604 Boll Weevil Cir, Enterprise, AL 36330
Raymond James - Kelly Daniels, Financial Advisor 308 N Main St 1, Atmore, AL 36502 +1 (251) 338 - 7771
Cash Express 393 Main St NE, Hanceville, AL 35077
Credit Central 1406 S Eufaula Ave, Eufaula, AL 36027 +1 (334) 616 - 7565
Complete Cash 317 Troy Edmundson Rd, Daleville, AL 36322 +1 (334) 503 - 0410
Miracle Finance 550 Andrews Ave, Ozark, AL 36360 +1 (334) 774 - 0693
SunTrust 402 Cox Creek Pkwy, Florence, AL 35630 +1 (256) 712 - 3744
First Community Bank 30122 AL-17, Millry, AL 36558 +1 (251) 846 - 2921
Speedee Cash 1135 W Meighan Blvd, Gadsden, AL 35901
Credit Central 1612 2nd Ave SW, Cullman, AL 35055 +1 (256) 775 - 7382

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Gantt, AL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Prichard, AL, Online Loans in Sylacauga, AL, Payday Loan Without a Credit Check in Talladega, AL, Same Day Loans in Troy, AL, Payday Loans in Trussville, AL, Same Day Loans in Tuscaloosa, AL, Guaranteed Loans in Valley, AL and Online Loans in Vestavia Hills, 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 Gantt, AL.

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

36038

Are Payday Loans Legal In Gantt, 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

Gantt, AL payday loan calculator

Payday loans, also known as cash advances, are short-term loans that enable borrowers to meet unexpected expenses. Payday loans are available in many states, including Alabama. In this article, we will discuss payday loans in Gantt, Alabama, and how they work.

How Payday Loans Work in Gantt, Alabama

Payday loans in Gantt, Alabama, are legal and managed by Alabama’s State Banking Department. They permit lenders to offer payday loans up to $500 with a repayment period of up to 31 days. The state law mandates that the loan amount, with fees and finance charges, must not exceed $17.50 for every $100 borrowed. This makes payday loans in Alabama less expensive than in other states.

Before approving the loan application, the lender will verify the borrower’s income, residency, and other personal details. In most cases, payday lenders do not conduct a credit check and rely on the borrower’s income to decide whether they can repay the loan on time. Once the loan is approved, the borrower signs a loan agreement that explains the loan terms, including the amount borrowed, fees, finance charges, and repayment date.

The Pros and Cons of Payday Loans in Gantt, Alabama

Payday loans are convenient for people who need cash quickly and do not have access to other forms of credit. However, there are potential drawbacks that borrowers should consider before applying for a payday loan.

Here are some advantages of payday loans in Gantt, Alabama:

  • Quick access to cash: Payday loans are designed for emergency situations, where getting fast access to cash can be crucial. Lenders can approve payday loan applications within minutes, and borrowers can receive funds the same day.
  • No credit check: Payday lenders do not require a credit check, making payday loans a viable option for borrowers with poor credit. Instead, they rely on the borrower’s income, proof of employment, and other personal details to assess their creditworthiness.
  • Fewer requirements: Most banks and credit unions have strict eligibility criteria that borrowers must meet to qualify for a loan. Payday lenders, on the other hand, have fewer requirements, making it easier for borrowers to qualify for a loan.

Despite their benefits, payday loans can be expensive and have the potential to trap borrowers in a cycle of debt. Here are some drawbacks of payday loans in Gantt, Alabama:

  • High fees and interest rates: Payday loans in Gantt, Alabama, can have high fees and finance charges that can increase the total cost of borrowing. The maximum finance charge in Alabama is $17.50 for every $100 borrowed, which can add up quickly.
  • Short repayment periods: Payday loans in Alabama have a maximum repayment period of 31 days. This means that borrowers may have to repay the loan, fees, and interest all at once, making it challenging to manage finances.
  • Risk of debt cycle: Some borrowers may become trapped in a cycle of debt by taking out payday loans repeatedly. Borrowers may find it difficult to repay the loan on time and may end up taking out a new loan to cover the previous one’s costs.

Interesting Facts and Statistics about Payday Loans in Gantt, Alabama

Here are some interesting facts and statistics about payday loans in Gantt, Alabama:

  • Alabama is one of 32 states that permit payday lending.
  • According to the Center for Responsible Lending, Alabama has a high rate of payday loan usage, with 442 payday lenders in the state.
  • The average payday loan amount in Alabama is $350, with a fee of $55.
  • A study by the Pew Charitable Trusts found that 69% of payday loan borrowers use the loans to meet recurring expenses, such as rent, utilities, and food.
  • The same Pew study also found that the average payday loan borrower in Alabama takes out eight loans in a year, spending about $520 on fees alone.

Apply Now and Connect with Payday Lenders in Gantt, Alabama

TheGuaranteedLoans is a connector service for payday loans, title loans, and other loan-related topics in Gantt, Alabama. Our website provides a fast and convenient platform for borrowers to connect with potential lenders. We are not a direct lender, but we can facilitate your connection with trustworthy lenders who may offer payday loans to meet your urgent needs.

Fill out our online application form now, and we will match your application with suitable lenders from our network of lenders. We take affordability seriously and ensure that our lenders provide transparent loan terms, fees, and interest rates that meet Alabama state law.

Don’t wait until your next payday to meet your expenses. Apply now for a payday loan in Gantt, Alabama, and let us connect you with potential lenders who can provide fast access to cash.

F.A.Q.

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

Yes, there is a limit on the amount of fees and interest that a payday lender can charge in Gantt, 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 Gantt, Alabama?

Yes, a payday lender can garnish your wages if you default on your loan in Gantt, 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.