Payday Loans in Groveoak, Alabama

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

Company nameAddressZip codePhone number
Credit Central 1107 7th St S, Clanton, AL 35045 +1 (205) 755 - 2206
Cash Express 393 Main St NE, Hanceville, AL 35077
Q C Financial Services 924 US Hwy 72 E, Athens, AL 35611
Checkmate Cash Advance Center 2501 Jordan Ln NW, Huntsville, AL 35816 +1 (256) 665 - 0369
Regions Bank 24651 US-31, Jemison, AL 35085 +1 (205) 990 - 5200
BB&T 24634 US-31 N, Jemison, AL 35085 +1 (205) 688 - 4186
Title Cash 14520 US-43, Russellville, AL 35653 +1 (256) 332 - 7733
Approved Cash 601 Gault Ave S Suite 500 Suite 500, Fort Payne, AL 35967 +1 (256) 845 - 7223
Approved Cash 404 E Meighan Blvd, Gadsden, AL 35903
Regional Finance 3186 AL-157, Cullman, AL 35058

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Groveoak, AL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan for Prichard, AL, Payday Loan Without a Credit Check in Sylacauga, AL, Online Loans in Talladega, AL, Short-term Loans in Troy, AL, Payday Loan Without a Credit Check in Trussville, AL, Same Day Loans in Tuscaloosa, AL, Payday Loans in Valley, AL and 24-Hour Loan 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 Groveoak, AL.

Are Payday Loans Legal In Groveoak, 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

Groveoak, AL payday loan calculator

Everything You Need to Know About Payday Loans in Groveoak, Alabama

Life can be unpredictable, and emergencies can arise at any time. If your financial situation is tight and you need quick cash, you might consider taking out a payday loan. In Groveoak, Alabama, it is legal to obtain a payday loan, but it’s important to know the regulations surrounding them. This comprehensive guide will equip you with all the information you need to know about payday loans in Groveoak, Alabama.

What is a Payday Loan?

A payday loan is a short-term loan that you can obtain from a lending company, usually with high-interest rates. The loan amount is typically a portion of your paycheck and is intended to help you cover unexpected expenses or bridge the gap between paychecks.

Payday loans are usually easy to qualify for, as they don’t require extensive credit checks. However, they are meant to be a short-term solution and can result in a cycle of debt for those who rely on them frequently.

Payday Loans in Groveoak, Alabama

If you are a resident of Groveoak, Alabama, you can obtain a payday loan as they are legal within the state. The Alabama Deferred Presentment Services Act governs payday lenders, and they must follow specific guidelines.

The maximum loan amount is $500, and the loan term cannot exceed 31 days. You cannot have more than one payday loan at a time, and lenders cannot charge more than a 17.5% finance fee per loan.

It’s important to note that lenders cannot take any criminal action against you for defaulting on a payday loan. However, they can take legal action to collect the outstanding debt, and it could affect your credit score.

The Pros and Cons of Payday Loans

Like any financial product, payday loans have both advantages and disadvantages. Here are some of the pros and cons to consider before taking out a payday loan:

Pros:

  • Easy qualification process
  • Quick access to cash
  • No need for a credit check

Cons:

  • High-interest rates
  • Risk of getting trapped in a cycle of debt
  • Can have a negative impact on credit score if not paid back on time

Interesting Facts about Payday Loans in Groveoak, Alabama

  • According to the Alabama State Banking Department, there were 1.3 million payday loans taken out in Alabama in 2019, averaging a loan amount of $350.
  • The number of payday lenders has decreased in Alabama in recent years. There were 1,040 licensed payday lenders in 2006, while in 2020, there were only 672.
  • Payday lending has been a contentious issue in Alabama, with some lawmakers advocating for stricter regulations.

Apply Now

If you have weighed the pros and cons and you have decided that a payday loan is right for you, TheGuaranteedLoans can connect you with a lender. As a connector service, we work with a network of lenders to help you find the loan that best suits your needs.

You can apply online, and our secure application process takes only a few minutes. The application will require you to provide some personal and financial information, and we will use that information to connect you with potential lenders.

Remember that payday loans are meant to be a short-term solution, and you should only borrow what you can afford to pay back. We encourage you to read the loan agreement carefully and ask questions if there is anything you don’t understand.

Apply now and take control of your financial situation!

F.A.Q.

Are there any fees associated with a payday loan in Groveoak, Alabama?

Yes, there are several fees that may be associated with a payday loan in Groveoak, Alabama. These may include a loan origination fee, a finance charge, and other fees or charges.

Can I renew a payday loan in Groveoak, Alabama?

Yes, you can renew a payday loan in Groveoak, Alabama. However, the law sets limits on the number of times you can renew a payday loan, as well as the fees and interest that can be charged on a renewed loan.