Payday Loans in Locust Fork, Alabama

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

Company nameAddressZip codePhone number
Money Now 884 U.S. 80 E, Demopolis, AL 36732
Cash USA 800 US Hwy 72 W # M, Athens, AL 35611
Security Finance 610 Skyland Blvd E, Tuscaloosa, AL 35405 +1 (205) 344 - 9227
Thrivent Financial for Lutherans 314 3rd St, Hayden, AL 35079 +1 (205) 820 - 7404
FIRST HERITAGE CREDIT 8919 Hwy 119 109, Alabaster, AL 35007 +1 (205) 620 - 0664
eCO Credit Union 1233 Pecan Ave, Gardendale, AL 35071
Alabama Title Loans, Inc. 3735 Gulf Shores Pkwy, Gulf Shores, AL 36542
Pioneer Credit Company now Mariner Finance 2969 Ross Clark Cir, Dothan, AL 36301 +1 (334) 793 - 0691
Local Cash Advance-Scottsboro 1603 S Broad St, Scottsboro, AL 35768 +1 (256) 259 - 9777
Jones Finance 175 N Daleville Ave # H, Daleville, AL 36322

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Locust Fork, AL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Prichard, AL, Quick Loan in Sylacauga, AL, Payday Loans in Talladega, AL, Payday Loan Companies in Troy, AL, No Credit Check Loans in Trussville, AL, Payday Loans in Tuscaloosa, AL, Payday Loans in Valley, AL and Payday 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 Locust Fork, AL.

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

35097

Are Payday Loans Legal In Locust Fork, 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

Locust Fork, AL payday loan calculator

Introduction

Payday loans, which are small, short-term loans, have become increasingly popular in recent years due to their accessibility and quick approval process. In this article, we’ll be focusing on payday loans in Locust Fork, Alabama.

What are Payday Loans?

Payday loans are designed to provide individuals with quick access to funds between paychecks. They are usually for small amounts, ranging from $100 to $1,000, and must be paid back within a short period of time, typically within two weeks.

In Alabama, payday loans are legal. However, there are certain restrictions in place to protect the consumer. For example, the maximum loan amount is $500, and the maximum loan term is 31 days.

How Do Payday Loans Work in Locust Fork, Alabama?

In Locust Fork, Alabama, the process of obtaining a payday loan is fairly straightforward. First, the borrower must provide proof of income and a valid ID. The lender will then determine if the borrower qualifies for a loan. If approved, the loan amount and terms will be disclosed in writing.

It’s important to note that payday loans typically come with high-interest rates and fees. In Alabama, lenders can charge up to 17.5% of the loan amount as a finance charge. For example, if a borrower takes out a $500 loan, they could be charged up to $87.50 in finance charges.

The Benefits of Payday Loans in Locust Fork, Alabama

  • Accessibility: Payday loans are accessible to people who may not have access to traditional loans due to bad credit or lack of collateral.
  • Quick Approval: Payday loans are approved quickly, which means borrowers can get the money they need when they need it.
  • Flexible: Payday loans can be used for a variety of expenses, including unexpected bills or emergencies.

The Risks of Payday Loans in Locust Fork, Alabama

  • High Fees: Payday loans come with high-interest rates and fees, which can make it difficult for borrowers to pay them back on time.
  • Debt Cycle: If a borrower can’t pay back their loan on time, they may be forced to take out another loan to cover the costs, leading to a debt cycle.
  • Scams: Some lenders may engage in illegal or unethical practices, such as charging excessive interest rates or rolling over loans without the borrower’s consent.

Interesting Facts and Statistics about Payday Loans in Locust Fork, Alabama

– In Alabama, the average borrower takes out 10 payday loans per year.

– The average amount borrowed in Alabama is $326.

– 73% of payday loan borrowers in Alabama have a gross income of less than $30,000 per year.

Apply Now

If you’re interested in applying for a payday loan in Locust Fork, Alabama, TheGuaranteedLoans can help connect you with potential lenders. We are not a direct lender but rather a connector service. Our goal is to facilitate the connection between borrowers and lenders and help borrowers find the best loan option for their needs.

Visit our website to fill out an online application and get connected with a lender today. Remember, payday loans should only be used for short-term financial needs and not as a long-term financial solution.

F.A.Q.

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

The amount that a borrower can borrow with a payday loan in Locust Fork, Alabama is limited by state law. The maximum amount that can be borrowed is $500, and the minimum amount is $100.

How long do I have to repay a payday loan in Locust Fork, Alabama?

Payday loans in Locust Fork, Alabama are typically due on the borrower's next payday, which is typically within two to four weeks of receiving the loan. However, some lenders may offer longer repayment terms, depending on the borrower's individual circumstances.