Payday Loans in Lowndesboro, Alabama

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

Company nameAddressZip codePhone number
Covington Credit 1507 Martin St S #2, Pell City, AL 35128
Complete Cash 1609 W Meighan Blvd, Gadsden, AL 35901
Covington Credit 37 Buck Creek Plaza, Alabaster, AL 35007 +1 (205) 664 - 7911
Selma Mazda 2725 Auto Mall Dr A, Selma, California +1 (559) 896 - 1000
Complete Cash 2488 AL-46, Heflin, AL 36264
Alabama Home Mortgage Loans, Inc. 242 Peace Church Rd A, Wetumpka, AL 36093 +1 (334) 567 - 4223
Title Cash 1112 6th Avenue Southeast, Decatur, AL 35601
Complete Cash 209 Hamric Dr E H, Oxford, AL 36203
Bank Independent Russellville Village Square 13566 US-43, Russellville, AL 35653 +1 (256) 386 - 5000
Advance America 1850 E Main St, Prattville, AL 36066

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Lowndesboro, AL, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan in Mountain Brook, AL, Payday Loans in Northport, AL, Payday Loans in Opelika, AL, Payday Loans in Oxford, AL, Payday Loans in Pelham, AL, 24-Hour Loan in Pell City, AL, Payday Loans in Phenix City, AL and Payday Loan for Prattville, 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 Lowndesboro, AL.

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

36752

Are Payday Loans Legal In Lowndesboro, 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

Lowndesboro, AL payday loan calculator

Understanding Payday Loans in Lowndesboro, Alabama

Payday loans are a popular short-term credit solution in the state of Alabama. As reported in 2021, there were over 1,000 payday lending locations licensed and regulated in the state.

What are Payday Loans and How Do They Work?

Payday loans are short-term loans that typically range from $50 to $500. In exchange for borrowing the money, the borrower must write a post-dated check or provide the lender with access to their bank account. The loan must be repaid, along with any interest and fees, by the next paycheck or within two to four weeks.

If the borrower is unable to repay the loan on time, they may be charged additional fees and interest. They may also be offered the option to roll over the loan, which extends the repayment period but also increases the overall cost of borrowing.

Payday Loan Regulations in Alabama

Payday loans are regulated in Alabama under the Alabama Small Loan Act. The law allows payday lenders to charge a maximum finance charge of 17.5% of the amount borrowed. This means that a borrower who takes out a $100 loan can be charged up to $17.50 in finance charges.

The law also allows lenders to charge a maximum annual percentage rate (APR) of 456%, which is significantly higher than the national average for payday loan APRs. It’s important for borrowers to understand the full cost of borrowing, including finance charges and APR, before agreeing to a payday loan.

Applying for a Payday Loan in Lowndesboro, Alabama

If you are considering a payday loan in Lowndesboro, Alabama, it’s important to understand the application process. The first step is to find a licensed and reputable lender. TheGuaranteedLoans can assist you in finding potential lenders in your area.

When applying for a payday loan, you will need to provide personal and financial information, including your name, address, Social Security number, and bank account information. You may also need to provide proof of income or employment.

Once your application is submitted, you may receive a decision in minutes or hours. If approved, the loan funds will be deposited into your bank account electronically. Be sure to carefully read the loan agreement before accepting the loan, and understand the repayment terms and any fees associated with the loan.

Interesting Facts and Statistics About Payday Loans in Lowndesboro, Alabama:

  • Alabama has the highest concentration of payday lenders per capita in the United States.
  • The average payday loan borrower in Alabama takes out ten loans per year.
  • The average APR for a payday loan in Alabama is 313%.
  • 66% of payday loan borrowers in Alabama have an annual income of less than $30,000.

Apply Now

Need a payday loan in Lowndesboro, Alabama? TheGuaranteedLoans can help connect you with potential lenders in your area. Fill out our online application today to get started.

Please note that TheGuaranteedLoans is not a direct lender. We are a connector service that can assist you in finding potential lenders. We do not charge any fees for our services, and we take your privacy and security seriously.

F.A.Q.

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

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

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