Payday Loans in Maylene, Alabama

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

Company nameAddressZip codePhone number
Check Exchange of Tarrant LLC 1415 Pinson Valley Pkwy, Birmingham, AL 35217 +1 (205) 841 - 1785
1st Franklin Financial 2155 E Main St Suite 4, Dothan, AL 36301
Advance America 1622 Beltline Rd SW, Decatur, AL 35601
Advance America 6357 Cottage Hill Rd, Mobile, AL 36609
State Line Pawn Shop 300 E Church St G, Atmore, AL 36502 +1 (251) 368 - 5150
Lucy's Loans US-78 Alt, Jasper, AL 35501
Regions Bank 14020 S Wintzell Ave, Bayou La Batre, AL 36509 +1 (251) 824 - 0880
Cheaha Bank LLC 120 Big Valley Dr, Alexandria, AL 36250 +1 (256) 847 - 8802
Advance America 815 Pelham Rd S #1, Jacksonville, AL 36265
Liberty Tax and Loans 1713 E 280 Byp Suite A, Phenix City, AL 36867 +1 (334) 298 - 8586

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Maylene, AL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Gadsden, AL, Payday Loans in Homewood, AL, Payday Loans in Hoover, AL, Payday Loan Without a Credit Check in Huntsville, AL, Online Loans in Jasper, AL, Payday Loans in Madison, AL, Payday Loans in Mobile, AL and Bad Credit Loans in Montgomery, 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 Maylene, AL.

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

35114

Are Payday Loans Legal In Maylene, 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

Maylene, AL payday loan calculator

Understanding Payday Loans in Maylene, Alabama

Payday loans have been a hot topic in many American states, including Alabama. For residents of Maylene, Alabama, it’s important to understand the ins and outs of this commonly used financial tool. Payday loans are a type of short-term loan that typically amounts to a few hundred dollars. These loans are typically due on the individual’s next payday and can be taken out in-store or online.

How Payday Loans in Maylene, Alabama Work

The process of obtaining a payday loan in Maylene, Alabama is relatively straightforward. Individuals typically need to provide their personal information and proof of income to the lender. The lender will then determine the maximum amount of the payday loan and the individual can choose to accept or reject the loan amount. If accepted, the individual will receive the funds in their bank account, usually within a few business days.

It’s important to note that payday loans are legal in Alabama, and lenders are allowed to charge a maximum of 17.5% interest on these loans. The repayment term for a payday loan cannot exceed 31 days, and individuals are not allowed to refinance their payday loans. In addition, borrowers are only allowed to take out one payday loan at a time.

Pros and Cons of Payday Loans in Maylene, Alabama

Payday loans can provide individuals with quick access to cash when they need it the most. However, they come with a range of pros and cons that individuals should consider before taking out this type of loan.

  • Pros:
    • Easy and quick loan application process
    • No credit check required
    • Can be a good option for individuals with bad credit
  • Cons:
    • High-interest rates make it easy to get stuck in debt cycle
    • Short repayment period of 31 days can be difficult to manage for some individuals
    • Potential for additional fees and charges

It’s important to carefully weigh the pros and cons of payday loans before deciding if they are the right financial option for you.

Interesting Facts and Statistics about Payday Loans in Maylene, Alabama

According to a study conducted by the Center for Responsible Lending, the average payday loan borrower in Alabama takes out 10 or more loans in a year, on average paying over $500 in interest. Additionally, a majority of payday loan borrowers in Alabama are women and people of color.

Apply Now

If you’re considering taking out a payday loan in Maylene, Alabama, it’s important to work with a reputable lender. TheGuaranteedLoans is a trusted connector service that can help connect you with potential lenders in your area. To get started, provide your basic information on our website and we’ll help facilitate the application process. Remember, TheGuaranteedLoans is not a direct lender, but rather a facilitator that can help you find the right lending option for your needs

Conclusion

Overall, payday loans can be a helpful financial tool for individuals who find themselves in a financial emergency. However, it’s important to be aware of the potential risks and drawbacks that come with these loans. By understanding the specifics of payday loans in Maylene, Alabama, you can make an informed decision that works best for your financial situation.

F.A.Q.

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

The amount that a borrower can borrow with a payday loan in Maylene, 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 Maylene, Alabama?

Payday loans in Maylene, 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.