Payday Loans in Melvin, Alabama

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

Company nameAddressZip codePhone number
Money Tree 2022 Jordan Ln NW B, Huntsville, AL 35816 +1 (256) 430 - 9687
Always Money 219 Cox Creek Pkwy, Florence, AL 35630
Broadway Auto Sales 2503, 525 Broadway, Somerville, Massachusetts +1 (617) 201 - 3396
Speedy Cash Jacksonville, AL 36265
Cheaha Bank 1500 Pelham Rd S, Jacksonville, AL 36265 +1 (256) 435 - 0707
Cash Express 1007 Woodward Ave, Muscle Shoals, AL 35661
Citizens Bank of Mentone 5750 AL-117, Mentone, AL 35984 +1 (256) 634 - 4744
Something On the Square 16960 AL-20, Hillsboro, AL 35643
Title Cash 1930 Gunter Ave, Guntersville, AL 35976
EZ Money Payday & Title Loans 6816 1st Ave N, Birmingham, AL 35206

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Melvin, AL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Prichard, AL, Payday Loans in Sylacauga, AL, Payday Loans in Talladega, AL, Payday Loans in Troy, AL, Online Loans in Trussville, AL, Guaranteed Loans in Tuscaloosa, AL, 24-Hour Loan 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 Melvin, AL.

Are Payday Loans Legal In Melvin, 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

Melvin, AL payday loan calculator

If you find yourself in a tight financial spot in Melvin, Alabama and need quick access to cash, then you’re not alone. Payday loans are legal in Alabama, and Melvin residents that are at least 19 years of age can apply for up to $500 cash through a payday loan.

What are Payday Loans?

Payday loans are a type of short-term loan that typically comes with high interest rates and fees. They’re meant to be a quick and easy way to get cash, but because of the high costs associated with them, they’re generally not recommended as a long-term solution.

In Melvin, Alabama, payday loans are regulated by the Alabama State Banking Department. This means that lenders are required to follow certain guidelines when offering payday loans, including:

  • A maximum of $500 borrowed
  • Maximum term of 31 days
  • Maximum interest rate of 17.5%
  • Maximum loan fees of 3% of the loan amount or $5, whichever is greater

It’s important to note that these guidelines are in place to protect borrowers and ensure they don’t get trapped in a cycle of debt. If you are considering taking out a payday loan in Melvin, make sure you fully understand the terms and can pay back the loan in full by the due date.

How to Apply for a Payday Loan in Melvin

Applying for a payday loan in Melvin, Alabama is a relatively simple process. Here are the steps you’ll need to follow:

  1. Gather your personal and financial information, including your name, address, employment details, and bank account information.
  2. Choose a reputable lender that is licensed in Alabama and has a good reputation. TheGuaranteedLoans can help connect you with lenders in Melvin that meet these criteria.
  3. Fill out an application with the lender. This can often be done online, and you’ll need to provide your personal and financial information.
  4. Wait for your application to be reviewed and approved. Approval can happen quickly, sometimes within minutes.
  5. If approved, the lender will deposit the loan amount directly into your bank account.
  6. Repay the loan in full by the due date, which is typically your next payday.

Are Payday Loans Right for Me?

In general, payday loans are not recommended as a long-term solution to financial problems. They should only be used when you have a one-time emergency expense that you can’t cover with your existing savings or credit. If you find yourself needing a payday loan frequently, it might be time to look into other financial solutions.

It’s also important to keep in mind that payday loans are not a “no-strings-attached” type of loan. They come with high interest rates and fees, and if you can’t pay back the loan in full by the due date, you could end up with even more debt.

Interesting Facts and Statistics about Payday Loans in Melvin, Alabama

  • There are over 1,000 payday lenders in Alabama, serving more than 200,000 borrowers per year.
  • The average payday loan in Alabama is $327.
  • In 2019, Alabama borrowers paid over $156 million in fees for payday loans.
  • The average APR for a payday loan in Alabama is 456%.
  • Alabama has one of the highest concentrations of payday lenders in the country.

Apply Now

If you’re in need of cash and are considering a payday loan in Melvin, Alabama, TheGuaranteedLoans can help connect you with reputable lenders in your area. Our online application process is quick and easy, and we’re committed to helping you find the right loan for your needs.

Please note that TheGuaranteedLoans is a connector service and not a direct lender. This means that we work with a network of lenders to find the best loan options for our customers. If you’re approved for a loan, you’ll be working directly with the lender to finalize the details of your loan.

Why Choose TheGuaranteedLoans?

We understand that finding the right loan can be stressful and time-consuming. That’s why we’ve created a simple and efficient application process that can help you get the cash you need quickly. Here are some of the benefits of working with TheGuaranteedLoans:

  • Quick and easy online application process
  • Access to a network of reputable lenders in Melvin, Alabama
  • Flexible loan options to fit your needs
  • Friendly and knowledgeable customer service

Get started by filling out our online application today and take the first step towards getting the cash you need.

F.A.Q.

What is the maximum APR for payday loans in Melvin, Alabama?

The maximum APR for payday loans in Melvin, Alabama is 456%.

What are the fees associated with payday loans in Melvin, Alabama?

The fees associated with payday loans in Melvin, Alabama are determined by the amount of the loan and the length of the loan term. Typically, the fee is a flat rate that is a certain percentage of the loan amount, such as $15 per $100 borrowed.