Payday Loans in Minter, Alabama

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

Company nameAddressZip codePhone number
Preferred Loan Company 1211 US-31, Athens, AL 35611
Quick Credit 935 US Hwy 72 E Suite E, Athens, AL 35611 +1 (256) 262 - 6858
Nations Quick Cash 1654 Douglas Ave, Brewton, AL 36426
America's First Federal Credit Union 180 Co Rd 304, Calera, AL 35040 +1 (205) 825 - 7850
Listerhill Credit Union 2796 US-43, Winfield, AL 35594 +1 (205) 487 - 0111
Equisouth Mortgage 8415 Crossland Loop, Montgomery, AL 36117
Advance America 2250 US-43 #116, Winfield, AL 35594
1st Franklin Financial 441 George Wallace Dr, Gadsden, AL 35903
Cash 2 Go 1003 Sidney E Manning Blvd, Flomaton, AL 36441
Covington Credit 1605 Beltline Rd SW Ste D-10, Decatur, AL 35601 +1 (256) 355 - 0224

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Minter, 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, Bad Credit Loans in Talladega, AL, Payday Loans in Troy, AL, Online Loans in Trussville, AL, Payday Loans in Tuscaloosa, AL, Bad Credit Loans in Valley, AL and Short-term 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 Minter, AL.

Are Payday Loans Legal In Minter, 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

Minter, AL payday loan calculator

Payday loans can be a helpful tool for those who need a quick infusion of funds to cover unexpected expenses. Although these loans are associated with high interest rates and fees, they can be a viable option for people who can’t obtain traditional bank loans or credit cards. In Alabama, payday loans are legal, and residents of Minter have certain options available when searching for a short-term loan.

Understanding Payday Loans in Minter, Alabama

Payday loans are short-term loans that involve borrowing a small amount of money (typically less than $500) which is then paid back with interest on the borrower’s next payday. Although payday loans don’t require collateral, they do come with high interest rates and fees. This is because lenders are taking on a high amount of risk by lending to borrowers with poor credit or who have no credit history.

Although payday loans can be helpful in some situations, they can also be incredibly dangerous for borrowers who become caught in a cycle of debt. According to a report by the Consumer Financial Protection Bureau, more than 80% of payday loans in the U.S. are rolled over or followed by another loan, indicating that many borrowers are unable to repay their initial loan on time.

Payday Loans in Minter, Alabama: Facts and Figures

According to data from the Alabama State Banking Department, there were 1,055 licensed payday lenders in Alabama in 2019. In the same year, these lenders issued around 2.4 million payday loans, with a total loan volume of approximately $1.4 billion. The average loan amount was $350, and the average annual percentage rate (APR) for a payday loan in Alabama was 456.25%.

While payday loans can give individuals a quick source of cash, they often come with high costs that can trap borrowers in a spiral of debt. In Minter, Alabama, lenders cannot issue loans that total greater than $500 and must charge borrowers no more than 17.5% of the amount borrowed. However, this still results in an APR of approximately 460% – considerably higher than the national average for payday loans.

Benefits of Payday Loans in Minter, Alabama

Although the high interest rates and fees associated with payday loans can be prohibitive for many borrowers, there are some benefits to using these loans. For example, payday loans:

  • Can be obtained quickly, with many lenders offering same-day approval and funding
  • Do not require a credit check or collateral, making them more accessible to those with poor credit or no credit history
  • Can be used for a variety of expenses, from medical bills to car repairs to utility bills

However, it is important to note that these benefits come with significant caveats. Borrowers should fully understand the terms and conditions of their loan before agreeing to it, and should ensure that they can repay the loan on time and in full to avoid falling into a cycle of debt.

Apply Now with TheGuaranteedLoans

If you think a payday loan might be the right choice for your situation, consider applying through TheGuaranteedLoans. Our platform connects borrowers with a network of lenders who specialize in short-term loans. Simply fill out our easy and secure online application, and we will work to match you with a lender who can provide you with the funds you need.

It’s important to note that TheGuaranteedLoans is a connector service, not a direct lender. This means that we do not issue loans ourselves, but instead facilitate connections between borrowers and lenders. If you are connected with a lender through our platform, be sure to read and understand your loan agreement fully before agreeing to it.

The Bottom Line

Payday loans can be an option for those who need quick access to cash, but borrowers should be aware of the high costs associated with these loans. In Minter, Alabama, payday loans are legal, but borrowers should consider all of their options and ensure that they can repay the loan in full and on time before agreeing to it. For those who do require a short-term loan, TheGuaranteedLoans can be an excellent resource for connecting with lenders who can provide the necessary funds.

F.A.Q.

How do payday loans work in Minter, Alabama?

To obtain a payday loan in Minter, Alabama, a borrower must first apply for the loan at a storefront or online lender. The borrower will typically be required to provide proof of income and a valid checking account in order to qualify for the loan. Once the loan is approved, the lender will deposit the funds into the borrower's checking account, and the borrower will be required to repay the loan on their next payday, along with any fees or interest charges.

Are payday loans legal in Minter, Alabama?

Yes, payday loans are legal in Minter, Alabama. The state has specific regulations in place that govern the operation of payday lenders, including limits on the amount of the loan, the fees and interest charges that can be charged, and the number of loans a borrower can take out at any given time.