Payday Loans in Mount Vernon, Alabama

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

Company nameAddressZip codePhone number
Western Finance 3509 S Broad St #211a, Scottsboro, AL 35769
Acceptance Loan Co Inc 607 15th St E B, Tuscaloosa, AL 35401 +1 (205) 391 - 3545
Quick Cash 320 Bankhead Hwy, Winfield, AL 35594
Approved Cash 802 US-43, Saraland, AL 36571
Gilland Chevrolet Gmc 3071 N US Hwy 231, Ozark, AL 36360 +1 (334) 647 - 6904
Cash Cow 611 W Bypass, Andalusia, AL 36420
Diversified Auto Sales LLC 5333 Lorain Ave, Cleveland, Ohio +1 (440) 710 - 4980
LoanMaster 2005 Woodward Ave, Muscle Shoals, AL 35661 +1 (256) 386 - 9880
Local Finance 1424 S Eufaula Ave, Eufaula, AL 36027
Title Cash 1305 Hearn Ave, Bessemer, AL 35020

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Mount Vernon, 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, Payday Loans in Jasper, AL, Payday Loan Without a Credit Check in Madison, AL, Same Day Loans in Mobile, AL and Payday Loan Companies 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 Mount Vernon, AL.

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

36560

Are Payday Loans Legal In Mount Vernon, 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

Mount Vernon, AL payday loan calculator

Payday Loans in Mount Vernon, Alabama: What You Need to Know

When you’re facing unexpected expenses and need money fast, payday loans can seem like a viable option. In Mount Vernon, Alabama, these types of loans are legal, giving borrowers access to quick cash when they need it most. However, before you take out a payday loan, it’s important to understand the ins and outs, including the costs and risks involved.

What are Payday Loans?

Payday loans are short-term loans intended to help people get through a financial crisis until their next payday. They’re usually easy to get and don’t require a credit check, making them a popular choice for people with poor credit or no credit history. However, because of their high interest rates and fees, payday loans can be a risky proposition for borrowers.

The Pros and Cons of Payday Loans

Like any financial tool, payday loans have their pros and cons. Here are some of the advantages and disadvantages to consider before you take out a payday loan in Mount Vernon:

Pros of Payday Loans

  • Quick access to cash in an emergency
  • No credit check required
  • Easy to qualify for
  • Flexible repayment terms

Cons of Payday Loans

  • High interest rates and fees
  • Short repayment terms
  • Can lead to a cycle of debt
  • Potential to damage credit score

It’s important to weigh these pros and cons carefully before deciding whether a payday loan is right for you.

Payday Loans in Mount Vernon, Alabama: Costs and Regulations

In Alabama, payday loans are legal, but there are regulations in place to protect consumers. The maximum amount you can borrow is $500, and the loan term can range from 10-31 days. Lenders are allowed to charge up to 17.5% in interest and fees, which can add up quickly if you’re not able to repay the loan on time.

It’s important to note that payday lenders in Alabama are not allowed to rollover or extend loans, which can help prevent borrowers from falling into a cycle of debt. However, if you’re struggling to repay a payday loan, you may be able to enter into a repayment plan with your lender.

Interesting Facts and Statistics About Payday Loans in Mount Vernon, Alabama

  • In Alabama, payday lenders are required to have a state license.
  • The average payday loan amount is $375, according to the Consumer Financial Protection Bureau.
  • According to the Alabama Department of Banking, payday lenders in the state processed over 1 million loans in 2019.

Apply Now

If you’re considering a payday loan in Mount Vernon, Alabama, it’s important to understand the risks and costs involved. TheGuaranteedLoans can help you connect with potential lenders who may be able to provide you with the cash you need. Please note, we are a connector service and not a direct lender. Apply now and take control of your finances today!

F.A.Q.

What happens if I can't repay a payday loan in Mount Vernon, Alabama?

If you are unable to repay a payday loan in Mount Vernon, Alabama, the lender may attempt to collect the outstanding balance through a variety of methods, including contacting you by phone, mail, or email, or by using a collections agency. In some cases, the lender may also take legal action against you.

Can I be arrested for not paying back a payday loan in Mount Vernon, Alabama?

No, you cannot be arrested for not paying back a payday loan in Mount Vernon, Alabama.