Payday Loans in New Castle, Alabama

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

Company nameAddressZip codePhone number
1st Franklin Financial 2155 E Main St Suite 4, Dothan, AL 36301
1st Franklin Financial 704 E Battle St Suite E, Talladega, AL 35160 +1 (256) 362 - 3600
First National Bank 15305 AL-74, Double Springs, AL 35553 +1 (205) 489 - 5246
Check Into Cash 600 Dekalb Plaza Blvd, SW, Fort Payne, AL 35967
Regional Finance 1930 Edwards Lake Rd Suite 120, Birmingham, AL 35235 +1 (205) 655 - 5414
Always Money 6729 Spanish Fort Blvd # L, Spanish Fort, AL 36527
Cash USA Inc 513 Glover St, Albertville, AL 35950
Cash Mart 1557 Florence Blvd, Florence, AL 35630
TitleMax Title Loans 1714 AL-21, Oxford, AL 36203 +1 (256) 831 - 9299
Covington Credit 1400 9th Ave N #124, Bessemer, AL 35020

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in New Castle, AL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Mountain Brook, AL, Payday Loans in Northport, AL, Payday Loans in Opelika, AL, Payday Loans in Oxford, AL, Payday Loans in Pelham, AL, Quick Loan in Pell City, AL, Payday Loans in Phenix City, AL and Same Day Loans in 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 New Castle, AL.

Are Payday Loans Legal In New Castle, 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

New Castle, AL payday loan calculator

Understanding Payday Loans in New Castle, Alabama

Payday loans are a type of short-term loan that can help you get cash quickly. These loans are typically designed to help you cover unexpected expenses or emergencies and can be useful for those who need quick cash. The state of Alabama has specific laws that regulate payday lenders to ensure that consumers are protected.

What You Need to Know About Payday Loans in New Castle, Alabama

Payday loans are legal in Alabama, which means that lenders can offer these loans to consumers who need them. However, there are specific requirements that lenders and consumers must meet for these loans to remain legal. Here is what you need to know:

  • Loan Amounts: Payday loans in Alabama typically range from $100 to $500.
  • Loan Terms: Loan terms for these types of loans in Alabama typically range from 10 to 31 days.
  • Interest Rates: Lenders in Alabama can charge up to 17.5% of the loan amount as an interest rate. This means that if you borrow $100, the maximum interest rate charged would be $17.50.
  • Fees: Lenders can charge up to 3% of the loan amount as a loan origination fee, up to $30 for each transaction
  • Rollovers: Alabama law permits rollovers, which means that borrowers can extend their loan for an additional fee. However, lenders are only permitted to rollover the loan twice.

It is important to note that payday loan laws in Alabama are subject to change. Therefore, it is always a good idea to stay up-to-date on any changes to payday loan regulations in Alabama.

The Pros and Cons of Payday Loans in New Castle, Alabama

Although payday loans can be beneficial for those who need quick cash and have no other options, they also have their downsides. Here are some of the pros and cons of payday loans in New Castle, Alabama:

Pros

  • Quick access to cash to cover unexpected expenses
  • Loan approval is usually fast, and the application process is straightforward
  • Payday lenders do not typically check borrowers’ credit scores

Cons

  • High-interest rates and fees can make these loans more expensive than other loan options
  • Rollovers can add more fees, making it more challenging to repay the loan
  • Borrowers may find themselves in a cycle of debt if they cannot repay the loan on time and choose to roll it over multiple times
  • The loans are not a long-term solution for financial problems

Interesting Facts About Payday Loans in New Castle, Alabama

  • In 2015, Alabama reported 5,668,047 payday loans with an average loan amount of $322.85, according to a report from the Alabama Department of Banking.
  • Only individuals who are 18 years of age or older can apply for a payday loan in Alabama.

Apply Now for Payday Loans in New Castle, Alabama

If you are considering a payday loan for your financial needs, we encourage you to fill out an application on our website. TheGuaranteedLoans is a connector service that works with multiple lenders to help you find the right loan for your needs. We are not a direct lender but instead facilitate your connection with potential lenders. By applying for a payday loan through us, you can take advantage of our vast network of lenders and get the cash you need quickly.

Remember, payday loans are a useful tool for getting quick cash, but they come with risks. Make sure you understand the terms and conditions of any loan that you are considering before you apply. Always borrow only what you can afford to repay and avoid taking out multiple loans at once to avoid falling into the debt cycle.

F.A.Q.

What are payday loans in New Castle, Alabama?

Payday loans in New Castle, Alabama are short-term, high-interest loans that are designed to be repaid on the borrower's next payday. These loans are often used to cover unexpected expenses or to bridge the gap between paychecks.

How do payday loans in New Castle, Alabama work?

To take out a payday loan in New Castle, Alabama, a borrower typically writes a check for the amount of the loan plus a fee, which the lender holds until the borrower's next payday. On that date, the borrower has the option to either repay the loan in full, including the fee, or roll the loan over for another term by paying only the fee.