Payday Loans in Pike Road, Alabama

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

Company nameAddressZip codePhone number
Covington Schools Federal CU 931 River Falls St, Andalusia, AL 36420 +1 (334) 222 - 2169
Cash Advance-Rainsville LLC 30 Rains Ave SE, Rainsville, AL 35986
Tina's Cash & Pawn 410 Parks Ave D, Scottsboro, AL 35768 +1 (256) 999 - 0967
Always Money 2000 Marvyn Pkwy #1, Opelika, AL 36804
Credit Central 536 W Town Plz, Bessemer, AL 35020 +1 (205) 424 - 0714
Easy Money 3101 Atlanta Hwy, Montgomery, AL 36109
Homestar Financial Corporation 3164 US-431 Suite 8, Roanoke, AL 36274 +1 (334) 646 - 0220
Eagle Title Loans 616 US-31 F, Athens, AL 35611
World Finance Company 811 E Battle St, Talladega, AL 35160
Emergi-Cash 615 D'Olive St, Bay Minette, AL 36507

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Pike Road, AL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Alabaster, AL, Payday Loan Companies in Albertville, AL, 24-Hour Loan in Anniston, AL, Payday Loans in Athens, AL, Short-term Loans in Atmore, AL, Online Loans in Auburn, AL, Short-term Loans in Bessemer, AL and No Credit Check Loans in Birmingham, 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 Pike Road, AL.

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

36064

Are Payday Loans Legal In Pike Road, 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

Pike Road, AL payday loan calculator

The Ins and Outs of Payday Loans in Pike Road, Alabama

When unexpected expenses arise, it can be difficult to find the cash to cover them. In these situations, many people turn to payday loans as a way to bridge the financial gap. Payday loans are a type of short-term loan that can provide cash quickly, but they often come with high interest rates and fees that can add up fast. If you live in Pike Road, Alabama, it’s essential to understand the laws and regulations surrounding payday loans before taking one out. Read on to learn everything you need to know about payday loans in Pike Road, Alabama.

Payday Loan Laws and Regulations in Pike Road, Alabama

Payday loans are legal in Alabama, and there are specific laws in place to protect consumers who take out these loans. In Pike Road, payday loan borrowers are limited by law to borrowing no more than $500 at a time, and the loan term cannot exceed 31 days.

The interest rate for payday loans in Alabama is capped at 17.5%. This equates to an annual percentage rate (APR) of 456%, which is much higher than the average credit card APR of roughly 16%. In addition to interest, lenders can also charge a fee of up to 3% of the loan amount. If a borrower is unable to repay the loan on time, the lender can charge an additional fee of up to $30.

It’s worth noting that Alabama law allows borrowers to take out multiple payday loans at once, but the total amount borrowed cannot exceed $500. Lenders are required to keep a record of all payday loan transactions in a statewide database to ensure that borrowers do not exceed this limit.

Pros and Cons of Payday Loans in Pike Road, Alabama

As with any financial product, payday loans come with both advantages and disadvantages. Understanding both sides of the equation can help borrowers make informed decisions about whether a payday loan is right for them.

Pros

  • Quick access to cash: Payday loans can provide cash in hand quickly, which can be essential in emergency situations.
  • No credit check required: Payday loan lenders typically do not require a credit check, so those with poor or no credit history may still be able to qualify.
  • Easy application process: Payday loan applications are often straightforward and can be completed online or in-store.

Cons

  • High fees and interest rates: Payday loans come with higher interest rates and fees than other types of loans, making them an expensive choice.
  • Short repayment term: Payday loans must be repaid within a short period, which can be challenging for borrowers who may not have the funds to fully repay the loan on time.
  • Potential for debt cycle: Due to the high cost of payday loans, borrowers may find themselves in a cycle of debt if they continuously take out payday loans to cover their expenses.

Interesting Facts and Statistics About Payday Loans in Pike Road, Alabama

  • According to a 2019 report by the Alabama Appleseed Center for Law and Justice, Alabama has the third-highest concentration of payday lenders in the country.
  • In 2018, Alabama payday loan consumers took out an estimated 1.6 million loans, with an average loan amount of $350.
  • The payday loan industry generates roughly $89 million in fees each year in Alabama.

Apply Now

At TheGuaranteedLoans, we are a trusted connector service dedicated to helping consumers find the right lender for their needs. While we are not a direct lender, we work with a network of reputable lenders to provide borrowers with the best options available. If you live in Pike Road, Alabama, and are considering a payday loan, we encourage you to fill out an online application to see what options are available to you. Remember to only borrow what you can afford to repay, and consider other alternatives if possible.

Don’t let unexpected expenses catch you off guard—apply for a payday loan through TheGuaranteedLoans today and take the first step toward financial stability.

F.A.Q.

What are the fees and interest charges associated with payday loans in Pike Road, Alabama?

The fees and interest charges associated with payday loans in Pike Road, Alabama are regulated by state law. Lenders are limited in the amount of fees and interest they can charge on payday loans, and these charges are typically expressed as a percentage of the amount borrowed. For example, a lender may charge a fee of $15 for every $100 borrowed.

Can I renew or rollover my payday loan in Pike Road, Alabama?

No, payday loans in Pike Road, Alabama cannot be renewed or rolled over. Borrowers are only allowed to take out one payday loan at a time, and once the loan is repaid, they cannot take out another loan until they have waited at least seven days.