Payday Loans in Range, Alabama: What You Need to Know
If you live in Range, Alabama and find yourself in a financial bind, payday loans can be a quick solution to your money troubles. Although there is much controversy surrounding the payday loan industry, they are legal in Alabama and can help those who need emergency cash quickly. Here’s everything you need to know about payday loans in Range, Alabama.
What are payday loans?
Payday loans are short-term loans that people take out to cover unexpected expenses or cover bills before their next paycheck arrives. These loans typically have a due date that coincides with the borrower’s next payday. In Range, Alabama, the maximum amount you can borrow is $500, and lenders are allowed to charge up to 17.5% of the amount borrowed as interest.
Applying for a payday loan in Range, Alabama
Applying for a payday loan in Range, Alabama is a relatively simple process. Most lenders have an online application process that allows you to apply from the comfort of your own home. You’ll need to provide some personal information, such as your name, address, and employment details. You’ll also need to provide your bank account information, as lenders will deposit the loan funds directly into your account if you’re approved.
Requirements to get approved for a payday loan in Range, Alabama
Getting approved for a payday loan in Range, Alabama is relatively easy compared to other types of loans. However, there are some requirements that you’ll need to meet. These include:
- Being at least 18 years old
- Having a valid ID or driver’s license
- Having a steady source of income
- Having an active bank account
If you meet these requirements, you should be able to get approved for a payday loan in Range, Alabama.
Repaying a payday loan in Range, Alabama
When you take out a payday loan, you’ll need to repay it by the due date, which is typically your next payday. If you can’t repay the loan on time, you may be able to roll it over for an additional fee. However, rolling over a payday loan can lead to a predatory cycle of debt, as the fees and interest can quickly add up. It’s important to only take out a payday loan if you know you can repay it on time.
Interesting facts and statistics about payday loans in Range, Alabama
- In 2019, Alabama lawmakers passed a bill that increased the maximum payday loan amount from $500 to $1,000. However, the bill has not yet taken effect.
- In 2016, Alabama borrowers took out an average of eight payday loans, with an average loan amount of $322.
- In 2018, the payday loan industry in Alabama generated $156 million in fees alone.
- In Range, Alabama, there are multiple payday loan lenders to choose from, each with their own set of loan terms and interest rates.
Apply now
If you’re considering taking out a payday loan in Range, Alabama, TheGuaranteedLoans can help connect you with potential lenders. Simply fill out our online application to get started. Remember, payday loans should only be used as a last resort and only if you know you can repay the loan on time.
Note: TheGuaranteedLoans is a connector service, not a direct lender. We cannot guarantee loan approval or loan amount.