Payday Loans in Mooresville, Alabama
Payday loans are a type of short-term borrowing that typically must be repaid within two weeks. They are attractive to people who need cash immediately and have few other options for obtaining it. While payday loans are legal in the state of Alabama, borrowers must be cautious about the terms and interest rates associated with these loans. In this article, we will explore payday loans in Mooresville, Alabama and provide valuable information to borrowers to help them make informed decisions.
The Basics of Payday Loans in Mooresville, Alabama
Payday loans in Mooresville, Alabama are governed by state law. In Alabama, the maximum amount that a lender can loan to a borrower is $500. The maximum loan term is 31 days. The maximum finance charge is 17.5% of the loan amount. This equates to an annual percentage rate (APR) of 456.25% for a 14-day loan. There are no rollovers or extensions allowed on payday loans in Alabama.
How to Apply for a Payday Loan in Mooresville, Alabama
Applying for a payday loan in Mooresville, Alabama is a relatively simple process. Borrowers must provide proof of income, such as a paycheck stub or bank statement, as well as a valid form of identification. They must also be at least 18 years of age and have an active checking account.
Once the borrower has provided the required information, the lender will review it and make a decision on whether to approve the loan. If approved, the borrower will receive the funds in their checking account within one business day. If not approved, the borrower may be able to find other options for obtaining the cash they need.
Pros and Cons of Payday Loans in Mooresville, Alabama
As with any form of borrowing, payday loans have both advantages and disadvantages. Some of the pros of payday loans include:
- Quick access to cash when needed
- No credit check required in some cases
- Easy application process
However, there are also several cons to payday loans:
- High interest rates and fees
- Short repayment term can lead to difficulty repaying the loan
- Risk of falling into a cycle of debt
Interesting Facts and Statistics about Payday Loans in Mooresville, Alabama
- Alabama has the highest concentration of payday lenders per capita in the United States.
- In 2017, Alabama borrowers took out an average of 10 payday loans per year, with an average loan size of $334.
- There were over 1.6 million payday loans taken out in Alabama in 2018.
- The average APR on a payday loan in Alabama is 300%, which is three times higher than the average credit card APR.
Apply Now
If you need cash quickly and are considering a payday loan in Mooresville, Alabama, we encourage you to fill out an online application on TheGuaranteedLoans website. As a connector service, we work with a network of potential lenders to match borrowers with loan options that meet their needs. We make the application process as simple and straightforward as possible, and we are committed to providing our customers with the best service possible.
Please note that TheGuaranteedLoans is not a direct lender. We are a connector service that strives to match borrowers with potential lenders. We do not make credit decisions or determine loan terms. If you decide to apply for a payday loan through TheGuaranteedLoans website, we will facilitate your connection with lenders who may be able to provide you with the loan you need.
Final Thoughts
Payday loans can be a useful tool for borrowers who need cash quickly, but they can also be risky due to high interest rates and fees. If you are considering a payday loan in Mooresville, Alabama, it is important to carefully consider the terms of the loan and your ability to repay it before making a decision. The information provided in this article is intended to help you make an informed decision and avoid falling into a cycle of debt.