Installment Loans in Coy, Alabama

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No installment loan companies in Coy, AL. Consider companies in other cities:

Company nameAddressZip codePhone number
1st Franklin Financial 11227 AL-157 Suite J, Moulton, AL 35650 +1 (256) 974 - 3444
World Finance 1122 N Brindlee Mountain Pkwy, Arab, AL 35016 +1 (256) 217 - 4470
Advance America 1500 Military St S Ste. 4, Hamilton, AL 35570
Security Finance 1 Sunflower Ct, Centre, AL 35960
Money Matters Title Loans 1554 Temple Ave N, Fayette, AL 35555
Superior Loan Service 1808 3rd Ave N, Birmingham, AL 35203 +1 (205) 252 - 9303
The Check Depot 22 Phillips Drive, Birmingham, AL 35228 +1 (205) 308 - 1804
Credit Central 1406 S Eufaula Ave, Eufaula, AL 36027 +1 (334) 616 - 7565
1st Heritage Credit 2512 Florence Blvd, Florence, AL 35630 +1 (256) 765 - 8801
World Finance 65 Rumbling Waters Dr, Wetumpka, AL 36092 +1 (334) 514 - 0525

Installment Loan Companies in Nearby Cities

If there are no installment loan companies in Coy, AL, you can try to find different companies in big cities nearby. Check out the following pages here: Installment Loans in Prichard, AL, Installment Loans in Sylacauga, AL, Installment Loans in Talladega, AL, Installment Loans in Troy, AL, Installment Loans in Trussville, AL, Installment Loans in Tuscaloosa, AL, Installment Loans in Valley, AL and Installment Loans in Vestavia Hills, 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 Coy, AL.

Understanding Installment Loans in Coy, Alabama

Are you considering applying for an installment loan in Coy, Alabama? Installment loans are legitimate and prevalent in the state, and they can be an excellent option for those who need immediate cash for various purposes. In this article, we will provide you with essential information about installment loans, including its advantages, disadvantages, and the state’s governing laws.

What are Installment Loans?

An installment loan is a financial product that allows people to borrow a specific amount of money and repay it over an agreed period, usually in regular payments. This type of loan may have varying interest rates, loan term lengths, or payment schedules. Installment loans often carry higher interest rates than traditional bank loans, but they are typically more accessible than bank loans.

Advantages and Disadvantages of Installment Loans

Advantages

  • Quick funding: If you need cash urgently, installment loans can be a good option since you can often get funding within 24 hours.
  • Flexible loan terms: Unlike payday loans that often require you to repay the entire amount due on your next payday, installment loans allow you to repay the loan over a more extended period. Depending on the lender, you may have up to several years to repay your loan.
  • No collateral required: Some installment loans do not require collateral. This makes it a more attractive option for borrowers who do not have anything to put up as collateral.

Disadvantages

  • High interest rates: Depending on the lender, installment loans can have interest rates ranging from 6% to 36%, which is higher than traditional bank loans.
  • Potential for debt cycle: Since installment loans often require payment over a more extended period, there is a risk that borrowers can fall into a cycle of debt if they do not budget correctly.
  • Impact on credit score: Failure to pay back your loan may negatively affect your credit score, making it harder to access credit in the future.

Alabama Installment Loan Regulations

Installment loans are legal in Alabama, and the Alabama Small Loans Act governs installment loans. The act allows borrowers to take up loans of up to $5000 from lenders licensed under the act. The repayment period for installment loans in Alabama must be at least three months and at most 24 months. Lenders also cannot charge an annual percentage rate that exceeds 36%.

Interesting Facts and Statistics about Installment Loans in Coy, Alabama

  • Coy, Alabama, has a population of approximately 1,000 residents, and the median household income is around $28,000 annually.
  • According to a WalletHub study, Alabama ranks second nationally in lending to people with poor credit and ranks 47 in underbanked states.
  • Between August 2016 and July 2018, Alabama licensees provided approximately 12 million loans totaling $4.8 billion.

Apply Now

If you need an installment loan connecting to a lender may be more comfortable with TheGuaranteedLoans. As a loan connector service, we help connect you to lenders across Alabama to get the best rates and customer service possible. Please note that TheGuaranteedLoans is not a direct lender and only provides a platform for connecting borrowers to lenders. To get started, fill out our online application form today!

Useful Articles

Coy, AL installment loan calculator

Advise to read before applying

F.A.Q. About Installment Loans

Can I get No Credit Check Loan in Coy, AL?

Yes, you can get a no credit check loan in Coy, AL when you apply online.

How to Get a Bad Credit Loans in Coy, AL?

To apply for a bad credit loan in Coy, AL, you need to find a direct loan lender online.

Look for Installment Loans in Other Cities:

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