If you’re living in Mooresville, Alabama, and you’re looking for a loan, you might want to consider an installment loan. Not only are these types of loans legal in Alabama, but they’re also quite popular.
What is an installment loan?
An installment loan is a type of loan where you borrow a set amount of money upfront, and then pay it back over time with interest. Unlike payday loans, which typically require full repayment within a couple of weeks, installment loans allow you to pay back your loan in smaller, more manageable chunks over a longer period of time. These loans come with fixed payments, and the amount of interest you pay is typically also fixed.
How do installment loans work in Alabama?
In Alabama, installment loans are legal, but there are limits on the amount of interest lenders can charge. For loans under $2,000, the maximum interest rate is 3% per month, or 36% APR. For loans over $2,000, the maximum interest rate is 2% per month, or 24% APR. These rates are far lower than the rates typically charged by payday lenders, making installment loans a more affordable option.
Why might you want to consider an installment loan?
There are several reasons why you might want to consider an installment loan. First, if you need a larger amount of money than what you can get with a payday loan, an installment loan may be a good option. Second, the fixed payments and interest rates of installment loans can make them easier to manage and budget for. Finally, if you have less-than-perfect credit, you may still qualify for an installment loan, whereas a traditional bank loan might be harder to obtain.
How to apply for an installment loan in Mooresville, Alabama.
If you’re interested in taking out an installment loan, you can apply online with TheGuaranteedLoans. We’re not a direct lender, but we can connect you with potential lenders who may be able to provide you with a loan that meets your needs. To get started, simply fill out our online application, and we’ll work to find a lender who can help you.
Interesting Facts and Statistics About Installment Loans in Mooresville, Alabama
- Alabama has some of the most borrower-friendly laws when it comes to installment loans, making them a popular option for those in need of financing.
- According to a recent study, the average installment loan in Alabama is for $1,500.
- The maximum loan amount for an installment loan in Alabama is $5,000.
- There are over 1,000 payday and installment lenders in Alabama, providing a wealth of options for borrowers.
Apply Now
If you’re ready to apply for an installment loan, head over to TheGuaranteedLoans and fill out our online application. We’ll work to find a lender who can help you get the financing you need.