Alabama Payday Loans
In order for some people to cope with the difficult financial times, a large number
of Alabama Payday Loans have been taken out by citizens of the
state. These short-term loans help those in desperate need of money get the money
to pay rent or perhaps cover an unexpected expense.
It is important to note that payday loan laws and regulations vary by state. Certain
states restrict the number of loans you can have within a certain amount of time,
the rate lenders can charge, the amount companies can lend and other terms of the
loans. Information for
Payday Loan Laws in Alabama is provided for your convenience.
Figures from the 2010 US Census,reveal that the State of Alabama was blessed with
a population of 4,779,736. That represents a 7.5% increase in the State’s population
since the last Census in 2000. The breakdown by race is 68.5% White, 26.2% African-American
and 3.9% Hispanic.
About 80% of those age 25 or older have a High School degree and just over 20% have
a Bachelor’s degree or higher. Median household income in 2009 was $40,547 and about
70% of the population owned their own home.
Alabama is heavily involved in the Defense Industry and also is a manufacturing
center of the South. Tourism flourishes along the Gulf Coast where there are some
of the finest white-sandy beaches anywhere in the country.
In the middle of the Bible Belt, the church plays a large part in the lifestyle
of most residents of the State. Of course, everyone in Alabama is a big football
fan and supports the Crimson Tide. NASCAR is big in Alabama. The population, in
large, is hard-working and middle class. People enjoy outdoor sports like hunting
and fishing. There are also plenty of excellent shopping opportunities in the largest
cities and you can always find a great local restaurant with wonderful Southern
While the population in Alabama takes great pride in being able to get by without
the need to ask for help from the Government or anyone else, they have suffered
a great deal in recent years. In addition to being affected by the national housing
crisis and a high unemployment rate, the people of Alabama have been victims of
natural disasters in recent years, including tornados, hurricanes, floods and droughts.
Alabama Payday Loans are subject to State Legislation as spelled out in Alabama
Code 5-18A-1. The law was instituted in 2003 and is enforced through the Alabama
12 THINGS TO KNOW ABOUT ALABAMA PAYDAY LOANS
1. Maximum Single Loan Amount $500
2. Maximum Finance Rates and Fees 17.5% on original loan
3. Maximum Charge on a 14 Day, $100 Loan $17.50
4. Maximum APR for 14 Day, $100 Loan 456.25%
5. Loan Term Ranges from 10 to 31 days
6. Default Penalty 3% per month
7. Rollover Allowed to rollover loan 1 time
8. Cooling Off Period Can rescind loan agreement up to next business day
9. Collection Fees Can be charged $30.00 for NSF in bank account
10. Court Costs Charged reasonable fees if civil action is required
11. Attorney’s Fees Maximum up to 15% of face amount of check
12. Criminal Charges Applies if check is returned due to a closed account
Be sure to pay off Alabama payday loans as scheduled. When you have no where else
to turn for financial help, it is nice to have a reliable source of short-term money
like an Alabama Payday Loan company.
Take a look at the benefits of applying for Online Payday Loans
if availble in your state.