How To Compare Loans in Alabama
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Alabama Title Loans
By comparing lenders online, you can apply for title loans in Alabama to get a cash loan against your car's title.
Obtaining a title loan in Alabama is fairly easy and the entire process can take less than an hour. The lender will evaluate your needs and budget, and do a quick assessment of your vehicle. Once you've reviewed the terms and signed the paperwork, the money will be paid out to you.
In addition to comparing payday loans online in Alabama, you can compare lenders to find the best Alabama title loans with Financer.com.
Why Compare Loans in Alabama with Financer.com
Alabama Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | Can exceed 400% |
| Max. Loan Amount | $500 |
| Min. Loan Term | 10 days |
| Max. Loan Term | 31 days |
| Number of Rollovers | 1 |
| Cooling-off Period | Next business day after repayment |
| Installment | Yes |
Alabama was one of the first states to start legislating small loans although most measures were scrapped later.
- The maximum loan amount is $500.
- The loan repayment period must be between 10 and 31 days.
- Only check-cashing companies are allowed to give small loans.
- A borrower can only have one payday loan at a time.
- If a borrower fails to repay a loan on time, he is allowed one rollover.
Alabama Payday Loan Laws
Are you a resident of Alabama and would like to know more about your lending options? Learn how the legislation approved by the Alabama Senate in 2016 could affect you as a borrower.
The legislation regulated the interest a lender can charge by extending the repayment term from 30 days to 6 months. This was a sigh of relief to many borrowers as this allows for a longer repayment term.
There are approximately 400,000 residents who use Alabama payday loans and often apply online for quick cash advances.
Payday Loan Eligibility in Alabama
To be eligible for a payday loan in Alabama, borrowers must:
- Be at least 18 years old.
- Be a U.S. citizen or a permanent resident.
- Have a steady source of income.
At the time of application, borrowers need to provide their name, Social Security number, and contact details. Other lenders will also need details regarding your employment and income.
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Why Compare with Financer.com
Financer.com helps you compare the best personal loans in Alabama and get the lowest personal loan rates from leading U.S. lenders.
Our online loan comparison is fast, easy, and completely free. Best of all, you can pre-qualify without hurting your credit score.
Use Financer.com's free loan comparison tool and take the guesswork out of finding the best personal loan for your needs.
Alabama Loans FAQs
What is a title loan?
How do I know if my vehicle’s title is free and clear?
How much can I borrow with an Alabama title loan?
Can a personal loan improve my credit score?
How much do online payday loans in Alabama cost?
The cost for online payday loans in Alabama will vary by lender. However, the maximum APR allowed in Alabama is 456.25%. This can often include fees plus the interest rate. According to Alabama legislation, lenders may charge a maximum finance charge of 17.5% of the total loan amount.
Example: A $500 loan for 31 days with a 210% APR will have a total of $88 in fees, with a total payback amount of $588.
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