Payday Loans in Alabama

Payday loans are legal in Alabama. The state of Alabama has specific regulations when it comes to cash advance loans. Borrowers can take out a maximum amount of $500 in loans. The maximum interest rate that borrowers can be charged is 17.5%. This translates to a $17.50 interest charge on a $100 loan. Loan terms can last anywhere from 10 days to 31 days. Borrowers are able to roll their loans over one time only, meaning that they can take out another loan to cover the first loan only once. Lenders may only charge one $30 fee for insufficient funds. If the loan is still not repaid in a timely fashion, lenders may charge court costs and attorney's fees for as much as 15% of the amount borrowed.

Lenders can be found all over the state including Mobile and Montgomery.

Regulation
Payday loans in Alabama are regulated by the Alabama Banking Department. This department is located in Montgomery, AL.  

Criminal Action

Criminal action may not be taken against borrowers unless a check is returned because the borrower's account has been closed.

Code of Fair Lending

The Council for Fair Lending has implemented a Code of Fair Lending that must be followed by stores/lenders. Honesty, integrity and fairness are the cornerstones of the Code of Fair Lending. A campaign called Borrow Smart Alabama was also begun to help citizens understand what borrowing money entails.

Cash America Pawn
1441 Forestdale Boulevard
Birmingham, AL 35214
A & B Check Cashing Inc
2415 East South Boulevard
Montgomery, AL 36116
Check'n Go
833 Allison Bonnett Memo
Birmingham, AL 35203
24 HR Cash Loans Inc
1750 Dauphin Island Parkway
Mobile, AL 36605
Cash Talks
1411 Government Street # A
Mobile, AL 36604
Cash Now
618 East Patton Avenue
Montgomery, AL 36111
Quick Cash
1628 Forestdale Plaza
Birmingham, AL 35214
Cash Loans Company
33 South Perry Street
Montgomery, AL 36104
Cash Connection
2119 5th Avenue North
Birmingham, AL 35203
A & B Check Cashing
5468 Atlanta Highway
Montgomery, AL 36109

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Alabama Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter
2012$5293820%49%20%10%44%56%
2011$5203620%47%23%10%38%62%
2010$5093919%49%22%10%40%60%