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.
Birmingham, AL 35214
Montgomery, AL 36116
Birmingham, AL 35203
Mobile, AL 36605
Mobile, AL 36604
Montgomery, AL 36111
Birmingham, AL 35214
Montgomery, AL 36104
Birmingham, AL 35203
Montgomery, AL 36109
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| Pay Schedule | ||||||||
| Average Loan | Average Age | Weekly | Bi-Weekly | Monthly | Twice Per Month | Home Owner | Renter | |
|---|---|---|---|---|---|---|---|---|
| 2012 | $529 | 38 | 20% | 49% | 20% | 10% | 44% | 56% |
| 2011 | $520 | 36 | 20% | 47% | 23% | 10% | 38% | 62% |
| 2010 | $509 | 39 | 19% | 49% | 22% | 10% | 40% | 60% |

