Payday Loans in Alabama
There is no limit to the number of loans an individual can have at any one time, however, they are only allowed one per location at any one time. The law also provides for a â€œcooling-off periodâ€ of one business day between loans.
- Maximum loan amount: $500
- Minimum loan term: 10 days, with a maximum of 31 days
- Maximum APR: For a 14-day $100 loan, 456% is the max APR
- Rollovers: One rollover per loan is allowed
Legal Framework for Payday Lending in Alabama
Regulating the fine line of payday lending in Alabama is the 2006 Alabama Code
We at PayDayAllDay strongly suggest our consumers to do their research, and carefully analyze and compare the terms of services, rates, fees, and other conditions offered by several lenders before engaging in any borrowing activity.