Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.

These are the rules, laws and regulations of payday loans in Alabama.

State of Alabama Payday Loan Laws and
State of Alabama Payday Loan Legislation

The Legal Status payday loans: Legal

Citation:
Ala. Code § 5-18A-1 et seq.

Payday Loan Terms:

Maximum Payday Loan Amount: $500
Payday Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%
Finance Charge for 14-day $100 payday loan: $17.50
The APR for 14-day $100 payday loan: 456.25%

Payday Loan Debt Limits:

Maximum Number of Outstanding Loans at One Time: None
Maximum Dollar amount of payday loan is $500
Rollovers Permitted: One
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes

Payday Loan Collection Limits:

Collection Fees:
One $30 NSF fee for returned check
Local Court Costs
Reasonable Attorney’s Fees up to 15% of face amount of check
Criminal Action: Prohibited – Unless is check returned due to closed account

Alabama Payday Loan Information:

Regulator: Alabama Banking Department
Address: P.O. Box 4600 Montgomery AL 36103
Phone: (334) 242-3452
Fax: (334) 353-5961

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This entry was posted on Saturday, May 1st, 2010 at 10:40 pm and is filed under Payday Loan Industry, Payday Loan Information, Payday Loans by State. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.