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alabama Cash Lenders
Alabama Payday Loan Laws & Alabama Payday Loan Legislation – State Information
Alabama has specific payday advance laws. The permitted fee is 17.5% of the amount advanced. The permitted time period is a minimum of 10 days and a maximum of 31 days.
The maximum amount of the payday loan allowable is $500.00. No more than one rollover is allowed.
For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to www.paydayloanratewatch.com for more Payday Loan rate Information
Legal Status: Legal
Citation:
Ala. Code ยง 5-18A-1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default
Finance Charge for 14-day $100 loan: $17.50
APR for 14-day $100 loan: 456.25%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney’s Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless 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
Regulatory Contact: Arlene Baldwin, , Consumer Services Specialist, Bureau of Loans
Regulator Website