Learn the rules and regulations surrounding payday loans in this Southern town.
Alabama has a few specific laws that dictate what lenders can — and can’t — do. Before you visit a storefront in Decatur, make sure you know how the borrowing process works.
How are payday loans regulated in Decatur, AL?
Payday loans are governed by 5-18A-1 et seq. of the Alabama Statutory Citation, which covers all short-term loans in the state. These laws cover any payday loans made in person, online or over the phone — whether the lender is located in Decatur or in another city in Alabama.
You can only borrow up to $500 for a payday loan, with terms lasting anywhere from 10 to 31 days. Lenders are also limited to the amount you can be charged: Financing fees can’t be more than 17.5% of the loan amount. If you borrow a loan of $500, you’ll owe $587.50 by the end of your loan term.
If you’re unable to repay your loan, lenders are required to offer you a repayment plan with four equal monthly installments. And once you’ve repaid your loan, you can take out another provided you wait at least one business day after you’ve successfully repaid two loans.
Consider these lenders for a short-term loan in Decatur
How to apply for a payday loan in Decatur
Because you can apply online, over the phone and at a storefront, the exact steps will vary. However, the process of applying online is typically similar between lenders. To get started, follow these steps:
- Compare your lender options in the table above and click Go to Site when you’re ready to apply..
- Fill out the lender’s application with information about yourself, including your Social Security number, bank account details and employment status.
- Submit your application and wait for an approval notification. Lenders may take multiple business days to fully process your application.
You may be required to submit proof of your employment or income to your lender during the application process. If approved, most lenders can transfer your loan funds into your account as soon as the next business day — though it may take longer depending on your bank and when you finalize your loan.
If you want to apply by phone or at a store, you can visit the lender’s website to see if they offer this type of application. Some storefront locations are listed under the map below.
Lenders will have different requirements, but in general, you must
- Have a steady source of income
- Be a US citizen or permanent resident
- Be at least 18 years old
A map of payday loan locations in Decatur, AL
Where to find payday loans in Decatur, AL
Find a short term loan store in Decatur:
- Advance America. 1622 Beltline Rd SW, Decatur, AL 35601
- Always Money. 1716 6th Ave SE, Decatur, AL 35601
- Approved Cash. 901 Wimberly Dr SW Suite A, Decatur, AL 35603
- Cash Express. 1814 Beltline Rd SW, Decatur, AL 35601
- Check ‘n Go. 2019 6th Ave SE STE 10, Decatur, AL 35601
- Check Into Cash. Plumtree Center, 1000 Beltline Hwy, Suite N, Decatur, AL 35601
- Covington Credit. 1605 Beltline Rd, Ste D-10, Decatur, AL 35601
- Easy Money. 1402 Beltline Rd SW, Decatur, AL 35601
- Frazier Loans. 1820 6th Ave SE Unit W, Decatur, AL 35601
- Sun Loan Company. 1638 Beltline Rd SW, Decatur, AL 35601
What are my other short-term loan options in Decatur?
You aren’t limited to just payday loans when you need to borrow. Most lenders offer multiple short-term loan options to their borrowers.
- Installment loans. If you’re afraid you might not be able to repay your loan within 10 to 31 days, you might want to consider an installment loan. These have longer terms, but while it’s convenient, it also means you’ll be paying more in interest.
- Title loans. Title loans are also a common way to get short-term funding in Alabama. You’ll likely be able to borrow more with lower interest rates than a payday or installment loan, but it comes with a catch: title loans require you to use your car as collateral.
- Prepaid debit cards. Some lenders allow you to borrow a payday or installment loan on a prepaid debit card. This works the same as other in-store or online loans, but you may not need a bank account to qualify.
- Bad credit personal loans. Beyond short-term loans, there are also some options for people with less-than-perfect credit. You may be able to find a lender that’s willing to work with you despite your credit history, and there may even be options for you to build your credit.
In addition to these, you may want to check out our guide to payday loan alternatives to see what options you have in Alabama before you borrow a loan with a high interest rate.
Payday loans may be legal, but that doesn’t mean there aren’t specific regulations in place to help keep you from overextending yourself. When you’re ready to borrow in Decatur, whether you choose a storefront or an online lender, be sure you know all of Alabama’s laws so you can make a smart decision.