Learn what you need to know before signing on to a short term loan in Decatur
When you find yourself in a tough financial situation, and in need of money, you may find that a short term loan will help. This guide can help you make sense of the local laws and what to watch out for.
Are payday loans legal in Decatur?
Yes. Within Decatur, and all of Alabama, payday loans are legal. 5-18A-1 et seq. of the Alabama Statutory Citation governs all short term, or payday lending in the state. These laws cover any payday loans made in person, online or over the phone.
If you would like to file a complaint about a lender, you can do so with the Alabama State Banking Department.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure
Consider these lenders for a short term loan in Decatur
Check out these short term lenders in your state.
Why a short term loan in Decatur might work for you
- Easy application. Whether you apply online or in person, your application should only take from five to 10 minutes to complete.
- Get cash fast. If you apply in store you’ll receive your cash as soon as you’re approved. Online you’ll have your funds deposited into your bank account within one business day.
- Poor credit accepted. Most short term lenders focus more on your current financial situation, rather than your credit score. As long as you meet other eligibility criteria, it’s likely that poor credit won’t impact their decision.
Is there any protection when you take out a short term loan in Decatur?
- Maximum loan amounts. $500 is the maximum amount you can borrow.
- Loan terms. Lenders are not allowed loan terms less than 10 days or more than 31.
- Finance charges. In the state of Alabama short term lenders are prohibited from charging you more than 17.5% of the amount loaned in finance charges.
Here's how much a short term loan might cost in Decatur
Neal had just started culinary school in Huntsville while still working a part-time job in Decatur, when his car broke down. His sister was able to loan him a little bit of money, but he still needed an extra $100 for the repair. Because he was just starting out on his own Neal hadn’t built up enough credit, and didn’t qualify for a personal loan, so he took out a short term loan.
He applied online for a loan of $100 and was accepted. He was to repay the loan in two weeks, on his next payday. Before he signed on, the lender made it clear that there would be a finance charge of $17.50.
When it came time to pay the amount due, it was debited directly from Neal’s account via ACH. The only thing he had to worry about was budgeting well for the month.
A one-time non-sufficient funds fee (NSF) of $30 would have been charged if Neal hadn’t had the full amount due in his account. If the account entered collections, he could have paid up to 15% of the court costs.
Need to apply for a short term loan in Decatur? Here’s how
First, you’ll want to be sure you meet some eligibility requirements:
- At least 18 or older
- American citizen or a permanent resident of the US
- Steady source of income
- Checking account for online applicants
In order to complete the application successfully, you’ll have to provide some personal information:
- Your name, home address, email address and phone number
- Your date of birth, social security number and an acceptable form of ID
- Your employer’s name, address and phone number
- Details about your income
- If applying online, your checking account details
Short term loans near you in Decatur, Alabama
Short term loan offices near you in Decatur
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
Where else are payday loans available?
Compare payday loans in your state
There may be better personal finance options for you
Short term loans can be good in an emergency, but they may not fit your needs.