Can I actually get a payday loan in Montgomery, Alabama? | finder.com

Compare your loan options in Montgomery, Alabama

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Know the regulations in your city — and where you can find legit lenders — before you borrow.

There are plenty of lenders in Montgomery and the surrounding area that offer short-term loans to borrowers who may not have the best credit. But rather than going in blind, take the time to compare your options and learn how to spot a good deal so you can make the best financial decision for your budget.

Our top pick: CashNetUSA Loan

  • Turnaround Time: 1 business day
  • Loan Term: Varies by state
  • Requirements: You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Offers payday loans, installment loans and lines of credit.

Our top pick: CashNetUSA Loan

Apply for a short-term loan with an easy online application and dedicated customer service.

  • Turnaround Time: 1 business day
  • Loan Term: Varies by state
  • Requirements: You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Promoted

Can I get a payday loan in Montgomery, Alabama?

Yes, payday loans are legal in Montgomery under Alabama Code Chapter 18A Section 5-18A-1 et seq.

Borrowers may borrow up to $500 with a term between 10 to 31 days. There is no maximum limit on the amount of payday loans you can have at once, however, you won’t be able to borrow more than $500. You are also be limited to one rollover if you aren’t able to repay your loan by its due date, and there is a one business day “cooling off” period after you repay two consecutive loans.

Lenders can charge an interest rate of 17.5%, which often results in an APR of 400%. In addition, they are also able to charge 3% a month in interest if you default on your loan. You may be responsible for a non-sufficient funds (NSF) fee of up to $30 if you don’t have enough in your account to cover repayment.

Must read: Extended terms may be coming

In an attempt to help borrowers avoid high interest and the risk of default, lawmakers in Alabama have recently approved of a payday loan reform bill that would extend the repayment period. Instead of lasting 10 to 31 days — which can make repaying a loan difficult for people who struggle financially — lenders would have to give borrowers a loan term 30 days to 6 months.

This would reduce the APR of a payday loan down from over 400% to around 120%, making them much more affordable. And because of this, payday loans would start looking much more like installment loans, which are often marketed as a cheaper way to borrow a small amount of the short-term.

Consider these lenders for a payday loan in Montgomery

Updated April 21st, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$5,000
1 business day
Must have direct deposit and meet minimum income requirements
Installment loans with competitive rates from a top-rated direct lender.
$2,600
1 to 2 business days
Must have an active checking account, regular source of income and email address.
Installment loans with repayment terms up to 30 months, depending on your state.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
An online connection service for quick cash loans.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Apply for a short-term loan with an easy online application and dedicated customer service.
$250
generally receive the money the next business day
Be 18+ years of age and have a checking account that can accept electronic transfers.
LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see more details for your state.
Varies by state
1 business day
Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.
Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.

Compare up to 4 providers

What do I need to apply?

To qualify for a payday loan, lenders require that you have a regular source of income, are a US citizen or permanent resident and are at least 18 years old.

You’ll also have to provide some basic information so your lender can process your loan request. This includes:

  • Your name, date of birth, Social Security number and contact information
  • Your employer’s name, address and phone number
  • Your monthly income and your pay schedule
  • If applying online, your bank account details

The exact details you need to supply vary by lender, so check with yours to make sure you meet its eligibility criteria.

Where to find short-term loan locations in Montgomery

Short-term loan locations near me in Montgomery, AL

  • Advance America. 6533 Atlanta Hwy, Montgomery, AL 36117
  • Always Money. 2851 E South Blvd A, Montgomery, AL 36116
  • Approved Cash. 5883 Atlanta Hwy, Montgomery, AL 36117
  • Check ‘n Go. 2851 E South Blvd C, Montgomery, AL 36116
  • Check into Cash. Bell Plaza Shopping Center, Montgomery, AL 36117
  • Easy Money. 1102 Ann St, Montgomery, AL 36107
  • Emergi Cash Corporation. 4240 Carmichael Rd, Montgomery, AL 36106
  • EZMONEY Payday Loans. 979 Ann St, Montgomery, AL 36107
  • Great American Loans. 2975 Woodley Rd, Montgomery, AL 36111
  • Speedy Cash. 1501 Eastern Blvd, Montgomery, AL 36117

Must read: Be cautious of short terms

Lenders can charge fees equal to 17.5% of your loan amount. While it may not seem like a lot, it means you’ll end up paying $87.50 in interest. And since loan terms are currently set a minimum of 10 days, you might have to repay your full loan amount — that’s $587.50 — in less than two weeks.

If you’re already struggling with balancing your budget, it may be wise to consider a short-term loan that lasts longer or check out some of our payday loan alternatives before you borrow.

What are my other short-term loan options?

If you want more than $500 or a longer term, these short-term loans may better suit your needs.

  • Installment loans. Installment loans — sometimes called flex loans — are generally for larger amounts than payday loans. And typically, you won’t have to repay them for at least six months. Installment loans can be found online and at multiple storefronts throughout Montgomery.
  • Auto title loans. Auto title loans are sometimes cheaper than payday loans because you use your car title as collateral. Lenders may also offer you more money or a longer term, but be careful: If you can’t repay your loan, you may have your vehicle repossessed.

Bottom line

Payday loans are widely available in Montgomery and other cities in Alabama. But with minimal regulations on interest, you may find that repaying your loan is difficult, especially if you receive a loan term on the shorter end of the legal limit.

Before you borrow, be sure you know the regulations in Alabama. You may also want to compare your payday loan options so that you know exactly what kind of deal you’re getting — and how it stacks up against the competition.

Frequently asked questions

Where else are payday loans available?

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

US Payday Loans Offers

Important Information*
CashNetUSA Loan

Apply for a short-term loan with an easy online application and dedicated customer service.

Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

LendYou Short-term Loans

Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.

Go to site