Compare your loan options in Alabama

This guide gives you all the information you need about short term loans in Alabama.

Short term loans, also known as payday loans, have been under a lot of scrutiny. However, you may still find yourself in need of one due to a financial emergency. In Alabama, you can still obtain a short term loan. Luckily, there are legal limitations meant to protect consumers that lenders must follow.

MoneyKey Installment Loan

MoneyKey Loans

Apply for a payday loan, installment loan or line of credit conveniently online and enjoy great customer service.

  • Minimum loan amount: $200
  • Maximum loan amount: $1,000 (unless otherwise stated)
  • Turnaround time: As soon as 1 business day*, depending on your bank's policies
  • Loan term: Varies by state
  • Good credit not required
  • Confidential and secure
  • Must have a valid bank account, phone number and email address
  • Must be 18+ years old and have a regular source of income

    A selection of short term loans available in Alabama

    Check the websites of any providers you’re interested in to confirm they operate in your state of residence.

    Rates last updated October 22nd, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    MoneyKey Installment Loan
    Apply for money when you need it and receive your funds as quickly as one business day.
    $1,000 (unless otherwise stated)
    Varies by state
    1 business day*
    You must be a permanent US resident or citizen, at least 18 years old, and have a regular income.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-matching service, even with poor credit history.
    $2,500
    Varies by lender
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    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.
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $4,000
    9 to 36 months
    1 business day
    Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit to demonstrate sufficient monthly income.
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    $2,500
    Varies by lender
    As soon as one business day
    Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
    NetCredit Installment Loan
    Build a positive credit history with on-time payments and flexible repayment terms. Check your rate without affecting your credit score.
    $10,000
    Varies upon state
    1-3 business days
    Must be 18+ years old, a legal resident of the US and have a Social Security number. Minimum credit score of 550.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $1,250
    6 months
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.

    Compare up to 4 providers

    Are payday loans legal in Alabama?

    Yes, payday loans are legal in Alabama. The same Alabama payday loan laws apply for both storefront, and online locations. Lenders are required to have a valid license in each store they offer loans. Payday loans are regulated to a maximum amount of $500 and a maximum APR for a $100 loan of 456.25%. Terms can be as few as 10 days, up to 31, and one rollover is permitted.

    Why consider a short term loan in Alabama?

    Here are some of the features that come with Alabama short term loans:

    • Bad credit borrowers can apply. Short term lenders in Alabama have more flexible lending criteria than mainstream banks. As long as you are able to manage the loan repayments you can apply for a short term loan.
    • Apply from anywhere. While you always have the option of applying for a loan from a short term lender’s store, you can also apply online. This means you can apply for a loan no matter where you are, as long as you have documents that show you are a resident of Alabama.
    • Receive your loan quickly. If you apply in-store, you can receive your loan in under an hour, while online lenders usually transfer your loan to you on the same day or by the next business day.
    • Use your funds in any way. Short term lenders give borrowers the freedom to do what they want with their funds. You can use the money to repair your car, have a night out, buy a gift, pay bills or simply get by until your next payday.

    What fees and charges do Alabama short term loans come with?

    Here are the fees and charges to expect when you take out a short term loan in Alabama:

    • Annual Percentage Rate (APR). The maximum APR of a 14-day $100 payday loan in Alabama is 456.25%. The APR for a 30-day loan is 206.05%.
    • Fees and charges. Payday lenders in Alabama can charge 17.50% of the loan in fees, so the maximum finance charge for a 14-day $100 loan cannot exceed $17.50. A lender can also charge 3% per month if you default on the loan, which is charged from the date of the default.
    • Loan extension fees. You can extend your payday loan with your lender only once, and you’ll have to pay a fee for the new deferred transaction. The lender can also charge you a non-sufficient funds (NSF) fee if there are insufficient funds in your account when you present your check.
    • Collection fees. Payday lenders in Alabama can charge a one-off $30 NSF fee. They can charge court costs as well as “reasonable” attorney’s fees limited to 15% of the check’s face value.
    • Early repayment fees. You can repay your Alabama payday loan ahead of schedule without incurring any additional fees.

    Here’s how to apply for an Alabama short term loan

    You can apply for an Alabama short term loan online or by visiting a store. Eligibility criteria will differ between lenders, but the following is likely to apply:

    • You should be at least 18 years of age
    • You must be an American citizen or a permanent resident of the US
    • You need to have a steady source of income

    To complete the application, you have to provide the following information:

    • Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
    • Your residential address, email address and phone number
    • Details about your employment and income
    • If you’re applying online, details of your existing checking account

    Important information about short term loans

    While short term loans can be beneficial for many people, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.
    The hidden consequences of short term loans

    Have more questions about Alabama short term loans?

    If you have access to all the required information, you can complete most applications in 10 to 15 minutes.

    The loan terms of short term loans in this state can vary between 10 and 31 days.

    The lender can give you an option to go on an extended payment plan that consists of four equal monthly installments. This is not the same as an Alabama installment loan.

    Where are payday loans available?

    If you are applying for a short term loan, remember it’s important to compare all your options before applying for a credit product.
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    2 Responses

    1. Default Gravatar
      JrodMarch 18, 2017

      If I live in Georgia can I go to Alabama and get a payday loan and if I can which is a good company?

      • Staff
        HaroldJuly 13, 2017Staff

        Hi Jrod,

        Thank you for your inquiry.

        Generally, you can can get a loan from the the state where you have the permanent residency. You can always clarify this with your preferred lender in Alabama for further verification.

        I hope this information has helped.

        Cheers,
        Harold

    US Payday Loans Offers

    Learn about our information service
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-matching service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    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.