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Short-term loans in Decatur, Alabama

Learn the rules and regulations of payday loans in this Southern town.

Editor's choice: OppLoans Installment Loans

  • Easy online application
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Alabama has a few specific laws that dictate what short-term lenders can and can’t do. Before you visit a payday loan storefront in Decatur, read up on the regulations to ensure you don’t fall victim to a scam.

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.

Compare short-term loan providrs in Decatur

Name Product Filter Values Loan amount Turnaround time Requirements
Chime SpotMe®
Not rated yet
Chime SpotMe®
Up to $200
Same day
Single qualifying $200 direct deposit into Chime checking account in the last 34 days.
Access fee-free overdrafts up to $200 when eligible. Plus get your paycheck up to 2 days early with direct deposit. See Chime terms and conditions.
Smart Advances
Not rated yet
Smart Advances
$100 to $20,000
As soon as one business day after loan closing
Have a regular income, 18+ years old, be a U.S. citizen with a valid SSN, have an open bank account, meet any additional requirements your lender may have
Smart Advances was designed to help you request the loan you need, for any reason.
EarnIn
Not rated yet
EarnIn
Get up to $100 per day or $750 per pay period.
1 to 3 business days, or same-day for a fee
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest, and no credit checks. Subject to EarnIn terms & conditions
Cleo
Not rated yet
Cleo
Up to $250
3 to 4 days standard transfer. Same day with $3.99 express fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Albert
Not rated yet
Albert
Up to $250
2–3 business days or instant for a fee
Checking account 2+ months old receiving direct deposit, 2+ months working for the same employer, positive account balance, most recent paycheck was on-time, funds still available in bank account 24 hours after most recent payday.
Get up to $250 overdraft protection if you sign up for Albert's banking app.
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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:

  1. Compare your lender options in the table above and click Go to Site when you’re ready to apply..
  2. Fill out the lender’s application with information about yourself, including your Social Security number, bank account details and employment status.
  3. 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.

Eligibility criteria:

While lenders have different requirements, you’ll generally need to meet the following criteria:

  • Steady source of income
  • US citizen or permanent resident
  • 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 cash fast. Many lenders offer multiple short-term loan options, including:

In addition to these, you may want to check out our guide to payday loan alternatives to see what other options you have in Alabama that don’t come with such a high interest rate.

Bottom line

Payday loans may be legal, but that doesn’t mean there aren’t specific regulations in place to protect borrowers. If you live in Decatur and need cash fast, be sure to look into all of Alabama’s payday loan laws to avoid falling victim to a predatory lender.

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