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Payday Loan Laws in Alabama
Payday loans are small, short-term cash loans. Generally, consumers write a post-dated check for the
desired amount, in addition to an interest fee. The lender will hold onto the check until the next
payday (usually 14 days) and then deposits it. Consumers also have the option to return with cash
to reclaim the check. Or, in some cases, consumers can repay the loan with a signed agreement which
allows the lender to electronically withdraw the funds from their bank account on a pre-determined
date. Payday loans are regulated by state; therefore, it's important to understand your state laws.
Payday loan laws in Alabama include the following:
The maximum amount of money you're allowed to borrow may not exceed $500.
The maximum interest rate is 17.5% of the total amount of the check.
The minimum loan term is 10 days and the maximum is 31 days.
Example:
A loan for $250 + $43.75 interest fee = $293. 75 total A loan for $400 + $70 interest fee = $470 total
A maximum of 1 'roll-over' is permitted, meaning that a payday lender can offer you a new loan to repay an existing loan.
A maximum of 2 outstanding loans are permitted at any one time.
There is a mandatory 'cooling-off' period of 2 days after 2 continuous loans are repaid.
Lenders may only charge a one-time fee of $25 or less for insufficient funds. However, this does not apply to the fees your bank may charge.
Currently, there is no limit on the number of payday loans that you're allowed to withdraw annually.
Online payday lenders that lend to Alabama residents must be licensed and adhere to their loan limits and terms. You can verify the license of a payday lender in Alabama by calling 334-242-3452 or online.
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