Ad

FREE COMPACOM FORM

$100 - $1,000 PAYDAY LOANS
$1,000 - $35,000 PERSONAL LOANS

How much would you like to borrow?

By submitting your information you claim you have read and understood and agree to Privacy Policy, Terms of Use, Responsible Lending and Marketing Practices

Alabama Payday Loans up to $1K

Caught short of cash between paychecks? Need some quick money to pay for unexpected dental or medical service, consolidate debts, repair a car or others? Alabama Payday Loans may be a perfect sollution! $100 - $500 cash advance is available for any resident of Alabama even if you have a bad credit score. Besides, you don't need to risk any of your property as Payday Loans are unsecured. They are easy to apply for with a variety of online and in-store direct lenders ready to offer you an instant decision and the best rates and fees.

Fill out a simple and free application form which takes only a few minutes. It will let you know whether you qualify for a loan or not and won't affect your credit history. Upon approval the money will be deposited into your bank account the next business day. Applying in-store you get the chance to receive the necessary amount of cash the same day, even in an hour. Repayment is done automatically, the money is simply withdrawn from your account when you get the next paycheck in 10 - 31 days. The total amount which is due to repayment depends on the APR set by the lender and some additional fees like a verification fee. The rates and terms may vary from lender to lender. Read all the details carefully before you sign an agreement.

Compare Payday Loans in Alabama from the Best Direct Lenders Online or find a Loan Store near your location.
COMPACOM – Compare Companies Online

Loans for ANY  NEEDS
APR from 4.99%

TOP RATED COMPANIES

Rates last updated April 25th, 2019
4.4772727272727

LEND YOU

$1,000
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

17,5%
MIN MPR

The minimal percentage allowed that actually represents monthly cost of your loan. The MPR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, Unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

LendYou.com is the easy way to find the cash you need when you need it. You’re looking for cash to pay bills, to buy a car or maybe do some work around the house. LendYou.com has the lenders you're looking for. It's easy. It doesn't matter the size of the loan you're looking for… LendYou may be able to connect you with a lender that can help.

The loans you need, when you need them.   

4.5263157894737

Check Into Cash

$1,000
Maximum Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

Varied by state
MIN APR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

Check Into Cash is a national leader in direct lending, providing customers with affordable, short-term, small dollar credit solution such as Payday Advances, In-Store Cash Advances, Online Payday Loans, Title Loans, Title Pawns,Check Cashing, Western Union®, walk-in Bill Pay, and reloadable prepaid U.S. Money Cards both online and in their in-store centers nationwide. They offer reliable service, affordable rates, simple requirements and convenient repayment. Compare the reviews on Check Into Cash and their products, fins out all you need about this company and apply for the service you need.

4.3333333333333

CashAdvance.com

$999
Maximum Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

15%
MIN APR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

CashAdvance.com is one of the more trusted names in payday loans, and works the same as Trusted Loan Network in that it aggregates lenders to help match the best one for you. They offer a wide range of loans and have some of the lowest APRs in the payday loan business. CashAdvance.com also does not require a credit check, but you do need to be 18, have a source of income and have an open back account. Once you are approved, funds will be deposited in your account the following business day.

4.7692307692308

Jora Credit

$2,600
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

170%
MIN APR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, Unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

Jora Credit is a Lender that operates under the state specific rules for the states that it services. They are committed to the lending of responsible credit products to eligible applicants in need of emergency credit. Jora offers a simple, reliable way for customers to get a loan, and have the flexibility to repay it over a duration of time that makes sense for their lives and budget. Jora provides loans as soon as the next business day. Apply today and get $500 to $2,600 as soon as tomorrow. Get a Loan Fast!

Smaller tax return than you expected? Apply online for quick cash. Apply

Are Payday Loans Legal in Alabama?

Loan Rates and Fees, Laws and Regulations in Alabama.

$100 - $500 Payday Loans can be legally applied for in Alabama. For loans under $500, lenders can charge a 456% annual percentage rate (APR) under the Deferred Presentment Services Act (Act 2003-359) passed in 2003. All of the mentioned above cash advance are absolutely legal in Alabama according to the Ala. Code §§ 5-18A-1 et seq1. It also sets the term of 10-31 days to repay the money and the maximum APR of 300%, plus additional fee 17,5% of every $100 borrowed. In case you have problems with the repayment, you’ll be offered a rollover or extension.

Law status legal
MIN Loan Amount $100
MAX Loan Amount $500
MIN. Loan Term 10 days
MAX. Loan Term 31 days
MAX APR 300%
Additional fees Not more than 17.5% of the loan
NSF fee $30
Collateral or guarantor None, unsecured
Number of simultaneous loans One
Cooling off period 1 business day
Rollover One rollover
Extension, repayment plan Repayment plan
Default penalties 3% a month from the default date
Credit score requirements Available for Bad Credit
Apply online
Law status legal
MIN Loan Amount $1,000
MAX Loan Amount $5,000
MIN. Loan Term 90 days
MAX. Loan Term 36 month
MAX APR 225%
Collateral or guarantor None, unsecured
Credit score requirements Available for Bad Credit
Find out more Apply online
Law status legal
MIN Loan Amount $1,000
MAX Loan Amount $35,000
MIN. Loan Term 90 days
MAX. Loan Term 60 month
MAX APR 450%
Collateral or guarantor None, unsecured
Credit score requirements Available for Bad Credit
Find out more Apply online

ONLINE COMPANIES

Rates last updated April 25th, 2019
4.4285714285714

PAYDAY LOANS USA .ONLINE

$1,000
MAX. loan amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

16,6%
MIN MPR

The minimal percentage allowed that actually represents the cost of your loan charged for a month. It's more important for the customer as mostly Payday loan are borrowed for a month term and paid off with the next paycheck.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

Has life thrown you an unexpected financial curveball? Need a loan? Bad Credit?  Don’t look any further! PAYDAY LOANS USA .ONLINE is here for You. 100% online short-term Payday and unsecured Personal loans from some of the best direct lenders in the USA.

Payday Loans Low Rates

$1,000
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

16,6%
MIN MPR

The minimal percentage allowed that actually represents the cost of your loan borrowed for a month. It's more significant criterion than APR as mostly Payday loans are borrowed for 14-30 days until the next paycheck.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

THE TYPES OF LOANS THAT WE OFFER ARE AS FOLLOWED:

$100 - $1,000 Payday Loans - a short-term loan which you typically would repay by your next payday or within 30 days. Normally comes with a higher (APR).

$1,000 - $35,000 Personal Installment Loans - involves equal periodical repayments over an agreed loan term. No collaterals are needed either, but the APR is normally lower compared to the one of the payday type.

Your Faster Payday

$1,000
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

16,6%
MIN APR

The minimal percentage allowed that actually represents the cost of your loan borrowed for a month. It's more significant criterion than APR as mostly Payday loans are borrowed for 14-30 days until the next paycheck.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

How does YourFasterPayday.com work? You’re looking for cash to pay bills, to buy a car or maybe do some work around the house. YourFasterPayday.com has the lenders you're looking for. It's easy. It doesn't matter the size of the loan you're looking for... YourFasterPayday may be able to connect you with a lender that can help. Fill out the block above to get started.

Fast Holiday Loans

$1,000
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

200%
MIN APR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

Get cash for the holidays! Get a loan of up to $15,000 as soon as the next business day! Wrap Up the Holidays with up to $15,000 in Cash! This holiday season, get the cash you need. We’ll connect you with a lender who can provide up to $15,000 to take care of all of your holiday expenses!

Benefits:

  • Easy Online Application
  • Safe and Secure
  • Fast Decision
  • Trusted Source

PayDay Loan Calculator

?
Select the amount for the loan you want in order to get the principal, which is the basis that we use to calculate the interest and the total cost of the cash advance.
?
The number of days within that you will be ready to repay the loan. It’s used to count the total cost of cash advance by multiplying the days by the amount of interest.
?
To calculate the total cost of your loan, we take the minimal average APR legal in all States, which is 36%. This figure is only a representative, providing you with general information on how much the loan may cost. To find out a more accurate total, fill in the Annual Percentage Rate required by the lender you want to apply to.
?
It’s the money charged by the lender for doing all the necessary paper work, bank transactions, etc., connected with lending you the money.
$ Your loan
+ $ Your fee
= $ Total Cost*

* Total Cost - The sum of money you are to pay off within the term you’ve chosen if you borrow the stated above amount for the average (or required by your lender) APR.

All the calculations are provided as guides only. They don’t guarantee 100% the same cost you are going to be charged but they do help you understand the overpay much better. Unless you change the APR, the calculations will be based on the average or lowest rate represented by most lenders for each loan type. You’ll find the accurate interest rate as well as the real cost of your cash advance after you get approved before you sign the agreement. It will depend on many factors including the amount, the term of the loan, your credit score and the lender’s conditions. Interest rates are not fixed figures and are subject to change at any time. As soon as you fill out an application and get approved all the details concerning the rates and terms will be sent to you.

Payday Loans Store Locations in Alabama

Mortgage South

Categories:
Mortgages, Loans, Real Estate Loans,

Regions Bank

Categories:
Loans, Mortgages, Commercial & Savings Banks, Banks, Savings & Loans,

Regions Bank

Categories:
Banks, Loans, Savings & Loans, Mortgages, Commercial & Savings Banks,

Allied Home Mortgage

Categories:
Real Estate Loans, Loans,

Title Cash

Categories:
Title Loans, Payday Loans, Loans,
NEED CASH FAST?
  • Payday Loans $100 - $1,000
  • Personal Loans $1,000 - $35,000

Contents:

How Payday lending works in Alabama.

Online Payday Loans in Alabama.

Interest rates, fees and the total cost of Payday Loans in Alabama.

Payday Loans in-store lenders in Alabama.

Bad credit Payday Loans in Alabama.

Ways out in case of default on a Payday Loan.

Alternatives to Payday Loan in Alabama.

How Payday lending works in Alabama. 

Both storefront locations and online lenders can legally operate in Alabama under statute 5-18A-1 et seq. It also states:

  • The maximum amount of cash advance - $500;
  • The maximum APR - 456.25%;
  • The repayment term – 10-31 days;
  • Only one rollover.

Any resident of Alabama who is over 18 and has an active bank account can apply for a Payday Loan online or in-store. He just fills out a free application form with simple information which is safe and secured by the companies’ privacy policy. There are no credit checks or underwriting requirements, but the borrower must be able to show a paycheck stub.

Interesting to know!

Payday Loan statistics from Alabama new database (2015 – 2016).

  • 1.13 million loans = $349 million = $14.9 million a week = 5.52 loans taken out by the average customer = the average amount of the loan being $317
  • 1,072,086 payday loan transactions which were fee-only renewals with 172,520 payday loan borrowers
  • 1,655,917 opened transactions with 223,810 borrowers1

Online Payday Loans in Alabama. 

Online lending is legal and moreover very easy and convenient. In Alabama you can borrow up to $500 online 24/7 from a variety of direct lenders, brokers, connecting services, tribal lenders, etc. Applying online you get a lot of privileges:

 

You don’t have to drive and wait in lines

 

 

 

 

 You avoid doing paperwork and faxing documents

 

 

 

You get a chance to compare a lot of lenders at a time and choose the best one

 

 

 

 Your personal and transaction information is completely safe

 

 

 

There’s a higher possibility to find a lender with no credit check requirements

 

 

 

 Once approved, you’ll get the necessary funds deposited directly into your checking or savings account within 24 hours.

 

 

Interest rates, fees and the total cost of Payday Loans in Alabama. 

Most people blame Payday Loans for charging too high interest rates. It may be true to some extend but let’s look at it another way. The fees and interest rates associated with payday lending are justified by fixed operating costs for payday loan stores and high loan loss rates.

“To a great extent the high APRs implied by payday loan fees can be justified by the fixed costs of keeping stores open and the relatively high default losses suffered on these loans. The industry’s profitability is extremely sensitive to the volume of advances outstanding at any one time, but not specifically to the proportion of those advances that are rollovers” (Flannery & Samolyk 2005).

Besides, there’re high operating expenses, including wages, occupancy costs necessary to make lending more convenient for the customers by offering longer business hours and a higher density of stores.

What is the actual cost of a Payday Loan? It generally consists of the principal of the loan, financial charges (interest) and some additional fees which may vary according to the lender’s policy. The interest rate is stated by the APR (Annual Percentage Rate), or speaking about short-term Payday Loans it would be more correct to take into account its equivalent – MPR (Monthly Percentage Rate) as this type of cash advance is generally taken for no longer than a month. For example, the average APR in Alabama is 300% . So the MPR will be 300% / 12 months = 25%. It means if you repay your loan within a month you’ll be charged only 25 percent of the principal.

Interesting to know! 
APR is different in every state. It’s usually regulated by law. The highest interest is in Idaho 582%, followed by South Dakota and Wisconsin, both 574%; Nevada, 521%; Delaware, 517%; and Utah, 474%.
The lowest APR can be found in Colorado at 129%, Oregon at 156% and Maine at 217%.
Fifteen states either ban payday loans or cap interest rates at 36%. 

The additional fees may include:

  • Financing fees: maximum 17.50% of the loan, not exceeding $17.50 for a 14-day $100 loan.
  • Non-sufficient funds (NSF) fees: $30 if there are not enough funds in your account when the lender cashes your check.
  • Default fees: 3% per month since the day you default on the loan.
  • Loan extension fees: a fee for an additional transaction that extends your repayment period.
  • Collection fees: court costs and attorney’s fees limited to 15% of the check’s face value.

Even though Payday Loans are notorious for being too expensive and making borrowers get into a cycle of debt, the latest research indicates that people understand the costs associated with loans and that a significant portion of them are able to accurately assess the length of time it will take for them to pay the loans back (Elliehausen & Lawrence 2001).

Payday Loans in-store lenders in Alabama. 

Besides online direct lenders there’re a lot of offers of cash advance from in-store lenders. In Alabama there are currently 1,070 payday lenders in Alabama. Most of them have a website as well as physical locations which is very convenient as any borrower can firstly get detailed information online and only then decide which store to visit. Compacom.com makes this process even easier. We suggest comparing direct lenders to check out their rates, fees, terms and other conditions and if you need to borrow in-store we help you to find a location near you with address, phone number, contact details, working hours, reviews, etc.

Payday loan stores appeared in result of banking deregulations in the 1980s, which led to the closing of many small community banks. These shops are the only option for many borrowers who have bad credit and cannot receive help from other traditional financial institutions. Fast cash, no credit check, no paperwork, the informal atmosphere, and often, a store close to home are many but not all advantages of Payday stores. You might also find this option more attractive if you need the money really fast – you can get the necessary amount the same day, even in an hour. Besides, if you are an inexperienced borrower you’ll find a professional help from an expert who will even help you to fill in the documents and application.

Or you can just fill out our free secure Compacom form to see if you qualify for a loan.

NEED CASH FAST?
  • Payday Loans $100 - $1,000
  • Personal Loans $1,000 - $35,000

Bad credit Payday Loans in Alabama. 

Credit score is an essential part of financial operations as it indicates your ability to pay off loans. Most lenders rely on the FICO scoring system ranging from 300 to 850. Bad credit is any amount below 620. Alabama's average is 683 3 .

Bad credit, or subprime borrowers are considered risky as they have not a very good credit history with some unpaid debts. Factors influencing the scoring system are: misses or late payments on previous debts, defaults or collections, bankruptcies, foreclosures or repossessions, high credit card utilization, etc.

Must know!
Though good credit may increase your chances to get higher loan amounts and lower rates it doesn’t mean that you can’t get approved for a Payday Loan with bad credit.

There is no barrier in taking bad or no credit check short-term loans of a small amount online, even if you have bad credit. Lenders give relief to all applicants that qualify and most do not check your credit score. Instead, they run a soft credit check via alternative credit sources. The soft credit check is an overview of the credit report like “no credit check".

Why most residents of Alabama choose Bad Credit Payday Loans:

  • They are available for people who can’t get money from a bank or credit union because of their low score.
  • The basic requirements are very simple.
  • Applying is easy, safe and free.
  • High approval rates.
  • Quick processing.
  • No faxing or paperwork.
  • Possibility to avoid hard credit check.

Bad credit loans may be a bit more expensive than traditional cash advance but if it’s the only way out borrowing is worth it. Sometimes Payday Loans can even help you to consolidate debts or raise your credit score.

Ways out in case of default on a Payday Loan. 

A loan is defaulted if you don’t pay it off in due time. In this case Alabama residents have several ways out:

  • Take one rollover, another loan in order to pay for the existing one;
  • Negotiate a repayment plan with a lender.
  • Work on your budget, cut down on expenses and look for additional sources of income.
  • Apply for an Installment Loan or a Personal Loan to consolidate your debts.
  • Try to avoid debt collectors.

There are certain collection restrictions in Alabama:

  • Lenders can collect a maximum fee of $30 for non-sufficient funds.
  • You can’t be sent to prison for a payday loan debt, except for rare cases when a check or repayment is returned due to a closed bank account.

The best advice we can give you is try to prevent any default, plan your budget carefully or consider other Payday Loan alternatives.

Alternatives to Payday Loan in Alabama. 

Before you decide on taking out a Payday Loan make sure you can repay it on time. Otherwise it may lead to more debt and other financial problems. So, it may seem a good idea to consider the following alternatives:

  • Alabama Installment Loans – up to $5,000 cash advance for 3 – 36 months repaid in equal installments at a lower than Payday Loans APR;
  • Alabama Personal Loans – up to $35,000 for 6 months – 7 years repaid in fixed installments;
  • Title loans are almost like Payday Loans but the borrowers use their vehicles as collateral for the loan. If they can’t pay the loan back on time, the lender can repossess their car. Under Alabama law, title loans are classified as a “pawn transaction.”

Alabama has the largest number of vehicle-title-loans per capita, with one store for every 5,427 people and 672 title loan companies in Alabama.

  • Look for a small loan from a bank or credit union.
  • The Alabama Department of Human Resources Food Assistance Division 4, Alabama Medicaid Agency 5, Low Income Home Energy Assistance Program (LIHEAP) 6 and Debt Reduction Services Inc. 7 programs that can help you meet your everyday obligations.

If you still have questions, experience any problems, want to file a complaint or need any counselling on Payday Loans, Title Loans or any other short-term cash advance you may contact the following regulators I Alabama:

  • Better Business Bureau 8;
  • State of Alabama Banking Department: Address: 401 Adams Avenue, Suite 680; Montgomery, AL 36104-4350, Phone: (334) 242-3452, Website: http://www.bank.state.al.us/ 
  • Gateway Financial Freedom (GFF) by email at help@gway.org or by phone at (205) 510-2600 and are located at 1401 20th Street South; Birmingham, AL 35205.

 

Payday Loans under certain economic conditions in Alabama

Not everybody might know that the nickname of Alabama is Yellowhammer State. Its population counts up to 4 888 949 people. Not all of them are aware that their state is famous for : "Being first to rescind a man’s right to beat his wife and for concealed carry licenses". But 1 277 482 AL residents definitely know about the popularity of easy, convenient and legal Payday Loans as they borrow them at least once a year. Alabama produces 1.11% of the US GDP (Gross Domestic Product), which is $205 625 mln and puts the state on the 27th place among all the others. A median household income here constitutes $44 765, or $23 606 per capita to compare with the price parity of 86.8 out of 100. These figures prove once again how hard it may be sometimes to make both ends meet with an average weekly wages of $454. Not surprisingly, the poverty rate reaches 19.20%, or 905 thousand people, i.e. the 48th position all over the country. No wonder 57% state’s residents are in need of a quick and easy money, which can be applied for in-store or online in the type of Payday, Installment or Personal loan.

Requirements to qualify for a Payday Loan in Alabama:

What do I need to qualify for a short-term cash advance?

Independent lenders have their own individual requirements that must be met, but typical minimum requirements include, but may not be limited to:

  • Alabama (US) residence
  • Minimum regular income of $1,000 per month
  • Valid checking or savings account with direct deposit
  • Phone number and e-mail address (if applying online, you must be able to be contacted via phone if verification of application information is necessary)
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
  • If applying Online, you must provide a valid Social Security Number
  • If applying at Loan Store, you must bring a valid government issued photo ID. A Social Security Number might not be required
  • If applying in-store, you must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.

NEED CASH FAST?
  • Payday Loans $100 - $1,000
  • Personal Loans $1,000 - $35,000

Must know information on Payday Loans.

All you need to know about Payday Loans.

Payday loans, or as they are also called “small dollar”, “bad credit”, “same day”, “short term”, “cash advance” are a kind of easy quick unsecure $100 - $1000 cash lent for 14-30 days and paid off with your next paycheck.

  • $100 - $1000
  • 14-30 days
  • money in your account in 24 hours
  • More than 12 mln Americans use cash advance every year.
  • It’s legal in 36 states (with some restrictions in 9 of them) and prohibited in the other 14 and the District of Columbia.

You can take a Payday loan in storefronts, online and even in a few banks. It’s very simple to apply for it: just fill out a form with the state and e-mail address, and if you are over 18, have a permanent job, income and a valid bank account, you have 98% chance to get approved and receive the money in less than 24 hours. Payday loans are very attractive for the majority of borrowers because you don’t need any guarantor or collateral, and you can get it even with a bad or poor FICO score. (For more information read “Payday loans for bad credit history applicants”).

On the other hand, they are notorious for charging too high APR and leading to a continuous debt trap, but it’s a common myth. To debunk it read our article “$1 a day for $100 Payday loan” where it’s proved that borrowing $100 with 400% APR for 14 days you overpay only $1 a day. Besides sometimes, it’s the only way out from a difficult financial situation and it’s easy as ABC: Affordable, Beneficial, Convenient!

Difference between Payday loans, Installment loans and Personal loans.

Payday Loans vs Installment vs Personal loans. 

There’s a lot of misunderstanding among borrowers what is Payday, Installment and Personal loans are. Many people mistake them for one another, or think it’s all the same. To understand the difference better, let’s define each of them at first.

Payday loans are small dollar ($100 - $1,000) short term (14-30 days, in some cases up to 3 month) cash advance which is characterized by its easiness, speed, availability, even for those with bad credit, or without a credit history.

Payday lending is legal not in every state. To find out more information in your place of residence read our research “Payday Loans Rules, Laws and Regulations by state”. 

Installment loans are $1,000 - $5,000 credit borrowed for 6 – 36 months and paid back in equal repayments, usually unsecure and available for those with bad credit score.

Personal loans are $5,000 - $35,000 credit granted for personal use, usually unsecured, backed up only by your ability to pay it back, for 6 – 60 months and repaid in equal installments.

 

NEED CASH FAST?
  • Payday Loans $100 - $1,000
  • Personal Loans $1,000 - $35,000

 

The key differences between Payday, Installment and Personal loans lie in their amount, repayment terms and rates. It can be seen more vividly in the form of the table:

 

Payday loans

Installment loans

Personal loans

Amount

100$ - 1,000$

1,000$ - 5,000$

5,000$ - 35,000$

Term

14 - 60 days

60 days - 36 months

Up to 60 months

Repayment

With the next paycheck

In scheduled installments every fortnight, month, 2 months.

Monthly, or in parts as it’s set in the agreement.

Interest rates, APR

APR – 300%-750%, plus 10-15% of 100$ borrowed

5.99% to 225% APR plus 5% fee

3.99% APR plus 450% origination fee

Collateral or guarantor

No

No

No

The APR is the rate at which the loan accrues interest and is based upon the amount, cost and term of the loan, repayment amounts and timing of payments. Lenders are legally required to show the APR and other terms of your loan before customer execute a loan agreement. APR rates are subject to change.

Taking into account the enumerated peculiarities this or that cash advance is preferred by certain borrowers for their special needs.

Payday cash advances are mostly applied for by people with bad credit, with a low income, who need a little cash for a short period. While Installment and Personal loans suit better to the borrowers with good or bad credit, who want to take higher amounts of money and need more time to pay it back, and don’t want to do a lot of paperwork looking for a collateral or guarantor.

Benefits of different types of loans:

Payday loans
  • Easy, quick way to get extra cash
  • Short repayment term, possibility to pay it back with the next paycheck
  • Suitable and convenient for emergency expenses
Installment loans
  • Higher amount than a payday loan
  • Smaller interest rates
  • Easier to pay off in installments over a longer period of time
Personal loans

Rather high amount of money

Available without guarantor or collateral (in contrast to mortgages, auto loans, etc.)

Easier to pay back having a precise scheduled plan.

As we can deduce, there are credit types, with their advantages and disadvantages, to suit needs and wishes of any American. The only thing you must do – get information and compare the offers. That’s exactly what our service helps you with. COMPACOM – compare all and choose the best one!

Are Payday Loans available for people with bad credit in Alabama? 

Bad credit loan is the type of credit given to borrowers with a FICO score below 640. You usually need at least 600 to qualify for such loan. To get money you may turn to credit unions, family, friends, peer-to-peer lending platforms or use online lending service. When choosing an online lender for a bad credit loan, there are important features to take into account. You can find all these important criteria on COMPACOM.com website, which gives you a unique opportunity to compare companies. Pay attention to:

  • Type of lending company
  • Credit history and general qualifications
  • Co-signer option
  • Additional eligibility qualifications
  • Employment requirements
  • Interest rates and types
  • Loan terms
  • Fees and penalties
  • Repayment options

The types of loans available for bad credit applicants are Payday, Personal and Installment. They typically have higher interest rates and shorter terms than loans offered to people with good credit. You are most likely to get a Payday cash advance as its amount is not very high, $100 - $1000, and the APR on the contrary may exceed 400%. This fact shouldn’t frighten you as due to short (14 - 30 days) term the overpay could be only $1 a day.

You’ll get up to $1000 cash deposited into your account within 24 hours. Just fill out a simple application form online and get instant approval if you meet the lenders’ basic requirements, which typically are:

  • Minimum FICO score of at least 600
  • Clean credit history; no judgments, liens and bankruptcies on your credit report; and a history of making on-time payments
  • Stable employment
  • Proof of identification with a passport, driver’s license or voter’s ID. You’ll also need to provide proof of residence such as a utility bill.

Installment and personal loans are also available for borrowers with a bad credit. Though you score can influence the amount you want to take and the interest rate the lender will offer to you. The maximum sum for an installment cash advance is $5000, and for a personal loan - $15000. In any case you need no collateral, no guarantor, no paperwork. No matter whether your credit score is 400, 550, or 600, get the chance to learn more about all the opportunities you have and compare the best lending services you are offered on COMPACOM.com.

Related article

Loans for ANY  NEEDS
APR from 4.99%

We aim at helping you compare, make wise decisions, save money or just get acute verified information. Besides, you may fill out our Compacom form to get matched with suitable lenders. As you click on the Apply button which leads to any third-party we may get some compensation from them. It's necessary to support our staff and help us stay up-to-day on the contents, news and information we present.