Alabama payday loan laws

The payday loan industry is gaining popularity in recent years as many US citizens see it as a first choice when it comes to taking out a loan. The residents of Alabama are also highly interested in what the service has to offer. Alabama payday loans laws are explained below.

In 1763, the British took control of the area that we call Alabama  today. However, after the American Revolution, they had to give almost all the area to Spain and the US. In the 1950s and 1960s, the state of Alabama was the site of civil-right landmark actions such as the “Freedom March” from Selma to Montgomery and the bus boycott in Montgomery.

Nowadays, the economy of Alabama is based mainly on manufacturing paper, chemicals, apparel and textiles, rubber and plastics, automobile manufacturing and primary metals. Alabama is also a major producer of coal, steel and iron.

Alabama is the 30th largest state in the United States and it is 24th most populous with a population of over 4,858,979.

Payday loans explanation

payday loan is a short-term loan

payday loan is a short-term loan

Normally, a payday loan is a short-term loan which the borrower has to pay back in full when he receives his next paycheck. Payday loans are also referred to as cash advances.

Alabama payday loan laws regulations

In 1999, Alabama was among the 19 states that were involved in legislating small loans. In 2002, however, most measures were scraped and today payday loan lenders are able to run their businesses without any trouble in Alabama. The number of payday loan lending companies in Alabama exceeds 1000 and is growing with each passing year.

According to Alabama payday loan laws, a borrower is allowed no more than one payday loan at any one time at a given location. If the borrower is not able to repay the loan on time, he is allowed one rollover. Another thing that makes Alabama payday loan laws different from other states is that even though payday loan lending is absolutely legal, the only companies that are allowed to give payday loans are the check cashing companies.

Alabama payday loans laws regulations

Alabama payday loans laws regulations

Alabama payday loans charges and fees

Here is what you should know if you are thinking of applying for a payday loan in Alabama:

Loan Terms

  • The maximum loan amount in Alabama is $500
  • The loan period of any payday loan given in Alabama must be between 10 and 31 days
  • The maximum finance rate and fees in Alabama cannot exceed 17.50% and 3% a month after a default
  • The maximum finance charge for a two-week $100 loan in Alabama is $17.50
  • The maximum annual percentage rate for a two-week $100 loan in Alabama is 456.25%

Debt Limits

  • Borrowers are allowed one rollover
  • The length of the “cooling-off period” in Alabama is the next business day after repayment of 2 continuous loans

Collection Fees

Debt Limits

Debt Limits

Payday loan lending companies in Alabama can charge one NSF fee of $30 in case there is no money in your linked account or if a payment fails. Fees for an attorney can go up to 15% of the check amount.

Criminal Action

In Alabama, lending companies do not have the right to threaten you with any criminal action unless a check is returned in case of a closed account.

Payday loans eligibility and application requirements in Alabama

It is hard to imagine a more simple loan service than Alabama payday loans. However, you still need to meet certain criteria to get a payday loan:

  • You have to be at least 18 years old
  • You are a permanent resident of the US or an American citizen
  • It is obligatory that you have a steady source of income

To successfully complete your application, you will have to prepare the following information:

  • Your social security number, name and date of birth
  • Phone number, home and email address
  • Details regarding your employment and income

Cities in Alabama where you can find payday loan lenders:

  • Aliceville
  • Alabaster
  • Birmingham
  • Albertville
  • Alex City
  • Opelika
  • Alexandria
  • Andalusia
  • Anniston
  • Tuscaloosa
  • Arab
  • Athens
  • Carbon Hill
  • Atmore
  • Attalla
  • Phenix City
  • Auburn
  • Bay Minette
  • Bayou La Batre
  • Bessemer
  • Brewton
  • Enterprise
  • Bridgeport
  • Bryant
  • Butler
  • Centre
  • Decatur
  • Dothan
  • Florence
  • Gadsden
  • Huntsville
  • Madison
  • Alexander City
  • Mobile
  • Montgomery
  • Northport
  • Prattville
  • Boaz
  • Prichard
  • Selma

 

Nevada payday loan laws overview

In Nevada, payday loans are also known as cash advances. In this article, we’ll try to give some useful information and tips regarding Nevada payday loans.

Nevada is the 7th biggest state by land size in the US and is its 35th most populous in terms of population. Tourism, cattle ranching and mining play a big part in its economy. Its tourism is mainly gambling and entertainment related, which makes this industry the state’s biggest employer. Moreover, Nevada is the world’s fourth-biggest producer of gold.
Nevada’s income per capita in 2009 was over $38,000. In 2010, the state’s total product was $126 billion. Nevada’s unemployment rate in December 2016 remained at 6.8%.

Are payday loans legal in Nevada?

Nevada payday loans

Nevada payday loans

Yes, cash advances or payday loans are completely legal in Nevada. Nevada payday loans laws state that a moneylender cannot give a loan surpassing 25% of a borrower’s gross month to month salary. The maximum term  a loan can have is 35 days. This can, however, be extended for up to 90 days if the initial contract allows you to make installments in portions without being liable to an extension.

A lending company that give payday loans in Nevada needs to have a valid license issued by the Financial Institutions Division of Nevada. You can cancel a Nevada cash advance before or by the end of the company’s business hours on the next business day.

Why take out a payday loan in Nevada

  • Numerous options. There are various direct payday loan lending companies in the Nevada that you can choose from. While some of these lending companies operate only online, others have physical stores too. If you prefer not to do broad researches on your own, you can get an advance co-ordinating support to find a loan best suited for your situation.
  • Simple process. Applying for Nevada payday loans online may take only a couple of minutes. If a payday lending store is near your workplace or your home, you can also apply conveniently. Depending the way you choose to apply, you can get your money either on the day of your application or by the next business day.
  • Bad credit is ok. You don’t need to have a perfect credit score to submit an application for a payday loan in Nevada. That’s because, in Nevada, your existing financial situation and ability to repay are also taken into account by the loan lenders.

Nevada payday loans fees and charges 

Maximum fees & finance rate

Maximum fees & finance rate

Nevada has payday loan laws that dictates how much your credit may end up costing you. There are a few things you should know:

  • Maximum fees and finance rate. Payday loan laws in Nevada do not explicitly point to a maximum finance rate. That results in unlimited charges or annual percentage rate for a 14-day $100 loan. After default, a lending company cannot charge interest exceeding the prime rate at the biggest bank in Nevada with 10% added.
  • Collection fees. In Nevada, payday lending companies can charge a fee for  dishonored check of up to $25. A lending company in Nevada cannot charge a fee for not having sufficient funds in the borrower’s account more than two times and can’t charge more than one fee for a closed account. The borrower may also have to pay court costs, attorney’s fees and service of process costs.
  • Rollover fees. There aren’t any specific regulations regarding rollover of payday advances in Nevada. However, a moneylender can’t augment a term past 60 days after the expiry of the underlying loan term.

How to apply for a payday loan in Nevada

How to apply for a payday loan in Nevada

How to apply for a payday loan in Nevada

Applying for a payday loan in Nevada is very simple. You can submit a loan application form by dropping by a payday lender’s store or you can do it online. To submit an application, you must meet the following requirements:

  • You must be at least 18 years old
  • You must be an American citizen or a permanent resident of the United States
  • You need to have a regular source of income

Prepare to submit the following information to complete your loan application successfully:

  • Your name, birth date, social security number and a legitimate type of ID, for example, your driver’s permit or identification
  • Your phone number, home and email address
  • Details about your income and employment
  • In case you decide to apply for a loan online, you also need to show your current financial records

Cities in Nevada where you can find payday loan lenders:

  • Battle Mountain
  • Boulder City
  • Carson City
  • Crystal Bay
  • Dayton
  • Elko
  • Ely
  • Fallon
  • Fernley
  • Gardnerville
  • Henderson
  • Las Vegas
  • Laughlin
  • Lovelock
  • Mesquite
  • Minden
  • Nellis Afb
  • North Las Vegas
  • Reno
  • Sparks
  • Stateline
  • Sun Valley
  • Winnemucca
  • Yerington

 

Payday loan laws in Wisconsin

Wisconsin is the 23rd largest state in the United States and its 20th most populous. It is among the nation’s leading dairy producers, which is why many refer to it as “America’s Dairyland”. As in many other states, you can apply for a Wisconsin payday loan.

  • Are payday loans legal in the state of Wisconsin?

Payday loan laws in Wisconsin are legal

Payday loan laws in Wisconsin are legal

Payday loans are completely legal in Wisconsin. All payday lenders function under the Wisconsin Statutes 138.14.  The maximum payday loan term under Wisconsin payday loan laws is limited to 90 days.

You can’t have an outstanding aggregate liability of more than $1,500 or 35% of your gross monthly income through all your existing payday loans. This includes the principal and interest as well as all applicable fees and charges.

You can repay a payday loan by using the proceeds of a subsequent payday loan made by the same lender or another one. If you do so, you can’t repay the subsequent payday loan using proceeds from yet another payday loan.

 

  • Payday loan fees and charges in Wisconsin

Wisconsin payday loan fees & charges

Wisconsin payday loan fees & charges

Wisconsin payday loan laws don’t impose any limits on the interest that lenders may charge before maturity dates of a Wisconsin payday loan. If a payday loan is not repaid before its due date, the lender may charge interest not exceeding 2.75% per month after the due date, except if you take a subsequent loan to pay off the original one.

If you take a subsequent loan from the same lender to repay the original loan and don’t repay the subsequent loan on time, the lender can charge interest not exceeding 2.75% per month after the due date. In Wisconsin, payday lenders can’t impose any penalties owing to prepayments, late payments or defaults.

A payday lender can’t present your check for payment more than once. This applies to electronic funds transfer authorizations as well. In the event of a payment dishonor, the lender can charge a non-sufficient funds (NSF) fee that doesn’t exceed $15.

  • How to apply for a payday loan in Wisconsin

How to apply for a payday loan in Wisconsin

How to apply for a payday loan in Wisconsin

You can apply for a payday loan in Wisconsin by visiting a store or online. Applying for a payday loan requires the following:

  • You’re over 18 years of age
  • You’re American or a permanent resident of the U.S.
  • You have a regular source of income

To complete the application successfully, prepare the following information:

  • Your name, email address, residential address and phone number
  • Your social security number and a valid form of ID such as your passport or driver’s license
  • Your employer’s name and contact information
  • Details about your income

You can find payday loan lenders in Milwaukee, Madison, Green Bay, Kenosha, Racine, Appleton and many other cities in the state of Wisconsin.