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

 

Michigan payday loan laws overview

The state of Michigan is divided into Upper and Lower peninsulas by the Straits of Mackinac, a narrow waterway which links lakes Michigan and Huron. It borders on four of the five Great Lakes. The state of Michigan has a population of around 9,922,576 which makes it the 10th most populous state in the US. Its economy is pretty diverse and includes production of  military and aerospace equipment, automobiles and many other things. Lately, Michigan payday loans are gaining more popularity and becoming a first choice for borrowers in the state.

Michigan payday loans laws regulations

Michigan payday loans laws regulations

Michigan payday loans laws regulations

Payday loan lending in the state of Michigan is completely legal according to Mich. Comp. Laws 487.2121 et seq and so the lending companies can run their businesses freely. We can say that Michigan payday loan laws are a little more complicated compared to other states in the United States. Payday loan lenders in Michigan must operate within certain limitations. The maximum payday loan amount a borrower can take is $600. However, in Michigan, people taking out payday loans are able to take out more than two outstanding loans from different lending companies. In Michigan, the length of any given payday loan cannot be longer than 31 days with no extensions allowed. It is also legal for lending companies to charge a $25 insufficient funds fee in case a payment has defaulted.

Payday loan lenders in Michigan

Payday loan lending industry is growing fast in the last 10 years and one of the main reasons for that is the availability of online lending. In Michigan, it is likely to find a payday loan lender’s store near your home or your workplace. The fact that you can apply for a loan from your home is something that makes the service more attractive to customers. Therefore, more and more businesses open doors in Michigan.

Why taking out a payday loan in Michigan can be a good borrowing option?

Taking out a payday loan, like with any other type of loans has its advantages and disadvantages. Let’s have a look at some of the benefits you get with payday loans:

  • You get options

You get options

You get options

You live in the city with payday loan offices all around you – great. You live outside the city and want to apply for a payday loan with no offices near your home – still great. This is because payday loans give you the opportunity to apply by going to a physical store or by going online to a lender’s website.

  • You need it fast, you get it fast

We all know that when people go through financial difficulties, every hour seems like a drag. Michigan payday loan lending companies make sure that you get your money as quickly as possible. You usually get your cash within few hours or by the next business day if you apply for your loan online.

  • You may still apply with bad credit

Yes, that’s correct. With payday loans, having a bad credit is not an issue and you can apply for your loan just as easily as you would if your credit score was good. This fact alone is enough to convince most borrower to choose payday loans as their first choice when it comes to borrowing.

  • No spending limitations

That’s right, unlike with traditional lending institutions where you have to follow certain limitations when spending the loan you’ve taken out, with payday loans you are free to do whatever you want with your money. It just has to be legal spending, that’s all.

Michigan payday loans fees and charges

There are some important things you should know if you are considering a payday loan:

  • APR

The annual percentage rate for a payday loan in Michigan can’t be more than 390%.

Interest charges for payday loans in the state of Michigan go like this:

  • 15% charge is for the first $100,
  • Second $100 loan is granted at 14%
  • You can get the third $100 loan at 13%
  • The fourth $100 loan is granted at 12%

All loans exceeding $400 are granted at 11%. The stated annual percentage rate for a $100 14-days loan cannot be more than 390%.

  • Charges and fees

The charges and fees vary depending on the amount you are borrowing:

  • The fee for a $100 loan is $15
  • The fee for a $250 loan is $35.50
  • The fee for a $600 loan is $76
  • Collection fees

Collection fees

Collection fees

In case of a declined payment, it is most likely you’ll be charged with a maximum of $25 NSF fees.

  • Rollovers

According to Michigan payday loans laws, payday loan lending companies are are in no way allowed to rollover or renew a loan in case of failed payment.

Michigan payday loans eligibility and application process

You need to satisfy some requirements if you want to take out a payday loan in Michigan:

  • You have to be 18 years old or older
  • You have to be a permanent resident of the US or an American citizen
  • You must have a steady source of income

Have the following information to successfully complete your payday loan application:

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

Cities in Michigan where you can find payday loan lenders:

  • Ann Arbor
  • Battle Creek
  • Bay City
  • Burton
  • Dearborn
  • Dearborn Heights
  • Detroit
  • Eastpointe
  • Flint
  • Garden City
  • Grand Rapids
  • Holland
  • Inkster
  • Jackson
  • Kalamazoo
  • Lansing
  • Lincoln Park
  • Livonia
  • Madison Heights
  • Midland
  • Muskegon
  • Oak Park
  • Plymouth
  • Pontiac
  • Port Huron
  • Portage
  • Redford
  • Roseville
  • Royal Oak
  • Shelby
  • Southfield
  • Southgate
  • Sterling Heights
  • Taylor
  • Troy
  • Warren
  • Waterford
  • West Bloomfield
  • Westland
  • Wyoming

 

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

 

Nebraska payday loan laws overview

In 2010, the state of Nebraska has a gross state product of $89.8 billion. In 2014, the state’s income per person is over $27,548. in April 2015, Nebraska had an unemployment rate standing at 2.6%, which made it the lowest in the US. The residents of the state have the option to apply for Nebraska payday loans.

The state of Nebraska is the 16th biggest state in the United States and is the 37th most crowded. There are wide fluctuations between winter and summer temperatures and storms and tornadoes happening regularly. Farming is an essential part in Nebraska’s economy. The state of Nebraska is a noteworthy producer of sorghum, corn, soybeans, pork and beef. Its economy also includes manufacturing, cargo transport, insurance, data innovation and broadcast communications.

In 2010, the state of Nebraska has a gross state product of $89.8 billion. In 2014, the state’s income per person is over $27,548. in April 2015, Nebraska had an unemployment rate standing at 2.6%, which made it the lowest in the US.

Are cash advances legal in Nebraska?

Nebraska payday loan laws

Nebraska payday loan laws

Yes, payday loans are legal in the state of Nebraska.  All payday loan lending companies in Nebraska are governed by the Nebraska Statutes Chapter 45 Article 9.

Why it could benefit you to take out a payday loan in Nebraska?

Let’s see why more and more people are using the services of payday loan lenders in Nebraska.

  • Bad credit is not a problem. In Nebraska, it is ok to apply for a payday loan even if your credit score is not perfect or even good. As long as you have a regular income, you’ll have no problems with the application. Payday lending companies have very different criteria from banks. Their only concern is whether you’ll be able to pay back the loan by your next payday.
  • The application process is fast and simple. With online payday lenders, you can apply from the comfort of your home. You can also apply for your loan by going to a the physical store of payday lending companies in Nebraska.
  • You get your money real fast. Applying for a loan in a physical store can get you the money right away. If you do it online, it may take one business day before you get your cash.

Fees and charges of Nebraska payday loans

Nebraska Payday Loans

Nebraska Payday Loans

When it comes to charging payday loan expenses, moneylenders need to obey the Nebraska payday advance laws. The following will give you a clear idea on how much your payday loan may cost you:

  • APR and fees. In Nebraska, payday lending companies can charge up to $15 for every $100 borrowed as fees. The maximum charge for a two-week $100 payday loan is $17.65. The maximum annual percentage rate of a two-week $100 payday loan is 458%.
  • Collection fees. A payday lender in Nebraska cannot charge more than one $15 NSF fee.
  • Rollover fees. in Nebraska, you are not able to rollover your payday loan. This means that rollover fees do not apply.

How to apply for a payday loan in Nebraska

You can visit a store or submit your application online.For your application to be successful, you need to meet certain requirements:

  • You must be 18 old or older
  • You must be a citizen or a permanent resident of the US
  • You need to have a steady income

To complete your application for Nebraska payday loans you are also required to provide some basic information such as:

  • Your name, phone number, home and email address
  • A valid form of ID such as your passport or driver’s license
  • Your social security number and date of birth
  • Details of your employment
  • Details of your income

Useful information

Useful information

Useful information

What is the approach when looking for an expansion on a cash advance in Nebraska?

A payday loan specialist can give an augmentation of close to 34 days, if it doesn’t charge any extra fees.

Can I apply for an online payday loan in Nebraska if I live in another state, but my ID states that I’m a resident of Nebraska?

You can, as long as all other qualification criteria are met.

Who do I contact when filing a complaint regarding a payday lending company in Nebraska?

You should reach out to the Nebraska Department of Banking & Finance.

Cities in Nebraska where you can find payday loan lenders:

  • Alliance
  • Beatrice
  • Bellevue
  • Blair
  • Chadron
  • Columbus
  • Doniphan
  • Fremont
  • Grand Island
  • Hastings
  • Holdrege
  • Kearney
  • La Vista
  • Laurel
  • Lexington
  • Lincoln
  • Mc Cook
  • Nebraska City
  • Norfolk
  • North Platte
  • Ogallala
  • Omaha
  • Papillion
  • Scottsbluff
  • Sidney
  • South Sioux City
  • York