Alabama Payday Loans Law

Alabama Payday Loans Law

Alabama State Information

Legal Status: Legal

Loan Terms:

    - Maximum Loan Amount: $500
    - Loan Term: 10-31 days
    - Maximum Finance Rate and Fees: 17.50%; 3%/month after default
    - Finance Charge for 14-day $100 loan: $17.50
    - APR for 14-day $100 loan: 456.25%

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
    - Rollovers Permitted: One (rollover)
    - Cooling-off Period: Next business day after 2 continuous loans repaid
    - Repayment Plan: Yes (Four equal monthly installments)

Collection Limits:

    - Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
    - Criminal Action: Prohibited (Unless check returned due to closed account)

Where to Complain, Get Information:

    - Regulator: State Banking Department
    - Address: P.O. Box 4600 Montgomery AL 36103
    - Phone: (334) 242-3452

These Alabama payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Alabama government without prior notice.