If you’re looking into online payday loans in Alabama, keep in mind that a payday loan may not be exactly what you need. If you're seeking emergency cash that you can pay back over time, an installment loan may be a better option. In fact, installment loan providers such as Possible Finance can have better repayment terms, less fees and could overall cost you less in the long run.
How do they work? Installment loans provide funds in a lump sum and have a predictable repayment schedule, which could be weekly, biweekly or monthly.
You may be familiar with the kinds of installment loans that are used to buy cars and houses. What you may not know is that you can also take out installment loans to cover emergency expenses like unexpected medical bills, car or home repairs, back-to-school shopping, and even holiday gifts. Everything you would possibly use a payday loan for.
In addition, payday loans typically require you to repay the loan in full or pay a fee to roll it over to your next pay period. Continue on to learn more about alternatives to payday loans in Montgomery, Alabama, and elsewhere in the Heart of Dixie.
Need cash fast in Alabama? Possible is here for you.
How Online Payday Loans in Alabama Work
Payday loans in Dothan, AL, and the rest of the state are unsecured personal loans. Instead of paying them off over time, you pay back the loan in full, plus interest on your next payday, making them very short-term loans.
If you don’t have the funds to pay off the loan the next payday, you may be able to roll over the loan for a fee. Most payday lenders don't check your credit, so you can qualify for these loans with bad credit.
Online vs In-Person
There’s no significant difference between online payday loans in Alabama and in-person ones. The advantage of shopping for a payday loan online is that you can compare rates and terms from the comfort of your home.
If you decide a payday loan is right for you, look for the lender with the lowest fees and interest. (And good reviews.)
Restrictions for Payday Loans in AL
If you’re looking for payday loans in Mobile, Alabama, or another city in The Cotton State, keep in mind that there are restrictions.
The maximum loan amount available to borrowers under state law is $500, and the loan term can’t be less than 10 days or more than 31 days. Finance charges can’t exceed 17.5% of the amount advanced.
That means if you borrowed $500, the highest the interest charges could be is $87.50. On your payday, you would owe $587.50. This adds up to an annual percentage rate (APR) of over 200%.
Can I Get an Online Payday Loan in Mobile, AL?
You can get online or in-person payday loans in Mobile, Alabama. If you’re hurting for cash after a fun, but expensive, Mardi Gras, or you need some extra funds for hitting the beach, you can get a payday loan to help.
Just research your options, and don’t hesitate to ask questions if there’s anything you’re not sure about.
Payday Loans For All of Alabama
Whether you need a few extra dollars to explore the Montgomery Zoo or the city’s historic landmarks, you can find plenty of options for payday loans in Montgomery, Alabama.
Payday loans in Dothan, AL, home of the annual National Peanut Festival, are also plentiful. About half of the country’s peanut crop is harvested within 100 miles of Dothan, and the city has important historic roots. Whether you’re there for the festival, to visit family, or are lucky enough to live there, you have lots of options if you run short on cash.
You can also find payday loans in other cities throughout the state of Alabama. Even though running short on funds can be stressful, it’s important to take the time to research your options, and don’t hesitate to ask the lender questions if there’s anything you’re not sure about.
You'll be asked to review disclaimers and disclosures, and if a lender isn’t willing or available to answer questions, consider that a red flag and move on.
Are There Alternatives to Online Payday Loans in Alabama?
Yes, there are alternatives to online payday loans in Alabama. One we recommend (of course) is an installment loan from Possible Finance. We’re state licensed in AL and offer competitive installment loans with lower fees, easier repayment, and fast disbursement in your bank account.
At Possible Finance, we lend up to $500 to qualifying applicants to help you meet your financial needs. Who is a qualifying applicant? The good news is we don’t do a credit check, so you don't need a perfect credit history.
However, you do need to have an active checking account, regular income, valid identification, and be at least 18 years of age. Additionally, your checking account needs at least three months of history, and a positive checking account balance.
Possible installment loans also help build (or rebuild) your credit. We report your payments to major credit bureaus, so you may see a boost to your credit score as you pay off the loan.
Possible Finance loans have lower fees and interest rates than a traditional payday loan. Payments are spread over two months, and you can reschedule payment due dates up to 29 days later. We make the entire process easy with our mobile app.
Finding the Best Alabama Loan
You have plenty of options if you find yourself facing unexpected expenses in Alabama.
While payday loans are an option, an installment loan from Possible is a financial solution with lower fees, better repayment terms and an easy qualification process. Download the app to get started today!
