For many families, both in Alabama and across the country, living paycheck to paycheck is not an option. Even the smallest unexpected emergency can be financially devastating. It’s for this reason that many Alabama residents looking for a short term solution to a financial problem turn to cash advances and other forms of payday loans to help them out until their next paycheck arrives.

Let’s say that your car breaks down, and it’s going to cost $500 to fix, but you don’t have the money and you don’t get paid until next Friday when you would have the money to spare. As a resident of Alabama, you can easily get a cash advance without a credit check or other hassle. All you need is a job. Some lenders may require you to have direct deposit with your employer in order to maintain their speedy process.

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Cash advances are very short term loans, usually payable in fewer than thirty days, combined with under $1,000 financed.

With between 500 and 700 cash advance lenders around the state, Alabama has created laws and regulations for the payday loan industry that don’t fall under the Small Loan Act, but are enforced in order to protect both parties:

Fees are not to exceed 17.5% of the borrowed amount per two-week period, or $17.50 for each $100.
The cash advance timeframe must be between 10 and 31 days.
The initial loan may be rolled over once by the original customer with additional fees and interest accruing.
A post-dated check may be written to the lender with all applicable fees included. If the check doesn’t clear the bank, applicable bounced check fees will be applied.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.