Alabama Cash Loan

With the current state of the economy, many people across the country are having a hard time making their paychecks stretch as far as they used to. An emergency situation such as an unexpected bill or the refrigerator breaking can be catastrophic to a family's financial situation. If you are a resident of Alabama, however, you can visit to obtain a short-term loan to tide you over.

A cash loan is short-term loan product for a relatively small amount of cash. The amount is generally less than $1,000 and is usually due within a month. Another term for the cash loan is the payday loan - called that because usually it will be paid back from the person's next paycheck. There are no credit checks performed with this type of loan. You just need a job or some stable form of income. Some companies prefer you to have direct deposit of your wages as a way to speed the process up.

An Alabama cash loan from is governed by the regulations of the state. As there are up to 700 cash loan lenders in Alabama, there are special laws to follow, as these types of loans do not fall under the auspices of the Small Loan Act. The laws are there to protect both the lender and the borrower.

For an Alabama cash loan, the timeframe allowed must be a minimum of 10 days with a maximum of 31 days before payment is due. Fees cannot be higher than 17.5% of the loan amount for each two-week period, which means no more than $17.50 in fees for every $100 borrowed. An Alabama cash loan may be covered with a post-dated check that includes both the loan amount plus fees, which can be cashed by the loan company on the due date. Alabama laws allow the borrower to roll over the loan one time with interest and fees accumulating on the second term, as well.