Payday loans in Montgomery AL are considered legal.
Alabama state law allows payday loans in the amount not exceeding $500.
Finance charges and fees cannot exceed 17.50% for every $100 of the amount received
APR is 456.25%
The minimum loan term is 10 days, the maximum loan term is 31 days.
You can have only one payday loan at a time in Alabama.
You can have one rollover and a cooling-off period of 1 business day after the second consecutive loan.
There is a $30 NSF fee.
Payday loans (both online and storefront ) are regulated by Ala. Code §§ 5-18A-1 et seq.
All lenders in Montgomery AL must be licensed. They must disclose all the loan details in the contract (terms, interest, fees, repayment period).
Criminal actions against borrowers are generally prohibited.
|Maximum Loan Amount||$500|
|Minimum Loan Term||10 days|
|Maximum Loan Term||31 days|
|Number of Rollovers Allowed||
|Finance Charges||17.5% of the amount advanced|
|Interest Rate (APR)||456%|