Payday Loans Montgomery

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 ยงยง 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.

Alabama Payday Loan Regulations:
Legal Status Legal
Maximum Loan Amount $500
Minimum Loan Term 10 days
Maximum Loan Term 31 days
Number of Rollovers Allowed
1
Finance Charges 17.5% of the amount advanced
Interest Rate (APR) 456%