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Alabama’s Payday Loan Law

30 August 2021

Alabama’s Payday Loan Law

Laws Against Cash Advance Collection

Alabama legislation defines loans that are payday deferred presentment deals. The financial institution takes a personal check from the debtor, and as a result provides debtor cash ahead of time. State legislation regulates the terms under which pay day loans can be negotiated.The Alabama State Banking Office oversees payday loan organizations, which must enable an agent from that workplace use of its company documents.

Pay Day Loan Terms

The restriction for the cash advance in Alabama is $500 as well as the lender cannot charge a lot more than 17.5 per cent interest regarding the loan. » Weiterlesen: Alabama’s Payday Loan Law