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Payday loans legislation in Alabama

It is quite usual that most Americans are looking forward to their next payday. In most situations finances from their family budget are not enough for covering all unexpected costs. Sometimes people can’t find any institutions where they can get money. Other financial agencies impose strict fines on their customers by not fulfilling the obligations or establish high percentage rates. Alabama residents have now an excellent solution to this problem. Payday lenders are offering short-term credit which is to be repaid on the borrower’s next payday. This option is the most appropriate for getting cash by an emergency. Loansassist.net is a payday lending company that is engaged in such operations and can offer its services to all Alabama citizens. The application process is very easy and doesn’t take much time, so you get receive a loan instantly.

Here it some information concerning payday loan legislation in the State of Alabama.

If you would like to be more familiar with the development of payday loans in Alabama, you will notice that in 1999 19 states were engaged in changing legislative acts that were related to short-term loans. The main issue was to sharply decrease percentage rates on this type of credit. But in 2002 these suggestions were turned down and today short-term lending companies are allowed to offer loans to their customers in favor of both the borrowers and themselves. The Small Loan Act is a law that currently regulates payday lending activities in Alabama. This Act has enabled a great number of existing payday lenders to expand and prosper as well as new companies to appear on the market. Nowadays payday lending industry is legal and not restricted by any measures in the State.

Payday loans have got such a name, as they are considered to be paid off when the borrower has received his next paycheck. It is a great chance for people who have unexpected financial problems to get rid of them very fast and without any rush. It is calculated that there are near 1,000 payday lending firms in the State of Alabama and this number rises dramatically.

Under Alabama legislation a payday loan borrower is allowed to take a loan which doesn’t exceed $500. Such loan is given for a time period ranging from 10 to 31 days. A borrower shouldn’t be charged more than 17.50% for a loan which amounts $100 and is taken for 2 weeks. So annul percentage rate on such a loan makes up $100.

According to the Alabama law it is also allowed to borrow only one loan in one place at a time. If a borrower can’t pay a loan back on time, it is allowed to make one extension of the loan. Borrowers also have a so-called cooling-off period which states that a pause of 1 business day is to be made after repaying 2 durable loans. If it is needed, a lender can provide a borrower with a special repayment plan. Although payday lending business is legal in Alabama, only companies that are cashing checks can offer payday loans. This is the main distinctive feature of Alabama legislation regulating payday loan industry.

Generally, application procedure for a payday loan will take several minutes from you and you just need to complete an application form and email it to the mail address of loansassist.net. After you are approved for the loan, you can withdraw cash from your bank account. It doesn’t matter what expenses you have, don’t hesitate and apply for these loans. Short-term credit will undoubtedly assist you in paying for the bills or auto repair, buying medicines or going to the doctor. Your problems will be solved instantly.