Instant Cash Payday Loans in Alabaster Al
The sixteenth largest city in Alabama is the city of Alabaster with a population a little above thirty-one thousand. The city has very few people under the poverty line and offers a good quality of life to the residents.
Payday Loans in Alabaster Alabama | Online Payday Loans Alabama AL
Living in this city is all good, however, recently I was faced with a medical expense which was not covered under my insurance. Though the expense was not very high, it would definitely put my monthly financial plan in a tricky spot. I discussed with the physician and was told that putting it off although not dangerous, however, eventually could lead to higher complications. Well, when its health there are no excuses. I called my parents thinking they will easily loan me the money. They would have if I had asked them, however when I told them the first reaction I got was, this is where savings help you out. Embarrassed at the thought of telling them that their child lives on the edge and has no savings I decided to ask friends.
After checking with a few friends, I found out birds of the same feather flock together. Although they did offer to help me out by pooling in some money. This is when one of my smarter friends told me about instant cash loans also known as payday loans or installment loans. Taking help from this friend I found out more about these loans and got my health back on track as soon as was needed by my body.
As my friend helped me out in a time of need, I am going to pass this information on so that anyone one of you may find the same help in need. An installment loan is a loan you borrow from a lender and payback in installments. Now you may wonder how this is different from traditional bank loans. This is different in the amount, tenure, and rate of interest. The amount in these loans is quite low, in general anywhere from $500 to $2500, though this may differ from state to state. Similarly, the tenure is also low from two to four weeks, the lender may give you the option to pay back in installments over a few months, however, and it does not extend over years. Lastly and most importantly the rate of interest, which is very high compared to normal bank loans.
Another way these loans differ is the documentation and processing time. If you go to a bank for a loan, you will have to fill many forms, provide a lot of documentation about your current and past financial history. After that, the bank takes a long time to process the loan, as they do a detailed background check on your credit history and employment. The payday loans, on the contrary, are not given out by banks, they are usually given out by special financial institutions that are licensed by the state. They do not care about your credit history, all they want to know is your current employment to ensure you can pay back what you have borrowed. Due to this reason, the documentation and time to process are drastically decreased.
To get a payday loan in Alabama simply all you have to do is:
- Find a lender suitable to your needs
- Fill up a form to apply for a loan and provide the necessary documentation asked by the lender.
- Wait for the loan to be approved. This will be done within a few hours in most cases.
- Wait for the money to appear in your bank account. This usually takes one business day, or more if your bank needs more time to process the incoming money.