The Marshal County in Alabama holds a mid-populated city of the state known as Albertville. With a population a little above twenty thousand the city has many great attractions to offer. Some of the places worth visiting are Guntersville Museum and Cultural Center, Lake Guntersville, Buck island reef National Monument, Guntersville State Park, and Noccalula.
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The city has most of its job market in manufacturing, retail, and healthcare services. Even though stable economically, a census done a few years ago tells that around twenty percent of the population of the city falls below the poverty line. The family income is also not very high when compared to other cities, although it can be justified with the low cost of living in comparison. If you have a lower income there are times when you may miss a loan installment or bounce a cheque. These instances can lead to bad credit history. If you once get bad credit it will always be difficult to get a loan again because banks do an extensive check of your past financial and credit history. In this case, what would you do if life presents you with a situation where you urgently need cash? For such extreme situations, markets have come up with a new type of loan called a payday loan.
Payday loans are small cash loans with high rates given out for small tenures. One of the major reason they are gaining popularity these days is the fact that these lenders do not care about your past financial record. Any individual with a bad credit history can also apply for these loans. The only thing that you need to show is your current salary information. If that was not a good enough reason to love them, the fact that they are processed within a day comes as icing on the cake.
Few things associated with these loans you must know:
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- Legal Status: they are legal in the state of Alabama, so no need to worry. The state also regulates the rest of the factors of the loan. All the payday lenders must be regulated by the state authority.
- Principal Amount: this is the amount you can borrow. This will be different for all individuals and mainly depends on your monthly income. Usually, a certain percentage of your monthly income will be approved for you. Alabama has put a rule of $500 as the maximum loan amount.
- Charges: there can be multiple charges involved. Mainly there is the interest that is charged by the lender. Interest on these loans is very high as the amount and tenure are small. Other charges can be bank processing charges, late payment charges, and other financial charges. The regulations ask the lenders to define all possible charges to the customer before sanctioning the loan. This ensures that the customer does not face any hidden charges.
- Tenure: usually these loans are given out for a tenure of two to four weeks. The lender can offer a repayment plan of a few monthly installments.
- Documentation: very little documentation is required. This may vary based on the lender you select, however, most commonly asked documentation is current employment or salary information, citizenship proof, and age proof.
To find a payday lender you can either ask around or search online. These days all the popular lenders that have a presence not just in your state, but also across the country are available online. With online lenders, the best thing is that you do not need to leave the comfort of your home, from filling a form to uploading necessary documentation everything can be done online. The approval is done instantly or within a few hours and the money will be available in your account within one business day.