Online Payday loans in Aliceville
Aliceville is a small city in the Pickens County of Alabama. The population of the city is around twenty-five hundred only. A small city its economy majorly relies on the local services. The city houses a federal correctional institute for women, which also provides employment. A census taken a few years ago says that more than thirty-five percent of the population of the city are below the poverty line.
Payday loans are simple to understand. They are loans you borrow today and pay back as soon as you get your next paycheck. If you payback on time even with a high-interest rate you may not pay a lot more than borrowed. However, if you keep piling it up the interest will keep collecting and you will pay a lot more than you actually borrowed.
The state of Alabama considers online payday loans as legal and has them regularised under the citation “Ala. Code §§ 5-18A-1 et seq”. if customers need any information or want o complaint against any illegal activity around these loans they can do so with the State Banking Department. The citation has the following regulations described in it:
- Loan Amount: a maximum amount of $500 is allowed. There is no limitation on how many loans a customer can borrow at any time, however, the total amount of all these loans together should not be more than the defined maximum amount.
- Tenure: the tenure can be between 10 to 31 days. Lenders can offer a repayment plan of four equal monthly installments.
- Interest rate and other fees: the general interest is 17.5%. In case of default, the lender can charge 3% per month. In case of insufficient funds customer can be charged one time 30$. Apart from this, court fees and attorney fees can also be charged.
Apart from this the rules state that the lender cannot initiate any criminal action against the customer in case of non-repayment of the loan.
If you decide to go for a payday loan make sure that the lender follows all the rules defined by the state. You can get more information from government websites. However, there are a few other options you can explore:
- Salary Advance – many employers these days provide salary advances. Check with your employer for this option as this is one of the most easily available.
- Personal loans – this is another simple option, however, these can take a long time to process and may require a detailed background check on your credit history.
- Family and friends – an easy option we all have, may come with some judgment and lectures on how to live your life in a better manner financially. This comes in handy when you are not sure whether you will able to pay back what you are borrowing.
Based on your current financial situation and your ability to pay back what you intend to borrow you can take a decision and make things a little easy for yourself.