(last updated 01/02/2018)
Alabama Payday Loan Laws and Regulations in (AL)
Payday loans and cash advances are legal in Alabama. The Alabama Banking Department has been regulating Payday Loans and Cash Advances since 08/2003. As of 01/07/2015 there were 176 licensed lenders and 999 licensed locations in Alabama.
The maximum payday loan allowed in Alabama is $500. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is not specified. The maximum permissible fees allowed in Alabama is $17.50 or 17.5% on a 14 day $100 loan which is an APR of 456.25%. The cooling off or waiting period for obtaining another loan is 1 Business days. The number of rollovers that are permitted is 1. The minimum loan term is 10 Days. The maximum loan term is 31 Days.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Alabama, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Alabama Banking Department.
The following classes of lending organizations may be exempt from some, all or none of the regulations and laws set by the state of Alabama. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.