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Home » Client Education » Payday loan laws » Alabama

Payday loan laws in Alabama

For Lenders

Lending specifications:

  • Maximum loan amount: $500
  • Loan tenure: 10-31 days
  • Fees and finance charges: 17.50%; 3%/month after default
  • Finance charge on a 14-day $100 loan: $17.50
  • APR on 14-day $100 loan: 456.25%

Collection restrictions:

  • Collection fees: A $30 NSF fee; court costs; attorney fees up to 15% of the face amount of check.
  • Criminal procedures: Prohibited (unless check returned due to closed account)
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: NA (maximum loan amount at a time: $500)
  • Rollovers allowed: One (rollover)
  • Cooling-off phase: Next business day once two continuous loans are repaid
  • Repayment plan: Available

Complaint cell:

  • Regulator: Alabama Banking Department
  • Address: P.O. Box 4600 Montgomery AL 36103
  • Phone: (334) 242-3452
  • Fax: (334) 353-5961
  • Regulatory contact: Arlene Baldwin, Consumer Services Specialist, Bureau of Loans.
  • Website: http://www.bank.state.al.us/

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Disclaimer: The contents of this web site are not intended to establish an attorney-client relationship, provide the reader with legal advice, or substitute for legal advice from an attorney.

  1. The debt settlement program typically lasts between 6 months to 4 years time.
  2. At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
  3. Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
  4. Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
  5. That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest;
  6. Savings a customer realizes from use of a debt-relief service may be taxable income.
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