Alabama

State Payday Loan Law Information

Payday loans in Alabama are restricted to amounts equal to or less than $500.  The maximum term of any loan is 10-31 days.  The maximum finance rate and fees may not exceed 17.5 percent of the amount advanced.

There is no restriction on the maximum number of outstanding loans at one time; however, the maximum dollar amount of loans at one time is $500.  One rollover is permitted.  There is a cooling off period of the next business day after 2 continuous loans have been repaid.

The lender is permitted to charge collection fees.  One $30 NSF fee, court costs, and reasonable attorney’s fees up to 15% of the face amount of the check. Unless the check is returned due to a closed account, no criminal action is permitted.

 

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