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Home State Regulations

Payday Loan Laws in Alabama

Loan Term:10-31 days
Loan Amount:$500
Fees and Finance Charges:17.5% of loan
Laws:According to the Alabama Deferred Presentment Services Act, Title 5, Chapter 18A, a borrower has one rollover period until the full amount of the loan is due. If the borrower finds that he is unable to pay his loan at this time, a negotiation may be reached between the lender and the borrower. It will then be necessary for the borrower to pay the loan in full over four months. If at any point it is discovered that the borrower does not have the funds to cover his payment, a late payment fee may be charged.