Residents in Alabama can legally benefit from payday loans. These loans are meant to help residents get through a financial emergency that may arise before the next paycheck. Although there are several lenders in the state, residents are advised to ensure they are dealing with a licensed operator.
Best Bad Credit Installment loans in Alabama
Installment loans for bad credit are designed to help the residents in financial strains have a peace of mind as they work to fix their financial issues. Besides offering a higher amount, Alabama residents can enjoy the flexible terms that are characteristic of these loans.
How it works
Short-term loans lenders in Alabama have the advantage of flexible terms and requirements that are rare with most traditional lenders in the state. Besides being able to walk into a store and make a loan application, residents can accomplish the same at the comfort of their homes. As long as you have the required documents, you’ll be amazed at how fast the process can be.
Irrespective of your credit score, Nation 21 is committed to your service and we are here to make sure you get the most appropriate loan amount. We not only offer a quick application and approval process but also our experienced customer service is at your service ready to solve any issue that may come up.
Online lending laws in Alabama
It is legal for lenders to provide advance loans to residents either in single payments or installments. The law has capped the maximum loan amount to $500 through payday loans. However, if a lender gives you more money the law protects you from paying interests and fees on the extra amount above $500. Although there are no restrictions on the number of outstanding loans you can have, the maximum amount cannot be exceeded.
To protect the residents from cyclic debt, lenders can only rollover the loan once and if you are still facing difficulties with payments, there are no additional fees or charges applied. However, it is your responsibility to ask for a payment plan that will help you pay the loan easily.
The maximum amount in form of fees and charges on a loan must not exceed $17.50 for every $100 loan with a 14-day term. However, if you default the payments the lender is allowed to apply a 3% fee per month. As far as APRs are concerned, the law allows lenders to charge up to 456.25% for a $100 loan with a 14-day term.
Average credit scores
The average credit score in Alabama is 656 with 18% of the population showing a declining score. However, 82% of the total residents have posted healthy and improving credit scores.
Population and demographics in Alabama
In 2015, The United States Census Bureau estimated the population of Alabama to be slightly above 4.7 million people. At least 68.5% of the residents are white, 26.2% are black, 1.1% are Asians and 0.6% are Natives. Notably, the state has nine recognized Indian tribes that have also gained federal recognition.
The economic indicators in AL
The US Bureau of Economic Analysis reported the gross state product for Alabama to be $170 billion. At the same time, the state’s per capita income was reported to be $29,411. The unemployment rate 5.8% but the figure is seasonally adjusted.
Industries like automobile manufacturing, agriculture, steel production, mineral extraction and aerospace are some of the major economic drivers in the state. In 2015, the value of crops and animal production sector was valued at $1.5 billion.
The automobile industry has been a major contributor to the state’s economy. Currently, the state ranks fourth in vehicle exports in the whole country. There are also expansion activities in the aerospace industry where Airbus intends to be producing at least 50 aircraft units per year.
Tourism is also a popular activity in the state and it receives at least 20 million visitors per year with visitor expenditure easily amounting to $8.3 billion.