Alabama payday loan laws

Legal Status: Legal

Citation: Ala. Code §§ 5-18A-1 et seq.

Loan Terms:

Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default
Finance Charge for 14-day $100 loan: $17.50
APR for 14-day $100 loan: 456.25%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes (Four equal monthly installments)

Collection Limits:

Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney’s Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless check returned due to closed account)

Where to Complain, Get Information:
Regulator: State Banking Department
Address: P.O. Box 4600 Montgomery AL 36103
Phone: (334) 242-3452 

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