Rates & Fees
Transparency is important to us. Below you'll find detailed information about our rates and fee structure.
In Alabama, payday loans are strictly regulated by the Deferred Presentment Services Act. Lenders may charge a maximum fee of 17.5% of the loan amount. This means for every $100 borrowed, the fee is $17.50. Residents of Montgomery should be aware that you must be at least 19 years old to enter into a loan contract in this state.
Annual Percentage Rate (APR)
17.5% fee per $100 (Approx. 456% APR for 14-day loans)
Representative Example
| Loan Amount | Term | APR | Finance Charge | Total Repayment |
|---|---|---|---|---|
| $100 | 14 Days | 456.25% | $17.50 | $117.50 |
| $300 | 14 Days | 456.25% | $52.50 | $352.50 |
| $500 | 31 Days | 206.05% | $87.50 | $587.50 |
The figures above are representative examples only. Actual APR and fees depend on the specific lender, loan amount, and repayment term. Always review your loan agreement for exact costs.
State-Specific Information — Alabama
Maximum Loan Amount: $500
Rate Cap: 17.5% per $100 borrowed (approx 456% APR for 14-day loans)
Regulations: Alabama Deferred Presentment Services Act, Alabama Code § 5-18A-1 et seq.
Licensing: All participating lenders must be licensed by the Alabama State Banking Department.