Cash and check advance Birmingham providers include Advance America, the nation's no.1 payday lender, with 20 stores in the area.
In the state of Alabama, payday lending is one of the most popular forms
of debt, with Pew Charitable Trusts' Safe Small-Dollar Loans Research
Project finding 7% of the state residents taking such a loan over a five
Payday advances are small dollar amount, short-term loans, where the repayment is typically made on the borrowers next payday, with the requirement for a steady job reducing the risk from the loan to the lender.
Because payday loan processing often does not include a credit check, payday advances have become popular among Alabama residents with bad credit, but with regular jobs and income.
These loans are not intended as solutions for long-term money problems, partly due to the high borrowing costs, high annual percentage rates (APRs) of interest on the money.
You should get to know the payday loan laws in Alabama, to fully understand your rights as a consumer, and the requirements for the lenders to operate in the state.
These laws regulate many aspects of the short-term lending industry in Alabama, including maximum interest rates on the loans and maximum loan amounts.
According to a statement by The Consumer Financial Protection Bureau, Alabama has one of the highest number of payday lenders per capita in the country.
Many of these companies also operate in Birmingham, with one of the most popular lenders being Advance America.
Advance America, the nation's largest operator of payday lending outlets at over 2,400 stores, has a total of 20 locations within 20 miles of downtown Birmingham, AL.
In addition to payday advances in Birmingham, most of their stores have a wide variety of other financial services to choose from, often ranging from paying bills to using MoneyGram services.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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