CashAdvanceOnline.net Publishes Guide on Payday Loans Laws in Alabama

MONTGOMERY, Alabama, September 16, 2013 /PRNewswire/ --

CashAdvanceOnline.net, the McAfee Secure™ rated short term loan comparison website and consumer finance resource, has announced the publication of a new article in its "News and Tips" portal. The new article is a guide to the law surrounding payday loans within the U.S. state of Alabama and forms the part of a continuing series looking at each of the permitting states one-by-one.

The article addresses the fundamentals of the state laws for the use of payday loans in order for borrowers to know the maximum legal parameters for their loans and to whom any complaints should be addressed in the instance that a consumer receives a loan from a lender that acts in contravention to the laws of the state. It also features an easy-to-follow infograph that highlights the key rules.

Within Alabama, there are estimated to be around 1,000 registered payday lenders. Cash advance loans are governed by the Alabama Small Loan Act and the guide includes a link to the relevant portion of the statute for consumers' reference. Borrowers are permitted a maximum of $500 for a minimum of 10 days and a maximum of 31 days. The maximum finance charge on a 14-day loan of $100 is $17.50, equating to a percentage rate of 17% plus a 3% rate if the consumer defaults on repayment. The Alabama Banking Department is the relevant regulator for the industry within the state.

A spokesperson for CashAdvanceOnine.net made the announcement of the article's publication in the following statement that was released to the press:

"We are delighted to announce that we have published a brand new article on payday loans in Alabama. This has been created in order to provide an accurate at-a-glance summary of everything that a consumer in Alabama needs to know about their payday loan before they accept it from a lender. We want consumers to know their rights and exercise them accordingly.

"Helping consumers make informed borrowing decisions and encouraging cash advance companies to conduct responsible lending are important cornerstones of what we do at CashAdvanceOnline.net. We invite consumers to read the article for free on our website and continue to follow the series as we address all state in turn."

To read the article visit: http://www.cashadvanceonline.net/alabama-payday-loans/

Contact:
Haim Milo
[email protected]
+1-323-544-5526

SOURCE CashAdvanceOnline.net

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED