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Lending Laws of Alabama

In Alabama, the maximum loan amount is $500. The loan term limit is 31 days, but you’re allowed one rollover, which means you can extend your loan for up to another 31 days. Alabama enforces a minimum loan term as well – you must have the loan for at least 10 days. Your loan’s finance charges are not to be greater than 17.5-percent. So, the finance charge for a 14-day, $100 loan should be no more than $17.50, and the APR should be no more than 456.25-percent.

If you are unable to pay off your loan, your lender is allowed to charge you one $30 NSF fee, may file suit against you, and seek reasonable attorney’s fees, court costs, and other collection fees . They are not, however, allowed to pursue criminal action, unless you closed your checking account.

Alabama (AL)

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About Alabama

Alabama is the thirtieth largest state in the United States with 52,423 square miles (135,775 km²) of total area. 3.19% of the area is water, making Alabama twenty-third in the amount of surface water, also giving it the second largest inland waterway system in the United States. About three-fifths of the land area is a plain with a general downward slope towards the Mississippi River and the Gulf of Mexico. North Alabama has mostly mountains, with the Tennessee River cutting a large valley creating many creeks, streams, rivers, mountains, and lakes.

According to the United States Bureau of Economic Analysis, the 2008 total gross state product was $170 billion, or $29,411 per capita. Alabama's 2008 GDP increased (went up) 0.7% from the past year. The single largest increase came in the area of information. In 1999, per capita income for the state was $18,189.

Alabama's agricultural outputs are poultry and eggs, cattle, plant nursery items, peanuts, cotton, grains (such as corn and sorghum), vegetables, milk, soybeans, and peaches. Although known as "The Cotton State", many reports say that Alabama is between eight and ten in national cotton making, with Texas, Georgia and Mississippi making up the top three.

Alabama's company outputs are iron and steel products (like cast-iron and steel pipe); paper, lumber, and wood items; mining (mostly coal); plastic things; cars and trucks; and apparel. Alabama also makes aerospace and electronic things, mostly in the "Huntsville" area, location of NASA George C. Marshall Space Flight Center and the US Army Aviation and Missile Command, headquartered at "Redstone Arsenal."

Over 30000+ Alabama People using BRiLOANS for their emergency needs.