The best lenders or lender-connecting services to use while looking for installment loans in Alabama are those that meet your requirements. DirectLendersList is an excellent resource to compare different lenders and lender-connecting services available in Alabama.
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Last Updated: 03/20/2023
Bad Credit Loans is not a direct lender but a lender connecting service that matches consumers with reputable direct lenders and financial service providers through its network, providing easy access to installment loans ranging from $500 to $10,000 in Alabama.
APR Range
5.99% – 35.99%*
Min. Credit Score
None
Repayment Terms
3 to 72 months
Funding Time
Next Business Day*
⇒ The minimum age requirement is 19 years old.
⇒ Proof of citizenship or lawful residency, such as a Social Security number, is required.
⇒ A valid driver’s license or state-issued ID is needed.
⇒ Steady income from full-time employment or self-employment is necessary.
⇒ You must have a checking account in your name.
⇒ Both your home and work phone numbers must be provided.
⇒ A valid email address is required.
• Company Name: – BadCreditLoans.com (Great, LLC)
• Loan Type: – Installment Loans
• State: – Alabama
• Serviced As: – Lender Connecting Service (Not a Direct Lender)
• Minimum Amount: – $500
• Maximum Amount: – $10,000
• Loan Term: – 3 to 72 Months
• Funding Time: – As quick as the next business day* (Varies by the lender)
• APR range: – 5.99% -35.99%* (Varies based on the lender and other factors)
• Fees: – Any fees associated with the loan will be determined by the lender.
Your lender or financial service providers will solely determine the loan term, fees, and interest rates.
APR Range Example
$1,700 loan at 19.9% APR = $ 157.40/month for 12 months ($1,888.77 total)
MaxLend is an online tribal lender that provides short-term installment loans of up to $3,000 in Alabama, governed by tribal regulations and operating under the Tribe’s reservation.
APR Range
471.78% to 841.45%*
Min. Credit Score
None
Repayment Terms
9 to 18 months
Funding Time
Same or Next Business Day*
⇒ Have a checking account with funds deposited from a verifiable source of income.
⇒ Have an open checking account that complies with the “bank account minimum opened duration” standards.
⇒ You must be a resident of Alabama and be at least 18 years old.
⇒ Your take-home pay must be sufficient to fulfill the minimum income requirements.
⇒ You cannot be a debtor in bankruptcy proceedings or plan to petition for bankruptcy relief voluntarily.
• Company Name: – MaxLend (Uetsa Tsakits, Inc)
• Loan Type: – Installment Loans Online
• State: – Alabama
• Serviced As: – Direct Tribal Lender
• Minimum Amount: – $100
• Maximum Amount: – $3,000
• Loan Term: – Up to 9 Months for new customers
• Funding Time: – Same day or the next business day
• APR range: – 471% to 842%* (APR) varies on loan duration and amount borrowed.
• Fees: – No prepayment penalties
Disclaimer
MaxLend is an economic development arm and instrumentality of the Mandan, Hidatsa, and Arikara Nation, a federally-recognized sovereign American Indian Tribe. As a result, if you decide to do business with MaxLend, any dispute resolution process will be governed by Tribal law. Since MaxLend is owned by three federally recognized sovereign American Indian Tribes, it is not subject to suit or service of process. This implies that your potential forums for dispute resolution will be limited. If you are uncomfortable doing business with a sovereign instrumentality that cannot be sued in court, MaxLend recommends considering alternative services.
CashUSA.com is a lender matching platform that connects borrowers with a network of lenders in Alabama that may provide personal installment loans online ranging from $500 to $10,000.
APR Range
5.99% – 35.99%*
Min.Credit Score
None
Repayment Terms
3 to 72 months
Funding Time
1 to 2 business days*
⇒ You must be at least 19 years old and a US citizen or permanent resident of the United States.
⇒ Employed for a minimum of 90 days and should meet the lender’s minimal income requirements.
⇒ A checking account in your name is required.
⇒ A valid email address, as well as work and home phone numbers, are required.
• Company Name: – CashUSA.com
• Loan Type: – Online Personal Installment Loans
• State: – Alabama
• Serviced As: – Lender Connecting Marketplace (Not a Direct Lender)
• Minimum Amount: – $500
• Maximum Amount: – $10,000
• Loan Term: – Up to 72 Months
• Funding Time: – As quick as the next business day (Varies by the lender)
• APR range: – 5.99% -35.99% (Varies based on the lender)
• Fees: –The origination fee and any additional fees are determined by the lenders.
The loan term, fees, and interest rates are determined solely by your lender or lending partner.
APR Range Example
$2500 loan at 8.9% APR = $114.10/month for 24 months ($2738.33 total)
OppLoans is a fintech online lending platform that specializes in installment loans. It operates as a direct lender in Alabama, offering installment loans online between $2000 to $4000 — regulated by the Alabama State Banking Department Bureau of Loans.
APR Range
Up to 160%*
Min.Credit Score
550+
Repayment Terms
9 to 18 Months
Funding Time
1 to 3 business days*
⇒ Must be at least 19 years old or older.
⇒ Hold a valid bank account (checking or savings)
⇒ Be a permanent resident or citizen of the United States.
⇒ Have a regular source of income from a job or benefits like Social Security or Disability.
⇒ Receive an income through direct deposit.
Company Name: – OppLoans (Opportunity Financial, LLC)
Loan Type: – Short-Term Installment Loans
State: – Alabama
Serviced As: – Licensed Direct Lender
Minimum Amount: – $2000
Maximum Amount: – $4,000
Loan Term: – 9 Months to 18 Months
Funding Time: – 1 to 3 business days
APR range: – Up to 160% (APR) may vary depending on the loan amount, loan term, and creditworthiness factors.
Fees: – No prepayment penalties
APR Range Example
$2,500 loan at 160% APR = $493.23/month for 9 months ($4438.99 total)
HonestLoans.net is a lender-connecting marketplace that operates entirely online and connects those looking for credit with a network of loan providers and direct lenders. Alabama citizens can apply for installment loans online ranging from $200 to $50,000.
APR Range
Varies
Min Credit Score
None
Repayment Terms
Varies
Funding Time
1 to 2 business days
⇒ Minimum age of 19 is required in Alabama.
⇒ Maintain an active checking account.
⇒ Legal citizen or lawful permanent resident of the United States.
⇒ A steady revenue source is also required.
⇒ Monthly income of at least $800 is required.
⇒ Provide your contact details, including a valid phone number and an email address.
• Company Name: – HonestLoans.net
• Loan Type: – Online Installment Loans & Personal Loans
• State: – Alabama
• Serviced As: – Lender Connection Service
• Minimum Amount: – $200
• Maximum Amount: – $50,000
• Loan Term: – Up to 72 months*
• Funding Time: – 1 to 2 business day*
• APR range: – APR may vary according to lender policies and state regulations.
• Fees: – Any associated fees would be disclosed by the lender.
The loan term, fees, and interest rates are determined solely by your lender or lending partner.
ZocaLoans is a tribal lender that provides consumers access to short-term installment loans in Alabama and operates within the reservation of a Native American tribe, and is subject to tribal laws and regulations.
APR Range
Up to 795%*
Min Credit Score
None
Repayment Terms
Up to 6 Months
Funding Time
Same or next business day*
⇒ Be 18 years old or older.
⇒ Have a valid driver’s license number.
⇒ Have an ABA number for your checking account.
⇒ Provide your bank routing number.
⇒ Provide your Debit Card Number.
• Company Name: – ZocaLoans (Rosebud Lending)
• Loan Type: – Short-term Installment Loans Online
• State: – Alabama
• Serviced As: – Tribal Direct Lender
• Minimum Amount: – $200
• Maximum Amount: – $1,500
• Loan Term: – Up to 6 Months
• Funding Time: – As early as next business day*
• APR range: – Up to 795%* (APR) varies on loan amount and term
• Fees: – No prepayment fees
NSF fee of $25* and Late fee of $25* may apply.
Alabama is a diverse state with many unique things to offer. Huntsville is a city renowned as the “Rocket City” owing to its rich history and advances in space research. Birmingham, the state’s largest city, is a hotbed of activities concentrating on ecology and sustainability. Auburn is another Alabama city with a distinct atmosphere. It is recognized as a college town since it is home to Auburn University and has a thriving nightlife and sports culture. Lastly, Gulf Shores and Orange Beach are popular coastal destinations because of their beautiful sunsets and clean beaches.
With an estimated population of more than 5 million, Alabama ranks as the 24th most populated state in the U.S. A wide range of sectors, including industry, agriculture, and tourism, makeup Alabama’s economy. According to the Bureau of Economic Analysis, the state’s gross domestic product (GDP) was roughly $210 billion in 2019. It has, however, faced challenges due to its high rates of poverty and low median household income.
The state of Alabama’s citizens frequently faces difficult financial circumstances. According to the U.S. Census Bureau, Alabama’s median household income in 2019 was $51,734, less than the $68,703 average. In addition, Alabama’s poverty rate, which was 16.2%, was greater than the 10.5% national average.
Several things influence Alabama individuals’ financial position. The state has a large proportion of blue-collar employees, who may have fewer job prospects and earn lower wages.
Alabama has a large population living below the poverty line, making poverty a serious problem — the Alabama Poverty Statistics Sheet published by Alabama Possibles in 2019 estimates that 799,709 were living in poverty. Around 20% of Alabama residents are said to live below the federal poverty line, making Alabama one of the six poorest states in the country.
Many negative impacts caused by poverty may be seen in individuals and communities, and they could have trouble accessing essential services like food, healthcare, and education.
The most difficult circumstances might arise at inconvenient times since life is often unpredictable and filled with unforeseen hardships. Alabamians still face financial difficulties despite the country’s economy improving. When faced with unexpected expenses or past-due payments, these people usually experience the most stress. Why? Why? Well, because they rarely have additional cash on hand to pay for unforeseen expenses.
High poverty rates, low median family incomes, and limited job markets are problems for many locals. These difficulties may have a wide range of effects on individuals and communities. There is a massive gap in handling monthly or unplanned expenses since the average family income is lower than in other states. Alabamians go to alternate forms of credit, such as personal installment loans, to fill in the gaps and ease their financial burdens.
In Alabama, installment loans are a type of personal loan wherein you borrow a specified amount of money and repay it with interest over a set period. To qualify for an installment loan in Alabama, you must typically fulfill specific eligibility requirements, which include:
• Age: You must be at least 19 years old to apply for an installment loan in Alabama.
• Residency: You must be a resident of Alabama to apply for an installment loan in the state.
• Income: You must have a consistent source of income to demonstrate that you can repay the loan. Lenders frequently require pay stubs, bank statements, or tax returns as proof of income.
• Credit score: While some lenders may not demand a minimum credit score, others may consider it when deciding whether to approve your loan application. A good credit score may enable you to qualify for better rates of interest and loan terms.
• Identification: To establish your identity, you must provide a government-issued photo I.D., such as a driver’s license.
• Bank account: You must have a valid checking account with a direct deposit facility to receive the loan funds and make payments.
From the list above, choose a direct lender or loan marketplace in Alabama, and submit a short application in a few quick steps on their website.
If you qualify, you may receive approval the same day. Sign a loan agreement after calculating your borrowing costs.
Get the approved loan amount directly transferred into your bank account as soon as the same or the following business day.
In Alabama, installment loans are legal. Installment loans are regulated under the Alabama Small Loan Act. This statute regulates small loans, including installment loans, and establishes the maximum amount and terms lenders can offer.
Under the Alabama Small Loan Act, lenders can offer installment loans up to $2,000 with a maximum term of 12 months. For larger loans, there are no state laws that limit the maximum amount or term for installment loans.
• Loans ranging from $100 – $5,000
• Vast network of direct lenders
• Fast online application takes under 5 minutes.
• Loans from $500 to $35,000
• Large lender connecting marketplace
• Fast loan decision
Installment loans are a type of personal loan where the borrower borrows a fixed amount of money and repays it with interest over a set period in regular installments. To qualify for an installment loan, the borrower must typically provide personal and financial information, such as income, credit score, and employment details.
One of the advantages of installment loans is that they can be a valuable financial tool for those needing immediate cash for emergencies or unexpected expenses, such as medical bills or car repairs. Additionally, installment loans often come with fixed interest rates and predictable monthly payments, making it easier for borrowers to budget and plan their finances.
Low finances and overdue bills can damage your credit score due to late or missed payments, causing traditional banks and credit unions to decline loan applications. Alabama has a large number of privately held consumer lending companies that are state-licensed and provide installment loans online or in person. Some lenders may not undertake a necessary credit check. Still, they may utilize alternative methods for assessing creditworthiness, allowing you to obtain quick cash even if you have less-than-perfect credit.
Moreover, the absence of collateral and faxing makes the procedure straightforward and appealing. Traditional lenders often want collateral, such as your vehicle or house, to protect themselves in the event of non-payment. Furthermore, they would use fax machines to acquire required paperwork, which might be time-consuming. But, with installment loans, you may finish the entire process online without any collateral or faxing requirements, avoiding the time-consuming stages of other types of loans.
Alabama installment loans typically range from $500 to $5,000. But, depending on your selected lender and your financial circumstances, the exact loan amount you qualify for may differ. When evaluating the loan amount you are eligible for, lenders typically consider criteria such as your credit score, income, and debt-to-income ratio. Some installment loan lenders may have caps on the maximum loan amounts they can approve or lend. It is critical to borrow just what you can afford to repay and to thoroughly research the loan terms and conditions before accepting any offers.
There are several easy options to apply for an installment loan in Alabama. With the increased internet usage, several lenders have enhanced the loan application experience by utilizing cutting-edge technologies. Applicants can finish the loan process at home by completing a quick and easy online application on their laptop or mobile phone. Some lenders also provide alternative choices, such as applying over the phone or visiting a physical storefront.
Regarding speed, Alabama installment loans can be approved and processed within 24 to 48 hours of completing the application. It simply takes a few minutes to complete the online application. Although the procedure is speedy, the security of your personal information is never compromised since measures are taken to ensure that unauthorized individuals cannot access it.
The payback time for installment loans ranges from 6 to 36 months, while the precise terms lenders provide may vary. Due to its flexible repayment options, which enable borrowers to repay the loan over several monthly payments rather than a single lump sum payment, installment loans have grown in popularity in recent years.
The repayment process for installment loans is flexible, allowing borrowers to make fixed, regular installment payments. Several lenders provide a range of repayment options, letting borrowers select the amount and frequency of payments based on their financial circumstances. Also, some lenders do not impose prepayment penalties, enabling consumers to settle their loans in full before the due date and substantially lower the finance charge on their loans at the time of closure.
Online installment loans in Alabama are a convenient and accessible option for many borrowers due to several benefits. The following are some advantages of applying for an installment loan online in Alabama:
Simple and Comfortable Application Process: One of the key benefits of online installment loans is how simple and pleasant the application procedure is. With a computer or mobile device, you may apply for a loan from your home or workplace at your convenience. As a result, you won’t have to deal with the hassle of making a trip to a physical location and waiting around to complete paperwork.
Fast Approval and Funding: Online installment loans can be approved and funded quickly in Alabama. After submitting your application, you may receive approval within minutes and funds in your bank account within 24-48 hours. As a result, they are a fantastic choice for people who want cash immediately to pay unforeseen bills.
Credit Score: An advantage of obtaining installment loans online in Alabama is that some lenders may not solely rely on a borrower’s credit score or history for approval. Instead, they may assess other factors, such as income and employment status. This means that even individuals with less-than-perfect credit scores may still have a chance of being approved for a loan. Some lenders may perform a soft inquiry on credit, while others may not consider it at all.
Flexible Repayment Terms: Alabama installment loans provide flexible repayment terms. Borrowers can select the loan amount and repayment duration best suit their financial status. Several lenders also allow borrowers to adjust their repayment plans to make affordable monthly installments fit within their budget.
No Collateral: Unlike secured loans such as a car or home equity loan, online installment loans in Alabama do not require collateral. You do not have to put your assets at risk to get the loan. As a result, they are a fantastic solution for individuals who do not possess a home or a car.
In conclusion, Alabama installment loans provide several benefits for people needing urgent cash for emergencies or unforeseen costs. They are a handy and accessible choice for many borrowers because of the simple application procedure, quick approval and funding, flexible payback periods, and lack of collateral restrictions. But, borrowing responsibly is crucial, and you should only take out a loan if you are confident that you can return it within the agreed-upon terms.
Using our one-stop platform, you can easily find direct lenders and loan marketplaces in Alabama and compare multiple options at the same time. Here are a few general steps to apply for an installment loan with a lender or lending marketplace.
Find direct lenders and lending marketplaces that offer installment loans in Alabama on our platform and compare.
Once you have chosen a lender or loan marketplace, visit their website and complete the online application form with your personal information, employment details, and other required information.
Ensure you meet the lender's eligibility requirements before applying for a loan.
If you meet the lender's requirements, you will be presented a loan offer. Assess the terms and conditions carefully, including the interest rate, fees, and payback schedule. Accept the loan offer if you agree to the terms.
After your acceptance of the loan offer, the lender will usually deposit the funds into your bank account within a few business days.
In Alabama, the amount of an installment loan you can obtain is decided by several factors, including your income, credit history, and the lender’s regulations. The loan amount varies depending on the lender, but generally, it can be up to $5000. Some lenders may also restrict loan amounts for first-time borrowers, but you may qualify for bigger loan amounts if your repayment history improves.
Yes, Alabama residents with low incomes can qualify for installment loans. But, your income and other variables may determine the loan amount you are eligible for. If you have a low income, you must explore lenders and loan possibilities and choose the one that best fits your financial situation. To qualify for an installment loan, some lenders may have a monthly minimum requirement of up to $1000.
The amount of time it takes to get approved for an Alabama installment loan differs on the lender and the application process. In some situations, you may gain approval within minutes or hours of submitting your application. On the other hand, some lenders may take a day or two to process your application and make a decision.
Many Alabama lenders enable consumers to pay off their installment loans early without incurring a prepayment penalty. This implies that you can pay off your loan before the due date without paying any additional fees if you have the resources. Paying off your installment loan before time can save you money in the long run by lowering the interest you would have paid if you had stuck to the original payment plan. Therefore, it is vital to thoroughly study the loan agreement to verify that there are no hidden costs or penalties for early repayment.
