If you’re in Alabama and considering a loan that is payday reconsider that thought.
Payday advances are short-term loans that trap consumers in a financial obligation cycle with a high interest levels and repayment that is unforgiving.
The interest rate on that loan can reach 461% annually, which is among the highest rates in the country, according to a study by the Pew Charitable Trusts if a two-week payday loan is not paid off on time in Alabama. What this means is you might wind up spending $461 in yearly costs for the loan which was initially $100.
These predatory loan providers are discovered through the entire state, that has 967 more cash advance storefronts than McDonald’s restaurants.
NerdWallet is simply starting in its campaign that is educational against financing and it is dealing with the Gateway Foundation and Alabama Appleseed to offer Alabama consumers with options to pay day loans.
Before you take down an online payday loan, contact Gateway first: Its system, Gateway Financial Freedom, provides you with private, specific advice about financial obligation administration, budgeting, and mortgage and counseling that is foreclosure.
They protect customers by providing reduced interest rates and longer payment durations. They’re also more lenders that are flexible it works with regards to clients to simply help them handle their funds.
Observe that you should be a user of most credit unions to utilize for their loans. The expense of account differs from ten dollars to $35, a good investment which could help save you hundreds or 1000s of dollars when comparing to typical pay day loan charges. We’ve discovered that numerous credit unions provide short-term loans with yearly portion prices (APRs) ranging between 6% and 23%, you should contact specific loan providers when it comes to many information that is current short-term loan provides.
Check out alternate loan providers across Alabama, put together and suggested by Alabama Appleseed:
Alexander City
1030 Lee St.; (256) 234-3821
Birmingham Metro
4933 Promenade Pkwy. #113; (205) 226-3944
1808 2nd Ave. S; (205) 956-0678
City of Birmingham
7400 London Ave.; (205) 833-3556
750 seventeenth St. N; (205) 226-6800
613 St that is 19th; (205) 985-2828
1400 S. twentieth St.; (205) 933-9933
2725 Ave that is 35th N (205) 520-2115
5705 Valley Rd.; (205) 783-9100
524 Red Lane Rd. #B; (205) 838-2466
1819 Street that is 20th Ensley 205-781-4220
5401 E. Lake Blvd.; money mart loans flex loan (205) 841-4525
Brewton
2549 Southern Blvd.; (251) 867-3162
Daleville
467 S. Daleville Ave., PO Box 366; (800) 343-9933
Decatur
3048 Finley Island Circle; (256) 351-7880
2328 Aim Mallard Dr. SE; (256) 353-3616
2505 Highway 31 South; (256) 355-5010
Dothan
123 S Woodburn Dr.; (334) 671-1890
411 North Foster St.; (334) 793-7714
326 Honeysuckle Rd.; (334) 793-3667
3116 Ross Clark Circle; (334) 792-3306
2220 Montgomery Highway; (334) 793-7226
Gadsden
702 Walnut St.; (256) 543-7040
110 S. St. that is 26th;256) 543-7302
Huntsville
2309 Whitesburg Dr. S; (256) 534-2423
220 Wynn Dr. NW; (800) 234-1234
2200 Clinton Ave.; (256) 533-0541
Mobile
6320 Airport Blvd.; (251) 316-3240
103 Hillcrest Rd.; (251) 706-0255
1001 Springhill Ave.; (251) 438-7464
3150 Airport Blvd.; (251) 473-4712
1175-A Hillcrest Rd., Suite 7; (800) 344-3281
109 St. Joseph St.; (251) 694-4100
5 circle that is infirmary (251) 435-5900
Montgomery
1000 Interstate Park Drive; (334) 270-9011
345 Perry Hill Rd.; (334) 272-7790
2767 Eastern Blvd.; (888) 842-6328
244 Dexter Ave.; (334) 834-5144
2914 Chestnut St.; (334) 263-7077
616 Madison Ave.; (334) 242-5484
400 Arba St.; (334) 834-7483
330 Eastdale Circle; (334) 270-5532
340 TechnaCenter Drive; (334) 215-7328
Muscle Shoals
4790 E. second St.; (256) 383-9204
TVA Reservation; (256) 386-3000
200 E. St. that is 6th;256) 381-3335
Opelika
2915 Pepperell Pkwy.; (334) 745-4711
Selma
198 Highland Ave.; (334) 872-9096
Tuscaloosa
220 Paul W. Bryant Drive East; (205) 348-5944
2520 6th St.; (205) 759-1505
2302 Jack Warner Pkwy. NE; (205) 349-4209
Tuscumbia
200 E. 6th St.; (256) 381-4800
Tuskegee
304 W. Montgomery Rd.; (334) 727-3180
Near you, try using this tool to locate the nearest institution if you’re not from Alabama and need to find a credit union. Go to the sites of specific credit unions for more information about their small-dollar loan options, and check NerdWallet for updates on options in other states.