Best payday loans Alabama

Low interest today is not uncommon. But many people find interest-free loans unrealistic, especially if they are provided online without visiting the borrower’s office. It turns out that there are not many microfinance organizations – payday loans that are ready to give money without charging interest for their use. This option has its advantages and disadvantages, but many borrowers are eager to take advantage of this chance of lending.

Read more about interest-free loans.

Usually, money in an interest-free loan can be offered mainly by companies that seek to expand their customer base. Borrowers who have received the required amount can use it throughout the entire period established by the credit institution that issued the money in debt. Return will need only this amount. There are also companies that do not charge interest to customers on the occasion of their birthday.

First loan at 0% – same day payday loans Alabama

The first loan for new clients in some microfinance companies is provided at 0%, which is an excellent advertising trick for payday loans. It really attracts borrowers who do not want to pay extra money on a loan. Many try to see a trick in such credit conditions. In fact, there are no overpayments when issuing loans at 0% in such microcredit organizations.

But the issuance of money in these payday loans is limited to certain conditions, such as the age of the client, loan terms, etc. If the financial situation does not allow you to overpay on the loan, an interest-free loan is an excellent opportunity to save money, but only during the initial application for a loan. As for payday loans, providing loans without interest does not bring direct profit, there are not many such organizations in Alabama.

Other options

Another option is to get a loan by a birthday boy. In this case, some lenders also offer an interesting option – to issue an interest-free loan. If the date of birth in the recipient’s passport coincides with the current date, he can take advantage of an excellent bonus – a loan at 0%.

Who can get a loan at 0%?

The issuance of interest-free online loans is usually carried out on the card account of the client. He gets a loan, spends this money at his discretion during the loan period, returns the same amount to the lender.

Payday loans no checking account Alabama

In accordance with the terms of this type of loan, the client is limited to the following framework:

  • you can receive only a small amount ranging from $100 up to $1000;
  • loan period is limited to 1-30 days;
  • provided only once in the same payday loan – offer for a new client;
  • obligatory presence of American citizenship;
  • providing a passport with permanent registration in any locality of the USA;
  • borrower’s age – from 18 years;
  • confirmation of the availability of a source of permanent income.

Procedure for receiving and repaying a loan

To get a loan, you need to apply on the payday loan website (if provided online) or when you personally visit the company’s branch application with all the necessary data in accordance with the requirements of a particular microfinance company (personal data, amount and term of the loan). To issue loans at 0% of the company can around the clock. At the same time, it is not necessary to involve guarantors in this procedure, collect references, and have a good credit history.

To get a loan, you need to have access to the Internet and provide passport data. Consideration of the application takes place in some payday loans instantly, others check the client’s data and make a decision within 0.5-1 hours.

If the refusal is not received, the micro-loan is provided in any convenient way:

  • cash at the company office or home delivery;
  • customer card;
  • to his bank account;
  • to one of the electronic wallets that the customer has issued.

It is necessary to repay the loan, depending on the requirements of the company that issued it – in a single amount, every 2 weeks or once a month.

Advantages and disadvantages of loans without interest

The main advantage of this type of loan is the lack of overpayment for use. In addition, this is a great opportunity to receive the required amount, if it is urgently needed – you can apply for a loan at any time of the day on weekends and public holidays. Also the positive aspects include the ability to receive money in any convenient way. To the negative points should be attributed to the short crediting period, small amounts, which allows the credit institution to take without interest.

What will happen if you do not give money?

In case of non-repayment of the loan, all possible legal mechanisms of influence will be involved in relation to the debtor: fines, penalties, the SMS will be sent to the debtor, calls will be made to pay the debt. If this does not help, the creditor has the right to sue and demand reimbursement of the debt in court, with the legal costs borne by the debtor. It is also possible the transfer of rights to debt collection agency, whose employees will be able to achieve its return.

Rates and Terms for Alabama

Loan Amounts: The maximum loan amount for Alabama residents is $500.00.Based on your income and other factors, loan limits will be determined on an individual basis.

Loan Balances: Loan balances, including fees, cannot exceed 25 percent of Gross monthly income up to $500.00.

Term of Loan: Minimum 10 days – Maximum 31 Days