A First Time Borrower’s Guide to Alabama Payday Loans

November 11, 2021
A First Time Borrower’s Guide to Alabama Payday Loans

For those running a little low on funds, an Alabama payday loan could be the quick solution to make it to your next payday.

Between the constantly looming threat of coronavirus and the economic crisis, a lot of us have had our resources nearly depleted this year.

If this is the case, then you have come to the right place.

As widely advertised as payday loans may be, there’s still a few misconceptions on the product. This is why we’ve put together this guide to paint you a clear picture of what you can expect when you take out an Alabama payday loan.

How do Alabama payday loans work?

Essentially, a payday loan is a short-term, unsecured loan due within a couple of weeks.

This is how it works:

1. You give the relevant information to your lender. This typically includes basic information such as your name, age, nature of work, etc.

2. You will then write a post-dated check or give the lender your checking details with the amount that you need to pay back.

3. You’ll be given the money that you want to borrow once you have been approved.

3. 2 to 4 weeks later, your lender will cash in your check or take the money straight from your bank account for your payment.

4. That’s it—it’s pretty straightforward once it has been broken down, really.

The Benefits of Alabama Payday Loans

  1. Fast transactions

One of the main reasons those who are in the red opt for payday loans is that it doesn’t take too long to process. You can even apply online, and once you get approved; you can have the money sent to you the very same day.

This shows a stark difference from other traditional loans that typically take weeks or months to acquire.

2. You don’t need a good credit

We know that getting a good credit score takes time. Whether you’ve made bad financial calls in the past or are just starting out, your credit score will reflect that. But this doesn’t mean that you can’t get financial assistance anymore.

This is what Alabama payday loans are for. Lenders who offer this understand that those who apply for this type of loan might be temporarily in the red. They’ll make it easy for you by simply asking for your basic details and proof of your monthly income.

Should you apply for a payday loan?

If you’re in a pinch, you can apply for an Alabama payday loan. However, this is something that we recommend that you do with caution.

Sure, a payday loan might resolve your temporary money problem, but if you don’t manage your finances until the next payday, you could make things worse.

Payday loans do have higher rates than bank loans. So, unless you really need the money to tide you over until your next paycheck, you should make sure it’s essential.

Alabama Payday Loans with Lending Bear

Have you decided that taking out a payday loan is your best option? Well, look no further. Here at Lending Bear, we can let you borrow the money that you need to get back on your feet.

We offer Alabama payday loans that you can apply for easily and at friendly rates. Visit one of our stores or our website to learn more about this type of loan and how we can be of assistance.

Cash when you need it, fast and friendly!