What is a Cash Advance or Payday Loan?

Payday loans (also known as cash advances) are small-dollar short term loans that can help get you through until your next payday. Cash advances are often the most affordable option when borrowing a smaller amount of cash under $500.  Borrowers often choose payday advances to avoid late fees on bills, bounced check fees, and overdraft protection fees. In the case of most of the largest banks, they are currently charging an NSF fee of $36 regardless of the sum your bank covers, and that could add-up! The finance charge on payday loans vary from state to state, but typically range from $15 to $30 to borrow $100. In Alabama and Mississippi, the fees are $17.50 and $20 to $21.95 respectively for each $100 borrowed. (For example: $100 borrowed for 14 days in Alabama will have a finance charge of $17.50, an APR of 456.25%, and $117.50 due on the repayment date. $100 borrowed for 14 days in Mississippi will have a finance charge of $20.00, an APR of 521.43%, and $120.00 due on the repayment date).

For a more complete schedule of loan amounts and fees, click on the state specific link below:

Take a look at this snapshot deferred presentment/payday loan fees in Alabama.

Take a look at this snapshot deferred presentment/payday loan fees in Mississippi.

The amount one can borrow with payday loans is subject to state regulations. At Always Money Finance, borrowers may get a payday loan up to $410 in Mississippi and up to $500 in Alabama. Borrowers are allowed to have more than one payday loan in the state of Mississippi, however in Alabama the state limits borrowers to not having more than $500 in payday loans at one time. At Always Money Finance, we offer other options such as installment loans or auto loans if you already have a payday loan in the state of Alabama or if you need to borrow more money.


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