Alabama Payday Loan Laws
 | Min/Max Term of Payday Loan: | 10-31 days | | Max Fees and Finance Charges: | 17.5% | | Maximum Loan Amount: | $500 | | Number of Rollovers: | 1 (Rollover) | | Outstanding loans allowed at one time: | 2 | | Cool-off period: | Next business day after 2 continuous loans repaid | | Military Protection: | Not specified | | Payment Plan: | Yes | | Limits on collection and presentment: | Not specified | | Collection fees: | One $25 NSF fee; Court costs; Reasonable Attorney's fees | | Presentment Limit: | Not specified | | Penalties: | Civil Fines, Suspension or revocations of license; Cease and Desist Order; Criminal | | Private right of action: | Not specified |
Alabama Payday Loan Laws:
After the initial loan period and one rollover with the same customer, the full outstanding amount of the loan is due and payable. If the borrower is unable to repay the outstanding amount in full, the payday lender may offer the customer an extended repayment option of four equal monthly installments of the remaining balance. If there are insufficient funds in a borrower's account to pay a check on the date of presentment, the lender may charge an additional fee.
(Alabama Deferred Presentment Services Act, Title 5, Chapter 18A)
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