Alabama Personal Loans
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Minute Loan Center is available 24/7 online in the great state of Alabama.
Line of Credit
Similar to a credit card, it gives you the ability to access funds when you need them. You can take an advance against your credit line, pay down, and borrow more as you need it, up to your credit limit.
Online Line of Credit Questions:
How much money can I borrow?
Residents may be eligible to receive a credit line up to $3,000. The state of Alabama requires residents to be at least 19 yrs of age in order to participate.
How much does an advance cost?
The Minimum Payment Due for each Billing Cycle will be based on your disclosed pay frequency and be based on:
i) For billing statements with less than 23 days, all unpaid Interest Charges that have accrued as of the Closing Date of the Billing Cycle, plus six percent (6%) of the active Advance origination amounts and all unpaid Fees and for Billing statements with more than 23 days, all unpaid Interest Charges that have accrued as of the Closing Date of the Billing Cycle, plus thirteen percent (13%) of the active Advance origination amounts and all unpaid Fees; or
(ii) $100.00 for billing statements with less than 23 days, $200.00 for billing statements with more than 23 days (or any lesser amount needed to pay the New Balance in full).
When will my loan be due?
We want to make this convenient for you. You can choose to schedule automatic payments on your statement due date or can choose to have your statement’s minimum payment divided and presented on your pay dates. Choosing the pay date option makes it generally easier to manage your budget.
How can I get more cash?
As long as your Minute Loan Center online Line of Credit is active, you will be able to take advances up to your credit limit at anytime. When you pay down your advances, you immediately get access to more funds.
Minute Loan Center
Itemization of Charges – Revolving Credit
Interest Rates and Interest Charges | |
|---|---|
Annual Percentage Rate (APR) for Advances | For balances up to $3,000, between 249.00% and 701.5625%, depending on your creditworthiness. |
Paying Interest | We will begin charging interest on advances on the transaction date. |
Fees | |
|---|---|
Set-up and Maintenance Fees | |
| Account Set-up Fee Annual Fee | $9.95 (one-time fee) $24.95 |
Transaction Fees | |
| Advance Fee | Either 15% or $1 of each Advance, whichever is greater. |
Penalty Fees | |
| Late Payment Returned Payment Overlimit | Either $18 or 5% of the unpaid amount, whichever is greater (maximum $100) $30 $14.95 |
Other Fees | |
| Credit Limit Increase Fee Paper Statement Delivery Fee | $4.95 each time we agree, at your request, to increase the credit limit. $9.95 for each paper statement we print and mail to you, if you cancel or |
Interest Charges for Advances
Your Account is subject to Interest Charges (periodic rate Finance Charges). The Interest Charges for Advances are based on the Annual Percentage Rate(s) and corresponding Daily Periodic Rate(s) we include in your Account Opening Disclosures.
We figure the Interest Charges on your Account by applying the Daily Periodic Rate to the “Daily Balance” of unpaid Advances in your Account for each day in the Billing Cycle. To get the “Daily Balance,” we take the beginning balance of your Account each day, add any new Advances, and subtract any unpaid Interest Charges, Fees and Other Charges, and any payments or credits.
This gives us the “Daily Balance.” Then, we multiply the Daily Balance for each day by the Daily Periodic Rate to obtain the “Daily Interest Charge” for the day, rounding the Daily Interest Charge to the nearest whole cent. At the end of each Billing Cycle, we add together the Daily Interest Charges for each day in the Billing Cycle to determine the total Interest Charges due for your Account during the Billing Cycle.
Licenses / Registrations
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* Certain limitations apply. All loans subject to approval pursuant to Minute Loan Center underwriting criteria. Minute Loan Center does not perform traditional credit checks as part of its credit transaction approval process, but does verify applicant information via national databases including, but not limited to, Clarity Services Inc. Due to state and verification requirements, not all applicants for on-line request may be eligible for on-line approval by Minute Loan Center. Some customers applying for Minute Loan Center loans may be required to submit additional documentation due to state law and qualification criteria. See your local store for more details and additional disclosures or visit the Products page for more details.
** Terms and conditions apply. In-store cash pickup not available in all states. Checks or alternative funding options are available and may be issued instead of cash. Loan funding requires verification of application information. Depending on ability to verify this information, loan funding may be extended up to two business days. Terms and actual APR may vary based on various factors such as state, loan term, loan product type, additional fees and/or other underwriting considerations including credit qualification on certain products.