A study revealed that almost half of all adults in the United States do not have enough money in savings to cover a $400 repair expense to their home or car. Approximately 47 percent of Americans, including residents of Alabama, have little or no savings. When a crisis arises, a cash-strapped individual may need a quick source of funds.
Alabama Payday Loans Alternative
A study revealed that almost half of all adults in the United States do not have enough money in savings to cover a $400 repair expense to their home or car. Approximately 47 percent of Americans, including residents of Alabama, have little or no savings. When a crisis arises, a cash-strapped individual may need a quick source of funds.
One option is a payday loan. This short-term loan is designed to provide borrowers fast access to cash to pay for unexpected expenses. Although they can provide immediate cash, traditional payday loans have several disadvantages. We at Golden Valley Lending offer a payday loans alternative that can help you get back on your feet.
Disadvantages of a Payday Loan
When you are approved for a payday loan in Alabama, you need to provide the lender with a check or electronic agreement to have your checking account withdrawn for the full amount of the principal plus any finance charges. The lender will wait until your next payday. You must pay the finance charges before any payments are applied to the principal. The large payoff amount due at the end of the loan term is known as a balloon payment.
If you do not have sufficient funds to cover the check on your next payday, the loan will rollover. The lender will apply more finance charges and fees. This is the reason that traditional payday loans are so expensive for many borrowers. You also cannot reduce the interest and fees by paying the loan off early. The only advantage of paying the loan off early is that you avoid rollover fees. Our alternative may be a better option.
Apply Online
To apply for the Golden Valley Lending payday loans alternative, you can use an internet-capable device and access our application 24/7. Our streamlined application process only gathers the information necessary to make a lending decision with our proprietary scoring system. The secure online loan process is based on OLA guidelines, federal and tribal regulations. Every application is given special attention to consider factors beyond your three-digit credit score.
Accessing Your Funds
Once approved and verified, Alabama borrowers may be able to access their funds as soon as the next business day. The money may be deposited electronically into your bank account through a secured ACH transfer as long as you have been approved by 4:30 p.m. Eastern Time, Monday through Friday.
Loan Repayment Process
Golden Valley Lending offers a fixed-term installment loan from $300 to $1,000 with straightforward loan terms. We are all about transparency. The agreement doesn’t have prepayment penalties or hidden fees. The loan is repaid over a period of bi-weekly installments with principal and interest paid down in each payment. This makes our loan product superior to traditional payday loans because payments decrease the principal over time.
You can visit your account on our website to refer to the loan terms or print a copy any time. For your convenience, we can automatically draft your checking account. This requires no effort on your part to ensure that your loan is paid on time and you do not accidentally miss a payment.
We Are Here to Help
Golden Valley Lending offers you a clear and convenient way to apply for the money you need when you need it. As a resident of Alabama, if you have any questions or are looking for a payday loans alternative, contact us today.
