Payday Loans

Payday loans are small-denomination, unsecured advances up to $500 that are typically due on the customer’s next payday.  Payday loans are designed to meet temporary, short-term cash flow needs.  A payday loan is a convenient alternative to pawning or pledging personal property, incurring NSF or overdraft protection charges, or paying late charges.  When used responsibly, payday loans are a good choice.

We ask you to provide us information on your employment, sources of income, checking account history and contact information.  You may apply in-person at any of our conveniently located stores.

Payday Loans – FAQs

Can I do a payday loan online?

Payday loans are only available at store locations.

What do I need to provide the store to apply for a payday loan?

We ask that you provide:

  • Valid Photo ID
  • Your most recent checking account statement
  • Proof of a steady income
  • A check from your checking account.

You must be at least 19 years of age (or 18 and married) to qualify for a payday loan.

Do you allow savings accounts or prepaid debit card accounts instead of checking accounts?

Alabama law requires that you have a checking account for a payday loan.

How much can I borrow?

At Check Depot, we lend from $50 to $500 on a payday loan. The amount of the payday loan is determined in part by your net income. We work very hard to lend you the amount you request; however, we don’t want to lend more than your income will support.

How much will my loan cost?

Alabama payday loan fees are $17.50 per $100 borrowed. The APR* depends on how long you have the loan. The APR is 456.25% for a 14-day loan and 206.05% for a 30-day loan.

The following table illustrates our fee structure:

Loan Amount Fee Rate Fee Amount Total Payments
$100 17.5 % $17.50 $117.50
$150 17.5 % $26.25 $176.25
$200 17.5 % $35.00 $235.00
$250 17.5 % $43.75 $293.75
$300 17.5 % $52.50 $352.50
$350 17.5 % $61.25 $411.25
$400 17.5 % $70.00 $470.00
$450 17.5 % $78.75 $528.75
$500 17.5 % $87.50 $587.50

*APR: Annual Percentage Rate: The APR is the cost of your loan expressed as a yearly rate.

When do I have to pay the loan back?

The loan must be repaid by your next scheduled payday. By law, the advance is due between 10 and 31 days of the contract date.

Is my credit rating checked before I receive an advance?

We will not obtain a credit report from any of the three major credit bureaus. Unlike many other financial institutions, we do not require that you have a good credit rating or credit history.

What happens if I don’t have the necessary funds to repay the advance on my due date?

We are committed to collecting past due accounts in a professional, fair and lawful manner. We will work with you to arrange an orderly and timely repayment. Remember, you are responsible for full repayment of your account (including a returned check charge, when appropriate). We will contact you to collect the amount due and, if necessary, may turn your account over to a collection agency.

If getting a payday advance is such a simple and easy process, why is there so much information in the customer agreement?

The agreement you read and sign prior to receiving a payday advance is a contract that complies with all applicable state and federal disclosure requirements. It fully outlines the terms of the payday advance transaction including the cost of the service fee both as a dollar amount and as an annual percentage rate (APR). Full disclosure provides all the information needed to make an informed financial decision.