Source: https://www.localdebtservices.com/debt-consolidation/alabama.htm
Timestamp: 2019-07-20 12:09:34
Document Index: 185552085

Matched Legal Cases: ['§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 11', '§ 11', '§ 24', '§ 16', '§ 22']

Alabama Debt Consolidation ($10000 - $50000) Bad Credit OK
AL Debt Consolidation:
Updated September 30 2018 Home | AL
APR Estimator for Alabama
AL Fair Credit Consolidation
1) Avadian Credit Union
+1 205-967-2993
2) Legacy Community FCU
1400 20th St S, Birmingham, AL 35255
+1 205-930-5000
3) Redstone Federal Credit Union
4) Rocket City FCU
+1 256-533-0541
5) Guardian Credit Union
Law for Alabama Lenders
Text Source - Government Source: Alabama State Statutes
All legal verbiage below for the state of Alabama is not published in it's exact form. We try to keep all legal information as up to date as possbile, but there is no warranty or guarantee (of any sort) implied regarding the absolute accuracy of this Alabama legal information. This information is NOT legal advice. If you believe you need legal advice, consult a Alabama based attorney, and/or contact the Alabama State government's department of finance and banking.
Alabama governs interest rates in the state under Title 8 (Commercial Law and Consumer Protection), Chapter 8 (Interest and Usury) of the Alabama Code. § 8-8-1 prescribes the maximum rate of interest upon a loan or forbearance of money, goods, or things in action as $6 upon $100 for one year. The rate of interest upon a written contract is $8 upon $100 for one year on any amount of money for any period of time.
According to § 8-8-12, contracts for payment of interest at a higher rate than prescribed by law are usurious and cannot be enforced except as to the principal. A person borrowing at a usurious rate of interest shall not be required to pay more than the principal sum borrowed. Pursuant to § 8-8-10, the rate of interest upon a judgment rendered, on a contract action, for the payment of money shall be at the same rate of interest as stated in said contract. Such judgments bear interest from the day of the cause of action. All other judgments, not based upon contract actions, shall carry an interest rate of 12 percent per annum.
Certain types of transactions and entities are exempt from the state law on usury and interest rates. State Board of Education and the trustees of all state institutions have an exemption to the prescribed limit of statutory rate of interest fixed in § 8-8-1. Under § 8-8-4, when borrowing money in amounts not less than $100,000, they may agree on rates of interest not exceeding 15 percent per annum. Under § 8-8-5, rates of interest may be fixed by any person, corporation, partnership or association, regardless of the statutorily prescribed limit of interest rates, when the original principal balance of the loan or forbearance of money or credit sales is not less than $2000.
Under § 8-8-6, debts or extension of credits under the National Housing Act or veterans’ benefits are exempt from any usury law or law prescribing or limiting interest rates in the state of Alabama. Bonds, notes, warrants, or securities issued by the State of Alabama or any of the state department, agency, or instrumentality or by any non-profit organization in the state are exempted, under § 8-8-7, from all usury laws or laws prescribing or limiting interest rates in the state. Likewise, § 11-54-97 of the Code of Alabama exempts industrial development boards and § 11-58-15 exempts medical clinic boards from such laws. Public housing bonds issued by the Municipal Housing Authorities in Alabama are exempt, pursuant to § 24-1-32, from usury and interest rate laws in the state. § 16-3-28 exempts securities issued by the State Board of education and § 22-21-6 exempts bonds, notes and other securities issued by any public hospital corporation from such laws in Alabama.
AL Good Credit Consolidation
6) MAX Credit Union
10 E Selfridge St, Montgomery, AL 36112
+1 334-215-5470
7) New Horizons Credit Union
6320 Airport Blvd, Mobile, AL 36608
+1 251-316-3240
8) Tyndall Federal Credit Union
4674 W Main St, Dothan, AL 36305
9) Alabama One Credit Union
+1 205-759-1595
10) Family Savings Credit Union
11) Amerifirst Bank
+1 334-409-2980
12) Bryant Bank
+1 256-535-1045
13) Renasant Bank
+1 205-716-3475
14) Bank of Evergreen
+1 251-578-2250
15) Pinnacle Bank
+1 205-221-4111
AL Debt Settlement/Relief Services
Eagle One Debt Settlement and Consolidation
2240 3rd Ave N, Birmingham, AL 35203
+1 205-267-3970
getmedebtfree.ca
+1 705-640-0187
445 Dexter Ave Ste. 4050, Montgomery, AL 36104
+1 713-394-3232
Judson Crump Debt Settlement
www.judsonecrump.com
+1 251-272-9148
Alabama Debt Counselor Services
1300 John R St Suite C, Muscle Shoals, AL 35661
+1 256-381-6451
+1 205-244-2771
3125 University Dr B, Huntsville, AL 35816
+1 855-273-3663
Montgomery Superior Credit Repair
10605 Evanwood Ct, Montgomery, AL 36117
+1 888-715-2400
Map of AL Consolidation Providers
Alabama Bankruptcy Services
22011 AL-59, Robertsdale, AL 36567
+1 251-431-6012
1902 8th St, Tuscaloosa, AL 35401
www.bettisllc.com
+1 205-202-1108
921 E Main St, Prattville, AL 36066
+1 334-361-8550
2031 2nd Ave N, Birmingham, AL 35203
www.albankruptcylawyers.com
+1 205-458-1161
+1 205-292-7460
2430 L and N Dr SW A, Huntsville, AL 35801
+1 256-534-1196
1400 Urban Center Dr #430, Vestavia Hills, AL 35242
www.clarkfinancialadvisors.com
+1 205-298-8480
www.falknerfinancialadvisors.com
+1 205-655-4944
Lodging a Complaint in Alabama?
Alabama Government contact Info for consumer complaints. State of Alabama Banking Department: Write to A Baldwin @ P.O. Box 4600, Montgomery, Alabama 36103-4600, or call 1-334-242.3452 or use their online form here.
Alabama State Capitol: Larger Image & Credit
Lees's Consolidation Loan:
Lee in Montgomery and his son really do not get along very well. Lee's son has charged quite a lot of money to his credit card and now refuses to pay it back.
It all started when Lee gave his son his credit card and asked him to pick up some supplies at the local hardware store.
Instead of picking up the supplies as requested, he took out several cash advances and spent the money partying.
Before he knew how bad a situation he was in, Lee owed over $10,000 on his credit card account. Added to that number was debt that Lee owed for other things that he had purchased for his home.
Lee now needs a consolidation loan of around $15000 to repay all of the debt that he now has in his name even though his son spent a great deal of the money.
While he is applying for a loan, Lee is also trying to talk to his son about paying back some of his debt.
When consumers take cash advances from their credit card accounts, interest is charged immediately at the going rate for credit cards.
It is in effect a loan that carries a high interest rate. Charges can build up really quick if you are not aware of the new debt. Lee has learned a tough lesson about keeping control of your credit cards even from family members.
In the meantime, he needs a $15000 debt consolidation loan.
A $15000 loan with an three-year term and 5.9% interest rate for Lee would cost him the following per month:
• Interest Rate = 5.9%
• Monthly Payment = $455.65
• Total Paid Back = $16403.39
• Total Interest = $1403.39
Consumers should never lend their credit cards to anyone. Never give out your PIN number to anyone. Once you do there is no protection for your card and serious debt can be added quickly.
Many people feel that they are protected from fraud by the credit card companies.
They should be aware that if you knowingly release your pin number to someone who then defrauds you, the credit card companies may not extend their insurance coverage to you.
Lee will have to repay his credit card debt through this debt consolidation loan. It is his card and he is responsible for it. If he chose to ignore it or not repay what is owed, it would be his credit rating that will suffer.
He will be repaying this loan for the next three years unless he can work with his son to make some kind of arrangement for him to repay his dad.
Fortunately for Lee, he has a good credit score and can borrow money to fix this problem created by his son. Not all consumers have this solution available to them.
Their credit score might be too low to support a loan or their income levels would not support a loan. Always protect your credit cards and do not lend them to anyone.
Do you live in the great State of Alabama and need a debt consolidation loan? I hope our website can help in some way to find a decent interest and terms even if you have a bad credit score.
Alabama City Directory
Montgomery AL ¶ Birmingham AL
Huntsville AL ¶ Dothan AL
Hoover AL ¶ Mobile AL
Tuscaloosa AL ¶ Auburn AL
Gulf Shores AL ¶ Orange Beach AL
Selma AL ¶ Gadsden AL
Monroeville AL ¶ Talladega AL
Florence AL ¶ Vestavia Hills AL
Decatur AL ¶ Madison AL
Alabaster AL ¶ Prattville AL
Zafeed's Consolidation Loan:
Zafeed grew up in Birmingham Alabama and is now the proud father of 3 young children who he supports with his two jobs. He requested approval on a $50000 dollar consolidation loan.
Not all of his debt was unsecured debt either. He had some a car and a truck for assets. The truck was owning $23000 on it and the car was $27000.
The problem was his financing on these vehicles. He actually bought both the car and truck the same year. The year when his income was at his highest.
But soon after he was making the big bucks he lost his most lucrative job. He dropped from making $10000 a month to only making $4000 a month. It was a shocker for sure. He didn't know what he was going to do.
To make matters worse the interest rate he was paying the vehicle loans was over 10% on average. The reason his rate was that high is because his credit score had dropped due to some unpaid bills he neglected to look after for over 5 months.
That's a sure fire way to get a bad credit rating. A sure fire way to find yourself not sleeping very well at night. A sure fire way to be paying over ten percent on a car loan.
But after he purchased the vehicles he started working even harder. Part of that hard work was invested in taking the time to clean up his credit score.
He worked for two years to get his credit score out of the low 600 range. Eventually he his score had improved enough he tried applying for a debt consolidation deal with the local banks.
Below we have the amounts he wanted to consolidate with his new credit score.
• $23000 truck loan @ 10.7%
• $27000 car loan @ 11.32%
With rates like these he was paying a lot of money out in interest. So much money in interest he considered claiming bankruptcy. He didn't think he would ever have enough monthly cash flow to service these loans.
Not until he tried a little harder and kept pushing forward. Here is the final tally of the loan.
• Debt Consolidation Amount = $50000
• Interest Rate = 7.31%
• Term Length = 5 years
• Monthly Payment = $997.39
• Total Paid Back = $59,843.35
• Total Interest = $9,843.35
Now that's a much better rate to have for a short term personal loan. At 7.31% he's saving a hugh amount of money over the five year term.
And now we can include a short list of the lenders that offered him a deal.
• Nation wide lender @ 8.45%
• Alabama State lender #1 @ 9.84%
• Alabama State lender #2 @ 7.31%
• Birmingham local lender @ 8.07%
Really good bunch of offers I would say. Considering his credit score was still hurting at the time of his application.
If you've never been on our site before, you're may be asking, "Wouldn't it hurt his credit score to apply with multiple lenders like this."
Normally yes, that would damage his score, but when you apply on our site you're only sending a pre-app to a possible 500+ lenders across the America, in your own State, and/or in your city of residence.
Because these are not formal loan applications whereby the lenders are "pulling your credit history", your score is protected from being damaged.
Only after communicating with the lenders that contact you will you actually enter into an agreement. Of course your credit score will eventually be "pulled", but nine times out of ten the bank, credit union, or private lender will have know you're going to be approved before they do so.
So this was as satisfactory outcome for Zafeed, and after he had the money all transferred into his account(s), he continued to protect his credit score and stick to his budget.
Do you live in Alabama and need a debt consolidation loan? I hope our website can help you in some way to find a decent interest rate even if you have a bad credit score.
1501 Biscayne Blvd, Miami, AL 33132