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Alabama

Rates and Terms for Alabama

Loan Amounts: The maximum loan amount for Alabama residents is $500.00.Based on your income and other factors, loan limits will be determined on an individual basis.
Loan Balances: Loan balances, including fees, cannot exceed 25 percent of Gross monthly income up to $500.00.
Term of Loan: Minimum 10 days – Maximum 31 Days
Permitted Fees: Up to 17.5 percent of the amount financedThe Annual Percentage Rate (“APR”) will vary depending on the length of your loan (see table below). Please see your loan agreement for the APR and other terms applicable to your loan.
Loan Renewal: If you cannot repay the total amount due, then, we may offer to renew this transaction one more time upon payment of an additional deferred presentment fee.We encourage taking advantage of the option to make a partial payment on the loan balance when requesting an renewal.You may request these changes by logging into your online account and or by calling a customer service representative. Extension requests must be received by 7:00 PM Mountain Time on the business day before your loan is due.NOTICE: FEES FOR DEFERRED PRESENTMENT TRANSACTIONS MAY BE SIGNFICANTLY HIGHER THAN FOR OTHER TYPES OF LOANS. 

Maximum Fee:

The most that any Deferred Presentment provider may charge for Deferred Presentment transactions is 17.5 percent of the cash advanced. The following table illustrates CCO Alabama, Inc. fee structure:

Loan Amount Fee Rate Fee Amount Total of Payments

Loan Amount Fee Rate Fee Amount Total of
Payments
Days APR % Days APR % Days APR %
$100.00 17.50% $17.50 $117.50 10 638.75% 14 456.25% 31 206.05%
$150.00 17.50% $26.25 $176.25 10 638.75% 14 456.25% 31 206.05%
$200.00 17.50% $35.00 $235.00 10 638.75% 14 456.25% 31 206.05%
$250.00 17.50% $43.75 $293.75 10 638.75% 14 456.25% 31 206.05%
$300.00 17.50% $52.50 $352.50 10 638.75% 14 456.25% 31 206.05%
$350.00 17.50% $61.25 $411.25 10 638.75% 14 456.25% 31 206.05%
$400.00 17.50% $70.00 $470.00 10 638.75% 14 456.25% 31 206.05%
$450.00 17.50% $78.75 $528.75 10 638.75% 14 456.25% 31 206.05%
$500.00 17.50% $87.50 $587.50 10 638.75% 14 456.25% 31 206.05%

No other fees may be charged for these transactions, except if a check “bounces” once it is deposited at a bank, then the provider may charge a one-time NSF fee of up to $30.00. If the provider must go to court to enforce payment of this loan, then you may be assessed court costs and up to 15 percent of the face amount of the check as attorney’s fees. You cannot be arrested or sent to jail for passing a “worthless” deferred presentment check unless the check was returned due to an account closed prior to the day of the loan. 

Maximum Loan Amount:

The law limits the maximum loan amount that any one borrower may have with all Deferred Presentment providers to $500. The provider will be verifying your other outstanding deferred presentment loans with a database to determine compliance with the law.

Term:

Deferred Presentment transactions cannot be made for a term of less than 10 days or more than 31 days.

Renewal:

Your transaction is due on the maturity date. However, if you cannot repay the total amount due, then, if offered by the provider, you may renew this transaction one more time upon payment of an additional fee. If you cannot pay the total amount due at that time, then, at the provider’s option, you may extend your repayment into four equal monthly installments at no additional cost. After two continuous transactions, the provider shall not enter into a new transaction with you until the next business day after the transaction amount is repaid in full.

Customer Agreement:

You must be given a copy of the provider’s Deferred Presentment Services Agreement. You have the right to read the Agreement before you sign it. You have the right to ask questions of the provider’s staff until you thoroughly understand everything in the Agreement. You also have the right to walk away from the Agreement before you sign it.
You have the right to rescind the Deferred Presentment Services Agreement after you have signed it. To exercise your Right to Rescind, you must email or fax to the provider written notice of your intent to rescind, along with written authorization to effect a debit entry to Your Bank Account for the principal amount of the loan (thereby returning one hundred percent (100%) of the amount advanced to you by the provider for the payday loan). The provider must receive your email or fax no later than 7:00 p.m. Mountain Time the following day. If you exercise your Right to Rescind pursuant to this paragraph, and if the provider receives payment of the principal amount of the loan via such authorization, no fee for the rescinded transaction shall be charged to you, and the provider shall not charge or impose upon you a fee for exercising your Right to Rescind pursuant to this paragraph. If the provider does not receive payment of the principal amount of the loan via such authorization, the loan shall remain in full force and effect, as if you had never exercised your Right to Rescind, and you shall be responsible for payment of the Total of Payments on the Due Date, as well as any other fees or charges enumerated in this Agreement.

Complaints:

CCO Alabama, Inc. is a licensed Deferred Presentment provider in Alabama. To report any unresolved problems with CCO Alabama, Inc. , contact the STATE BANKING DEPARTMENT, Bureau of Loans, P.O. Box 4600, Montgomery, Alabama 36103-4600. Telephone: (334) 242-3452. Website: www.banking.alabama.gov.

Loan License and Registration:

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