Installment Loans in
Alabama

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 Online Installment Loans in Alabama

When you’re short on cash and need it fast, we’re here to help with MoneyKey Installment Loans in Alabama. An Installment Loan is a short-term loan with payments that are spread out over time.

We not only offer a secure web platform to apply for an Alabama Installment Loan, but we also have a fully-staffed, friendly and knowledgeable Customer Care team available 7 days a week to answer any loan-related questions you may have. If you’re approved, we’ll deposit the money in your bank account as early as the next business day*.

Summary

Loan Amount: $2,000 to $2,600

Loan Type: Installment Loan

Loan Term: ~18 months

Funding: 1 business day*

Pre-payment Available: Yes

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Loan Details

Loan Amount

For an Alabama Installment Loan, you can borrow between $2,000 and $2,600. Complete our application and we’ll quickly let you know if you’re approved and how much you may qualify for.

Cost of Loan

Interest will be charged on your MoneyKey Alabama Installment Loan, with a maximum Annual Percentage Rate (APR) of 220%. Your APR is dependent on your exact payment schedule, which is available in your loan agreement. See the below examples for common MoneyKey Installment Loans in Alabama and their corresponding APRs.

This loan is an expensive form of credit and is not intended to meet long-term financial needs. MoneyKey urges you to use this product responsibly.

Term of Loan

The Alabama Installment Loan term is approximately 18 months, so if you receive your income bi-weekly, semi-monthly or weekly, your loan will be payable in 36 installments. If you receive your income monthly, your loan will be payable in 18 installments.

Here are some examples:

Bi-Weekly Example

In this example, the APR is 218.39% for a loan of $2,000, payable in 36 bi-weekly installments, with an effective date of 06/16/2017.



Annual Percentage Rate


The cost of your credit as a yearly rate


218.39%





Finance Charge


The dollar amount the credit will cost you


$4,399.08




Amount Financed


The amount of credit provided to you on your behalf


$2,000.00




Total of Payments


The amount you will have paid after you have made all payments as scheduled


$6,399.08




 Payment Schedule


 Payment DatePayment Amount 
 06/30/2017$177.74
 07/14/2017$177.74
 07/28/2017$177.74
 08/11/2017$177.74
 08/25/2017$177.74
 09/08/2017$177.74
 10/06/2017$177.73
 10/20/2017$177.73
 11/03/2017$177.73
 11/17/2017$177.73
 12/01/2017$177.74
 12/15/2017$177.73
 12/29/2017$177.74
 01/12/2018$177.73
 01/12/2018$177.73
 01/26/2018$177.73
 02/09/2018$177.74
 02/23/2018$177.74
 03/09/2018$177.73
 03/23/2018$177.74
 04/06/2018$177.74
 05/04/2018$177.74
 05/18/2018$177.73
 06/01/2018$177.73
 06/15/2018$177.73
 06/29/2018$177.74
 07/13/2018$177.73
 07/27/2018$177.73
 08/10/2018$177.73
 08/24/2018$177.74
 09/07/2018$177.74
 09/21/2018$177.74
 10/05/2018$177.74
 10/19/2018$177.74
 11/02/2018$178.33

Monthly Example

In this example, the APR is 218.96% for a loan of $2,000, payable in 18 monthly installments, with an effective date of 07/12/2017.




Annual Percentage Rate


The cost of your credit as a yearly rate


218.96%





Finance Charge


The dollar amount the credit will cost you


$4,599.03




Amount Financed


The amount of credit provided to you on your behalf


$2,000.00




Total of Payments


The amount you will have paid after you have made all payments as scheduled


$6,599.03





 Payment Schedule


 Payment DatePayment Amount 
 08/03/2017$366.58
 09/01/2017$366.58
 10/03/2017$366.58
 11/03/2017$366.57
 12/01/2017$366.57
 01/03/2018$366.57
 02/02/2018$366.57
 02/02/2018$366.57
 03/02/2018$366.57
 04/03/2018$366.57
 05/03/2018$366.58
 06/01/2018$366.58
 07/03/2018$366.58
 08/03/2018$366.57
 08/31/2018$366.57
 10/03/2018$366.57
 11/02/2018$366.57
 12/03/2018$366.57
 01/03/2019$367.28

State License

MoneyKey is a state-licensed direct lender in Alabama. Loans are funded by MoneyKey – AL, Inc. and governed by all applicable laws

Click below to view the Alabama license. 

Online Installment Loans in Alabama: Frequently Asked Questions

  • How do I qualify for a loan?

    To qualify for a MoneyKey Installment Loan in Alabama, you must:

    • Be at least 19 years old
    • Be a US citizen or a permanent resident
    • Be a resident of Alabama
    • Have an active bank account
    • Have a regular source of income
    • Have a valid contact number and an active email address

    Please note that we currently do not offer credit products with rates that allow us to lend to covered members of the US armed forces and their dependents.

  • Is this a payday loan?

    No, this is not a payday loan. A payday loan is a short-term loan where you are typically required to pay back the loan in full on your next payday. This is an installment loan, which is different because unlike a payday loan, no lump-sum payment is required. With an installment loan, you pay back the loan in installments over time until it is paid off.

  • Can I get same day funding?

    If approved, we’ll typically deposit the money in your account the next business day*.

  • Can I pay my loan off early?

    Definitely. Paying off your loan early may reduce the overall interest charges you’ll pay and there’s no penalty to do so. If you’d like to make an early payment, or a larger payment to pay down more of your principal, please call us at 1-866-255-1668 or email customercare@moneykey.com.

  • I don’t live in Alabama, can I still apply for an online installment loan?

    You have to live in Alabama to get an online Alabama Installment Loan. Whether you live in cities like Birmingham or Montgomery, or in a smaller town like Scottsboro, we make applying for online Installment Loans in Alabama easy.

    If you live in another state, please check our rates page to see if other online loans such as Installment Loans, Payday Loans or Lines of Credit are available in the state that you currently live in.

Have more questions? Please refer to our general FAQ page or contact our Customer Care team at 1-866-255-1668.

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