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Alabama Debt Consolidation Services

AL Debt Consolidation:
Bad Credit Applicants

Updated May 16 2020 Home | AL



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Your Credit Score Designation

Debt Consolidation Application
Accessing Bad Credit Lenders

AL Fair Credit Consolidation
(credit scores 640 - 680)

1) Avadian Credit Union
3439 Colonnade Pkwy, Birmingham, AL 35243
+1 205-967-2993

2) Legacy Community FCU
1400 20th St S, Birmingham, AL 35255
+1 205-930-5000

3) Redstone Federal Credit Union
220 Wynn Dr NW, Huntsville, AL 35893
+1 256-837-6110

4) Rocket City FCU
2200 Clinton Ave W, Huntsville, AL 35805
+1 256-533-0541

5) Guardian Credit Union
418 Madison Ave, Montgomery, AL 36104
+1 334-244-9999

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.

Key Excerpts:

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
(credit scores > 640)

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
+1 334-792-0952

9) Alabama One Credit Union
1215 Veterans Memorial Pkwy, Tuscaloosa, AL 35404
+1 205-759-1595

10) Family Savings Credit Union
711 E Meighan Blvd, Gadsden, AL 35903
+1 256-543-9530

11) Amerifirst Bank
8165 Vaughn Rd, Montgomery, AL 36116
+1 334-409-2980

12) Bryant Bank
320 Pelham Ave SW #100, Huntsville, AL 35801
+1 256-535-1045

13) Renasant Bank
2001 Park Pl, Birmingham, AL 35203
+1 205-716-3475

14) Bank of Evergreen
146 W Front St, Evergreen, AL 36401
+1 251-578-2250

15) Pinnacle Bank
1811 2nd Ave, Jasper, AL 35501
+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

4 Pillars Debt Relief Specialists
1 Crescent Rd, Huntsville, ON P1H 1Z6
+1 705-640-0187

Money Management International
445 Dexter Ave Ste. 4050, Montgomery, AL 36104
+1 713-394-3232

Judson Crump Debt Settlement
250 Congress St, Mobile, AL 36603
+1 251-272-9148

Alabama Debt Counselor Services

Shoals Debt Management
1300 John R St Suite C, Muscle Shoals, AL 35661
+1 256-381-6451

Credit Debt Consolidation
Birmingham, AL 35203
+1 205-244-2771

Credit 1 USA
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
(tap for interactive)

Alabama Debt Consolidation Loan Providers Map

Alabama Bankruptcy Services

Ryan Legal Services Inc.
22011 AL-59, Robertsdale, AL 36567
+1 251-431-6012

Wilson Bettis LLC
1902 8th St, Tuscaloosa, AL 35401
+1 205-202-1108

Grainger Legal Services
921 E Main St, Prattville, AL 36066
+1 334-361-8550

Alabama Bankruptcy Center
2031 2nd Ave N, Birmingham, AL 35203
+1 205-458-1161

Alabama Financial Advisors

Alabama Financial Advisors
3665 Watermelon Rd, Northport, AL 35473
+1 205-292-7460

Longview Financial Advisors, Inc.
2430 L and N Dr SW A, Huntsville, AL 35801
+1 256-534-1196

Clark Financial Advisors
1400 Urban Center Dr #430, Vestavia Hills, AL 35242
+1 205-298-8480

Falkner Financial Advisors
6647 Green Dr, Trussville, AL 35173
+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:
in Montgomery AL

For informational purposes only. See disclaimer.

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:

• Loan Amount (principal) = $15000
• Interest Rate = 5.9%
• Term Length = 3 year
• 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 ALBirmingham AL

Huntsville ALDothan 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:
In Birmingham AL

For informational purposes only. See disclaimer.

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.

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