Cash Advances / PayDay Loans

A payday loan (also called a payday advance, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday."  The loans are also sometimes referred to as "cash advances," though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Payday advance loans rely on the consumer having previous payroll and employment records. Legislation regarding payday loans varies widely between different states.

To prevent usury (unreasonable and excessive rates of interest), the state of Alabama limits the annual percentage rate (APR) that payday lenders can charge.

There are many different ways to calculate annual percentage rate of a loan. Depending on which method is used, the rate calculated may differ dramatically; e.g., for a $15 charge on a $100 14-day payday loan, it could be (from the borrower's perspective) anywhere from 391% to 3,733%.

These small loans are meant to be short-term, and in exchange for the cash you need, Quik Pawn charges a small fee.

How Cash Advances and Payday Loans work

  1. Complete a short application and write a personal check for the amount of the loan plus the fee. If you do not have a check book, that is OK as we can print a check for you with your bank account information.
  2. We hold your check until your next Payday and you walk out with the cash you need.
  3. Pay us back on your next Payday.

Items to bring with you:

  1. Active checking account statement and your check book (No check book? No problem. We can print a check for you using your bank account information).
  2. Proof of income (most recent paycheck stub).
  3. Proof of residence such as one of the following: utility bill, rent receipt or car registration.
  4. SSN verification.
  5. A valid government-issued photo ID.

Alabama Deferred Presentment Information