Alabama Small Loan Collection Check

Live. Collecting an Alabama loan under $1,500? Unlicensed lender over 8% (6% unwritten) = void, nothing collectable or retained (5-18-4(d), 8-8-1).

Collecting an Alabama online or personal loan of less than $1,500? Checks each loan and contact against the Alabama Small Loan Act: a lender without a small loan license charging more than 8% a year on a written contract, or 6% otherwise (Ala. Code 8-8-1), makes the loan void, so no principal, interest or charges may be collected or retained (5-18-4(d)). Banks, credit unions, pawnbrokers, federally guaranteed loans and purchase-money financing are flagged out of scope; licensed lenders are pointed to the 5-18-15 schedule. Flags collecting a void loan (FDCPA 1692e(2)(A), 1692f(1)) and arrest threats. Not legal advice.

Price: $0.001 per call after 1,000 free per month.

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