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https://freedomcashlenders247.com/Maximum Number of Outstanding Loans at One Time: None (max loan amount allowed: $500 - see Code of Ala. §5-18A-12(a)). A licensee may not knowingly enter into a deferred presentment transaction with a customer that has outstanding deferred presentment transactions from any lender at any location that exceeds five hundred dollars ($500) for the term of the loan. See Code of Ala. §5-18A-13(a).
Rollovers Permitted: Each licensee may renew or extend a deferred presentment transaction with the same customer no more than one additional time at this fee for a maximum of two continuous transactions. (Code of Ala. §5-18A-12(b)). After the initial loan period and one rollover with the same customer, the full outstanding amount of the loan, including, but not limited to, held check or debt authorization, shall become due. (Code of Ala. § 5-18A-12(c))
Cooling-off Period: After two continuous transactions with the customer, the licensee shall not enter into a new deferred presentment transaction with that same customer until the next business day after the transaction amount is repaid in full. Code of Ala. §5-18A-12(b). (translation: next business day after 2 continuous loans repaid)
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