Alabama pawn loan calculator
$125
maximum charge for the first month
- Total charges
- $125
- To get your item back
- $625
- Monthly rate
- 25.0%
Maximum allowed by state law. A pawn shop can charge less; your pawn ticket shows the real amount.
Pawn shops by city in Alabama
Alabama pawn loan rules
| Maximum charge | 25% a month of the principal, covering interest and all other charges. |
| Loan term | 30 days minimum. |
| Grace period | 30 days after the original maturity date; after that the item is forfeited automatically. |
| Holding periods | Items bought outright: 15 business days (21 days for vehicles). Police can hold an item for 7 days under §5-19A-15. |
| ID required | You must be at least 19 and show accepted identification. |
| Other fees | Insurance cannot be charged separately. |
What a pawn loan costs in Alabama
| Loan | First month (max) | To redeem after 1 month |
|---|---|---|
| $100 | $25 | $125 |
| $250 | $62.50 | $312.50 |
| $500 | $125 | $625 |
| $1,000 | $250 | $1,250 |
| $2,000 | $500 | $2,500 |
These are ceilings. The charge on your pawn ticket can be lower, and the ticket must show it with the annual percentage rate. To see two or more months, change the months in the calculator above.
Before you pawn in Alabama
- Bring a valid government-issued photo ID.
- Alabama ID rule: You must be at least 19 and show accepted identification.
- Ask for the total to redeem on the due date and the last day of the grace period.
- Compare at least two shops: see pawn shops in Montgomery or Mobile.
- Read how pawn loans work and what happens if you don't pay.
Questions
How much does a $500 pawn loan cost in Alabama?
At the legal maximum, $125 for the first month, so $625 to get the item back after one month. A $1,000 loan costs up to $250 for the first month. Shops can charge less.
How long does a pawn shop hold my item in Alabama?
Loan term: 30 days minimum. Grace period: 30 days after the original maturity date; after that the item is forfeited automatically.
What ID do I need to pawn in Alabama?
You must be at least 19 and show accepted identification.
How many pawn shops are listed in Alabama?
44 pawn shops in 4 cities: Montgomery, Mobile, Birmingham, Huntsville.
Sources
- Ala. Code §§5-19A-3,5,6,7,8,15: banking.alabama.gov