Personal loans in Selma, AL
U.S. Census Bureau, ACS 2020–2024 5-year estimates for Selma, AL.
The median household in Selma earns $33,197 a year, 48% below the Alabama median of $63,999. About 31% of residents live below the federal poverty line, and 54.0% of households rent their home. 13.8% of households have no home internet; our form works on any phone.
Alabama law that applies in Selma
| Rate cap | Small loans under $1,500: up to 3% per month on the part of the balance up to $200 and 2% per month on the part above $200, plus an optional $3/month maintenance fee when monthly payments are at least $30. |
|---|---|
| License required | Yes. |
| Loan sizes covered | Small Loan Act: loans under $1,500. |
Full rules with statute citations: Personal Loans in Alabama. Cities in Alabama cannot set their own payday or title loan rate caps in most cases; zoning rules for storefronts are local.
What you need for a personal loan in Selma
Here's what to have on hand before you start your personal loan request in Selma:
- Be 18 or older and a US resident
- Your Social Security number for identity verification
- A steady source of income
- An active checking account in your name
- A working phone number and email address
Popular loan amounts in Selma
What Selma borrowers use it for
pay a doctor, dentist or pharmacy bill now
Moving costsdeposits, trucks and first-week expenses
Rent duecover a short gap before payday
Car repairskeep getting to work while the shop fixes it
Loans for your situation
How to get a personal loan in Selma
- Choose an amount from $100 to $5,000 and complete one form.
- Lenders in our network review your request; many accept fair or bad credit.
- Compare the APR, monthly payment and total cost on any offer.
- If you accept, money is usually deposited in 1–2 business days.
Estimate your cost
Personal / installment loan calculator
Estimate only. Your rate depends on your credit, income and state; your lender shows the exact terms before you sign.
Banks and credit unions in the area
Banks with branches in Selma
7 FDIC-insured bank branches from 6 banks. Many banks offer small-dollar loans or overdraft lines to existing customers.
| Bank | Branches | Example location |
|---|---|---|
| First Cahawba Bank | 2 | 2610 Citizens Pkwy, Selma 36701 |
| Wells Fargo Bank, National Association | 1 | 2605 Citizens Pkwy, Selma 36701 |
| Trustmark Bank | 1 | 310 Broad St, Selma 36701 |
| PNC Bank, National Association | 1 | 9 Broad St, Selma 36701 |
| Regions Bank | 1 | 1105 Highland Ave, Selma 36703 |
| Marion Community Bank | 1 | 2400 Us Highway 80 W, Selma 36701 |
Source: FDIC BankFind Suite, retrieved Oct 2026.
Credit unions in Selma
2 credit-union locations from 2 credit unions.
| Credit union | Location |
|---|---|
| Alabama State Employees | 1102 Singleton Dr, Selma 36703 |
| Mutual Savings | 907 Medical Center Pkwy, Selma 36701 |
Source: NCUA credit union branch data, June 30, 2026.
Nearby cities
County: Dallas County · Payday Loans in Selma · Title Loans in Selma
Frequently asked questions
Can I get a personal loan with bad credit in Selma?
Possibly. Lenders in our network consider applicants with fair and bad credit across Alabama, including Selma. Expect higher APRs than prime borrowers get, and compare every offer's total cost.
Is there a maximum interest rate on personal loans in Selma, AL?
Tiered caps. Loans under $1,500 (Small Loan Act): 3%/month on the first $200, 2%/month above that, or an alternative fee schedule. Loans under $2,000 (Consumer Credit Act): $15 per $100 per year on the first $750, $10 per $100 on the rest. Loans of $2,000 and up fall under a different statute.
How fast can I get a personal loan in Selma?
Many online lenders give a decision within minutes and deposit funds in one to two business days after you sign. Your bank's processing time can add a day.
How long does it take to get a personal loan in Selma?
With online lenders, the process is usually fast. Our form takes about 3 minutes, many lenders make a decision within minutes, and approved funds are often deposited by the next business day. Some lenders may ask for documents such as pay stubs, which can add a little time. Having your information ready before you start helps you get money sooner in Selma.
Can I get a personal loan in Selma with bad credit?
Yes, it's possible. Many lenders in our network work with borrowers who have fair, poor or limited credit, and they look at factors like income and employment, not just your score. Approval and rates depend on your full profile, and nothing is guaranteed, but checking your options is free. Selma residents can see if they qualify for $100 to $5,000 in about 3 minutes.
Where can I find a loan for bad credit in Selma?
You can apply at local banks and lenders in Selma, or go online to reach more lenders at once. Banks often have stricter credit requirements, while many online lenders consider all credit types. Our free form sends one request to multiple lenders in our network, so you don't have to apply one by one. Many applicants get a decision within minutes.
How do I apply for a personal loan with bad credit in Selma?
Start by gathering your ID, proof of income and bank account details. Then complete our online form with accurate information about your income and the amount you need. Lenders in our network review your request, and many respond within minutes. Asking for an amount that fits your income can improve your chances. If you're approved, you'll review the full terms before signing.
Can I get a personal loan with a 500 credit score?
It may be possible. A score around 500 limits options with traditional banks, but some online lenders consider low scores when you have steady income and an active bank account. Offers may be for smaller amounts, and approval isn't guaranteed. The quickest way to find out is to submit one request through our network and see whether lenders respond with an offer. It takes about 3 minutes.
Do I need to visit a store in Selma?
No. You can request offers online from a phone or computer. Some lenders, especially title lenders, may ask you to visit a location or send photos of your vehicle.