- Payday loans in Cherokee follow Alabama law (Alabama Deferred Presentment Services Act).
- Borrowing $300 at the state maximum costs $52.50 (17.5% fee).
- The nearest larger city is Florence, about 18 miles away.
Cherokee at a glance
| Cherokee | |
|---|---|
| Population (2024 Census estimate) | 967 |
| Change since 2020 | -0.5% (holding steady) |
| County | Colbert County |
| Size rank among 389 Alabama places we cover | 263rd |
| Nearest larger city | Florence (about 18 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Credit unions headquartered in Colbert County | 5 |
| Other towns within 25 miles | 8 (about 94,360 residents) |
| Typical payday APR statewide (CRL 2023) | 456% |
There is no separate Cherokee payday law: Alabama rules apply here, and any lender serving Cherokee residents, online or in person, needs a license from the Alabama State Banking Department.
Credit unions near Cherokee
No credit union has its main office in Cherokee, but these are based elsewhere in Colbert County (NCUA, June 2026):
- Electrical Workers No 558 Federal Credit Union in Sheffield (federal charter — may offer payday alternative loans (PALs))
- Valley Credit Union in Tuscumbia (state charter)
- Railway Employees Credit Union in Muscle Shoals (state charter)
- Listerhill Credit Union in Sheffield (state charter)
- Tva Community Credit Union in Muscle Shoals (state charter)
Only federal credit unions can offer payday alternative loans (PALs), capped at 28% APR; state-chartered credit unions often have their own small-loan products. Membership rules apply, and only main offices are listed here; find branches near you with the NCUA Credit Union Locator. See how PALs work.
Payday loan rules that apply in Cherokee
In short, Alabama rules that cover Cherokee include: maximum loan: $500 outstanding in total (checked through a statewide database); maximum fee: 17.5% of the amount advanced; loan term: 10 to 31 days. See the full Alabama payday loan rules.
What a $300 loan costs in Cherokee
At Alabama’s maximum fee, borrowing $300 costs $52.50 (17.5% fee). Statewide, the typical APR on a $400 payday loan was 456% (Center for Responsible Lending, June 2023). Check any offer with our payday loan calculator.
Other help in Colbert County before you borrow
Before a payday loan, Cherokee residents can usually find something cheaper:
- Local assistance through 211 covering Colbert County.
- A credit union payday alternative loan (max 28% APR). See PALs explained.
- Your bank’s small-dollar loan, if offered (compare banks).
- A cash advance app for $20–$500 (apps compared).
Towns near Cherokee
- Tuscumbia · 15 mi
- Sheffield · 15 mi
- Florence · 18 mi
- Muscle Shoals · 19 mi
- Littleville · 20 mi
- St. Florian · 21 mi
The nearest larger city is Florence, about 18 miles away. See all 389 Alabama cities.
Need cash before payday?Send one free request to our lender network. We are not a lender; offers and rates come from lenders.
Request a loanFrequently asked questions
Are payday loans legal in Cherokee?
Yes. Payday loans are legal in Cherokee under Alabama state law, and lenders must be licensed by the Alabama State Banking Department.
How much does a payday loan cost in Cherokee?
At Alabama’s maximum fee, borrowing $300 costs $52.50 (17.5% fee). The typical statewide APR was 456% in 2023.
Where is the nearest credit union to Cherokee?
No credit union is headquartered in Cherokee, but Electrical Workers No 558 Federal Credit Union is based in Sheffield, also in Colbert County.
Sources
- U.S. Census Bureau — City and town population totals, Vintage 2024
- U.S. Census Bureau — 2024 Gazetteer files (place locations)
- NCUA — Credit union call report data, June 2026 (FOICU)
- NCLC — Consumer Credit Regulation: Alabama
- Lexology — Alabama establishes payday loan database
- Center for Responsible Lending — Red Alert Rates: APRs on $400 single-payment payday loans (June 2023)
- CDFI Fund — NCUA payday alternative loans summary