- Payday loans in Lockhart 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 Enterprise, about 37 miles away.
Lockhart at a glance
| Lockhart | |
|---|---|
| Population (2024 Census estimate) | 443 |
| Change since 2020 | 0% (holding steady) |
| County | Covington County |
| Size rank among 389 Alabama places we cover | 340th |
| Nearest larger city | Enterprise (about 37 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Credit unions headquartered in Covington County | 3 |
| Other towns within 25 miles | 8 (about 21,041 residents) |
| Typical payday APR statewide (CRL 2023) | 456% |
Payday lending in Lockhart follows Alabama state law. Lenders that serve Lockhart, in a store or online, must be licensed by the Alabama State Banking Department.
Credit unions near Lockhart
No credit union has its main office in Lockhart, but these are based elsewhere in Covington County (NCUA, June 2026):
- Covington Schools Federal Credit Union in Andalusia (federal charter — may offer payday alternative loans (PALs))
- Andalusia Mills Employees Credit As Federal Credit Union in Andalusia (federal charter — may offer payday alternative loans (PALs))
- Opp-Micolas Credit Union in Opp (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 Lockhart
The main Alabama rules for a payday loan in Lockhart: 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 Lockhart
The Center for Responsible Lending put the typical APR on a $400 payday loan in Alabama at 456% (June 2023). For $300 at the state maximum, expect $52.50 (17.5% fee). Check any offer with our payday loan calculator.
Other help in Covington County before you borrow
- Call or text 211 for help with rent, utilities and food in Covington County.
- Ask a federal credit union about a PAL: $200–$2,000 at no more than 28% APR (how PALs work).
- Check your bank app for a small-dollar loan or early pay (bank options).
- Try a cash advance app if you have direct deposit (apps compared).
Towns near Lockhart
The nearest larger city is Enterprise, about 37 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 Lockhart?
Yes. Payday loans are legal in Lockhart under Alabama state law, and lenders must be licensed by the Alabama State Banking Department.
How much does a payday loan cost in Lockhart?
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 Lockhart?
No credit union is headquartered in Lockhart, but Covington Schools Federal Credit Union is based in Andalusia, also in Covington 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