Arizona Payday Loans
If you are looking for Arizona payday loans, here is what you need to do. Maybe you need a little extra cash until your next paycheck. Maybe you have been hit with an emergency situation that requires you to act fast. We think a payday loan is a useful financial tool but we recommend that you’re able to pay it back on time.
Are Arizona Payday Loans legal?
Payday loans are not legal in Arizona.
The law that permitted the practice is no longer valid since June of 2010.
In fact, all consumer loans with APR’s above 36% a year are illegal since then.
With that said, payday loan companies simply changed their practice and are now offering a different set of products (such as installment loans).
It is also illegal to advertise short term loans of any kind in the state of Arizona, with an exception made for tribal lenders.
We advise that you read the fine print when signing any contract, especially when it comes to loans.
Arizona Installment Loans that are available
Since installment loans are legal in Arizona, you can try to get one. These are loans with equal payments over a fixed period. These are also possible to get even if your credit is less than perfect. Remember to consider all the options before deciding.
Options besides Arizona Installment Loans
Just because Arizona payday loans are illegal, it does not mean you do not have other options.
- Tribal loans: Tribal lenders operate outside of federal and state regulations, which means you may be able to borrow a payday loan despite Arizona’s APR cap. Just be sure you understand the full cost of your loan before you sign.
- Short term loans from other states. If you are temporarily residing in Arizona but are a legal resident of another state where payday loans are legal, you can still think about a payday loan. However, do not try this if you do not have residence proof in another state.
- Side work. It is possible to help your financial situation if you get a side job.
Costs of Arizona Loans
Regardless of the type of loan you get, you will be paying interest and fees. You can be certain that interest will never exceed 36% in Arizona but you may pay fees that are within the legal boundaries created by the state to protect companies.