Payday Loans in Cashion, Arizona: An Overview
If you’re in dire need of cash to pay for an unexpected expense, you might have considered taking out a payday loan. These loans are high-interest, short-term loans that are supposed to be repaid on your next payday. However, payday loans are illegal in Arizona, including in the small town of Cashion.
Payday loans are a popular option for those who have bad credit and need emergency funds. However, due to their high-interest rates and other fees, payday loans can quickly trap borrowers in a cycle of debt. While payday loans aren’t available in Cashion, there are still alternative options available for those who need to borrow money quickly.
What Are Payday Loans?
Payday loans, also known as cash advances, are short-term loans that must be repaid on the borrower’s next payday. The loans are typically for small amounts, ranging from $100 to $500. To qualify for a payday loan, the borrower must have a steady income and a checking account.
The loan charges a fee, usually between $15 and $30 for every $100 borrowed, which is due to be repaid with the loan principal on the borrower’s next payday. However, many borrowers find themselves unable to repay the loan on time, so they roll the loan over into a new loan, incurring even more fees and interest charges.
Why Are Payday Loans Prohibited in Arizona?
Arizona lawmakers banned payday lending in the state in 2010. The decision was made in response to concerns about the high-interest rates and fees associated with payday loans, which were leaving many low-income borrowers trapped in a cycle of debt.
While payday loans are illegal in Arizona, some lenders may still try to offer them to borrowers through online lending platforms. However, it’s important to know that anyone who tries to solicit a payday loan in Arizona is breaking the law.
What Are the Alternatives to Payday Loans in Cashion, Arizona?
While payday loans aren’t an option in Cashion, there are still several alternative options available for those who need to borrow money quickly. Some of these options include:
- Personal Loans: Personal loans are typically unsecured loans that are offered by banks, credit unions, and other financial institutions. These loans often have lower interest rates than payday loans and can be paid back over a longer period of time.
- Credit Cards: If you have a credit card, you may be able to use it to make a purchase or pay for an unexpected expense. While credit cards often have high-interest rates, they are still a better option than payday loans.
- Friends and Family: If you have friends or family members who are willing and able to lend you money, this may be a good option. Just be sure to pay them back as soon as possible to maintain good relationships.
- Apply for an Online Installment Loan: If you are in need of emergency funds, TheGuaranteedLoans can help you secure online installment loans from reliable lenders. These loans are not payday loans and can be repaid over an extended period of time.
Interesting Facts and Statistics about Payday Loans in Arizona
– Arizona lawmakers banned payday loans in Arizona in 2010.
– Before payday loans were banned, payday lenders charged as much as 400% interest.
– More than 200,000 payday loans were taken out in Arizona in 2005, with low-income borrowers paying as much as $37.4 million in fees.
– Research shows 95% of payday loans borrowers are taking out a new payday loan within 2 weeks and only 14% can afford to repay the loan amount within the two weeks provided by the payday lender.
Apply Now for an Online Installment Loan
If you need to borrow money quickly, now that payday loans are illegal in Cashion, Arizona, your best bet is applying for an online installment loan. You can apply for online Installment Loans through TheGuaranteedLoans to receive up to $5000 with flexible repayment terms, lower interest rates, and no hidden fees. However, please note that the loans offered by TheGuaranteedLoans are not payday loans as such, and should not be treated as such.
TheGuaranteedLoans is a loan connection service that connects borrowers with potential lenders. We cannot guarantee approval for a loan, but we can make the process much easier for you. Simply fill out our online application, which only takes a few minutes, and we’ll connect you with a trusted lender who can provide you with an online installment loan with reasonable terms and interest rates.
Don’t get caught in the cycle of debt associated with payday loans. Apply today to secure a safe, reliable loan through TheGuaranteedLoans. We are committed to providing you with the financial assistance you need without the predatory practices associated with payday lending.