Payday Loans in Cibola, Arizona: What You Need to Know
Payday loans are a type of short-term loan that typically needs to be repaid within 2-4 weeks. These loans often come with very high-interest rates, and many people who take out payday loans find themselves trapped in a cycle of debt.
In Arizona, payday loans are actually illegal. This is because lawmakers in the state recognized the predatory nature of these loans and wanted to protect consumers from falling into debt traps.
While payday loans are outlawed in Arizona, there are still many people who are desperate for quick cash and may be tempted to turn to these loans. If you live in Cibola, Arizona, and find yourself in need of money, here are a few alternatives to payday loans that you can consider:
Credit Union Loans
Many credit unions offer short-term loans to their members. These loans typically come with much lower interest rates than payday loans and can also come with more flexible repayment terms. If you’re a member of a credit union in Cibola, you may want to look into this option.
Personal Loans from Online Lenders
There are many online lenders that offer personal loans to people with bad credit. While the interest rates on these loans may still be high, they are typically much lower than those of payday loans. Additionally, many online lenders offer longer repayment terms, which can make it easier to pay back the loan over time.
Credit Counseling Services
If you’re struggling with debt, it may be a good idea to seek the help of a credit counseling service. These services can help you come up with a budget and a debt repayment plan that can help you get back on track financially. While this option may not provide you with immediate cash, it can help you avoid the need for a payday loan in the future.
Interesting Facts and Statistics about Payday loans in Cibola, Arizona
- There are no payday loan locations in Cibola, Arizona
- In 2018, there were 26,403 payday loans statewide in Arizona
- The average interest rate for a payday loan in Arizona is 204%
- The average borrower in Arizona takes out eight payday loans per year
Apply Now
If you’re in need of cash but want to avoid payday loans, you can apply for a loan through TheGuaranteedLoans. We are a connector service, which means we connect borrowers with potential lenders. We work with a network of lenders who offer a variety of loan options, including personal loans and installment loans.
To get started, simply fill out our online application form. We’ll ask for some basic information about your income, employment, and credit history. Once you submit your application, we’ll work to find a lender who can offer you a loan that meets your needs.
Please note that TheGuaranteedLoans is not a direct lender. We are a connector service that works to facilitate connections between borrowers and lenders. If you are connected with a lender through our service, you will receive loan terms and conditions directly from that lender.
Conclusion
While payday loans are illegal in Arizona, many people are still tempted to take out these loans when they need cash quickly. However, there are alternatives to payday loans that can help you get the money you need without falling into a debt trap. Consider credit union loans, personal loans from online lenders, or credit counseling services if you need help managing your finances. And if you’re interested in getting connected with a lender who can offer you a loan that meets your needs, apply with TheGuaranteedLoans today.