Payday Loans in Mammoth, Arizona

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No payday loan companies in Mammoth, AZ. Consider companies in other cities:

Company nameAddressZip codePhone number
Dolex Dollar Express 12327 Grand Ave, El Mirage, AZ 85335 +1 (623) 974 - 6646
Check & Send 546 E Broadway Rd, Mesa, AZ 85204 +1 (480) 962 - 3752
GreenBack Title Loans 3002 N Arizona Ave, Chandler, AZ 85225 +1 (480) 926 - 6666
Wells Fargo Home Mortgage 3726 AZ-95, Bullhead City, AZ 86442 +1 (866) 509 - 5782
Check Into Cash 90 E 3rd Street, Unit A-6, Douglas, AZ 85607 +1 (520) 805 - 1855
Chase Bank 15960 S Rancho Sahuarita Blvd, Sahuarita, AZ 85629 +1 (520) 399 - 1512
Academy Mortgage - Lake Havasu 309 Lake Havasu Ave #100, Lake Havasu City, AZ 86403 +1 (928) 505 - 8400
Sbaguy LLC 20235 N Cave Creek Rd 104-512, Phoenix, AZ 85024 +1 (602) 538 - 9671
ACE Cash Express 2847 S 6th Ave #5, Tucson, AZ 85713 +1 (520) 624 - 1144
Chase Bank 401 Riverside Dr, Parker, AZ 85344 +1 (928) 669 - 9846

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Mammoth, AZ, you can try to find different companies in big cities near by. Check out the following pages here: No Credit Check Loans in Gilbert, AZ, Payday Loans in Glendale, AZ, Payday Loans in Goodyear, AZ, Payday Loan Without a Credit Check in Lake Havasu City, AZ, 24-Hour Loan in Marana, AZ, No Credit Check Loans in Maricopa, AZ, Emergency Loan in Mesa, AZ and Payday Loan Without a Credit Check in Peoria, AZ. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Mammoth, AZ.

Beautiful sights of Mammoth, AZ

Payday Loans Available in Mammoth, AZ By The Following ZIP Codes:

85618

Are Payday Loans Legal In Mammoth, Arizona?

Payday Lending is Prohibited in Arizona

Arizona Loan Regulations

Legal StatusProhibited
Interest Rate (APR, %)Prohibited
Maximum Loan AmountProhibited
Minimum Loan TermProhibited
Maximum Loan TermProhibited
Number of Rollovers AllowedProhibited
Finance ChargesProhibited

Mammoth, AZ payday loan calculator

When in a financial crunch and the next paycheck seems far away, many people opt for payday loans to tide them over. However, payday loans are illegal in Arizona, including Mammoth, Arizona. This article seeks to educate readers on payday loans in Mammoth, Arizona and what alternative options are available.

What are Payday Loans?

Payday loans are small-dollar loans with high interest rates that are usually due on the borrower’s next payday. These loans are designed to help people meet their short-term financial obligations until their next paycheck. However, they often come with high fees, which can add up quickly if the borrower is unable to pay off the loan on time.

In Arizona, payday loans are illegal. The state has a usury law that caps the interest rate on consumer loans at 36%. This means that lenders cannot charge more than 36% APR (annual percentage rate) on loans. Since payday loans often have interest rates that exceed 400%, they are illegal in the state.

Why are Payday Loans Prohibited in Arizona?

Arizona prohibited payday loans in 2010 after a voter referendum. The law was enacted to protect consumers from predatory lending practices, because payday loans trap borrowers in a cycle of debt. Studies have shown that most payday loan borrowers are unable to pay off their loans on their next payday and have to renew the loan, which incurs additional fees. This debt cycle can result in borrowers owing more in fees than they borrowed in the first place.

Payday lenders often target low-income individuals and those with bad credit, who are unable to get loans from traditional lenders. These borrowers are vulnerable to the high fees and interest rates of payday loans, which can lead to a cycle of debt that is difficult to break.

Alternatives to Payday Loans in Mammoth, Arizona

Despite the fact that payday loans are illegal in Arizona, many people are still in need of short-term loans to get them through tough financial times. Fortunately, there are alternatives to payday loans available that are legal and can provide the same relief.

Credit Union Loans

Credit unions offer short-term loans that are affordable and can help borrowers meet their financial obligations. These loans have lower interest rates than payday loans and can be paid back over a longer period of time. Credit unions also offer financial counseling and education to help borrowers improve their financial situations and avoid falling into debt cycles.

Credit Card Cash Advances

Credit card cash advances allow borrowers to withdraw cash from their credit card at an ATM or a bank. While these advances often come with high interest rates, they are still much cheaper than payday loans. However, borrowers should be careful not to max out their credit cards, as this can result in high interest charges and fees.

Personal Loans

Personal loans from traditional lenders like banks and credit unions are a good alternative to payday loans, as they often have lower interest rates and more flexible repayment terms. However, these loans are harder to qualify for, as lenders often require a good credit score and a steady income.

The Reality of Payday Loans in Mammoth, Arizona

Despite the fact that payday loans are illegal in Arizona, some payday lenders continue to operate in the state by exploiting a loophole in the law. These lenders offer loans with interest rates that are just below the usury cap, but often include high fees that result in an effective interest rate that exceeds 36% APR.

It’s important for residents of Mammoth, Arizona, to be aware of the risks of payday loans and to explore alternative options when in need of short-term loans. While payday loans may seem like a quick and easy solution, they often lead to a cycle of debt that is difficult to break out of.

Interesting Facts about Payday Loans in Mammoth, Arizona

  • Arizona prohibited payday loans in 2010 after a voter referendum.
  • According to the Arizona Department of Financial Institutions, there were no payday lenders in Mammoth in 2021.
  • The average APR for payday loans in Arizona before they were prohibited was 459%, according to a study by the Center for Responsible Lending.
  • Arizona was the 17th state to prohibit payday loans, following the lead of other states like Georgia, New York, and New Jersey.

Apply Now

At TheGuaranteedLoans, we understand that unexpected expenses can arise, and our goal is to help connect you with lenders who can offer you the short-term loan you need. Fill out our online application today and get connected with a lender who can provide you with the funds you need to get through tough times. Remember, we’re a connector service, not a direct lender, so we work with a network of lenders to help you find the loan that’s right for you.

F.A.Q.

What are the penalties for offering or taking out a payday loan in Mammoth, Arizona?

Offering or taking out a payday loan in Mammoth, Arizona is considered a criminal offense and can result in fines and imprisonment.

Are there any exceptions to the payday loan prohibition in Mammoth, Arizona?

No, there are no exceptions to the payday loan prohibition in Mammoth, Arizona.