Payday Loans in Roll, Arizona

Understanding Payday Loans in Roll, Arizona

Payday loans are a type of short-term loan designed to cover unexpected expenses until your next paycheck. However, it’s important to note that payday loans are prohibited in Arizona, including the town of Roll. In this article, we’ll explore what payday loans are, the legalities surrounding them in Arizona, and some alternatives you can consider if you find yourself in need of quick cash.

What are Payday Loans?

A payday loan is a type of loan where a borrower writes a post-dated check for the amount borrowed plus a fee to a lender. The lender then gives the borrower the loan amount, typically ranging from $100 to $500, which is due on the borrower’s next payday. If the borrower cannot repay the loan on time, they may roll it over, incurring even more fees and interest.

While these loans can be a quick way to access cash when you need it, the fees and interest rates associated with them can be extremely high, making it difficult for the borrower to repay the loan and get back on their feet financially.

Payday Loans in Arizona

Payday loans are prohibited in Arizona under the Arizona Revised Statutes § 6-632. The law states that “a person may not engage in a payday loan business in this state or lend to a person who is resident in this state a payday loan that is subject to a fee or charge.” This means that payday lenders cannot legally operate in Arizona, and borrowers in Arizona cannot obtain a payday loan.

Despite the illegal status of payday loans in Arizona, borrowers may still be targeted by scam artists posing as legitimate payday lenders. These scammers may offer loans with high fees and interest rates, or may simply take a borrower’s money without providing any loan at all. It’s important to be aware of these scams and only work with licensed, reputable lenders.

Alternative Forms of Credit

If you find yourself in need of quick cash, there are alternative forms of credit available in Arizona, including:

• Credit cards
• Personal loans from a bank or credit union
• Short-term loans from online lenders (in states where they are legal)
• Working with a credit counseling agency to develop a debt management plan

While these options may not be as quick or accessible as payday loans, they can provide a more sustainable solution to your financial needs.

Interesting Facts and Statistics

• In 2010, Arizona voters chose to prohibit payday lending in the state, with 60% of voters supporting the measure.
• Despite this prohibition, payday lenders have continued to operate in Arizona, often by partnering with out-of-state banks to offer loans.
• In 2015, the Arizona Financial Choice Association, a group associated with payday lenders, spent over $15 million to try to overturn the state’s prohibition on payday lending. Their efforts were unsuccessful.
• Between 2009 and 2014, the number of payday loans made in Arizona fell by 73%, from nearly 2.4 million to just over 630,000 loans.

Apply Now

If you are in need of a loan and would like to explore your options, TheGuaranteedLoans can help. We are a connector service that works with a network of lenders to provide our customers with access to loans that suit their needs. Please note that we are not a direct lender and do not make lending decisions. Instead, we facilitate the connection between borrowers and lenders. To get started, fill out our online application form today.

We hope this article has been helpful in understanding payday loans in Roll, Arizona. Remember, payday loans are illegal in Arizona, so be cautious of any lender that claims to offer them. Instead, consider alternative forms of credit and work with licensed, reputable lenders if you need to borrow money.