Payday Loans in Surprise, Arizona
For those living in Surprise, Arizona, it is important to understand that payday loans are not legal. Due to a statewide ban, residents of Surprise, Arizona cannot take out any type of loan that demands a repayment in a matter of days or weeks, as opposed to months or years.
What are payday loans?
Payday loans are short-term loans which typically have higher fees and interest rates. The loans are meant to provide quick relief in the event of a financial emergency, though the short repayment time period can make them difficult to manage.
The ban on payday loans in the state of Arizona
In 2010, the state of Arizona passed a law that effectively banned all payday loans within the state. This means that lenders in Arizona are prohibited from making short-term loans with associated interest and fees. This type of loan could still be taken out, but only if it is a loan where the repayment period is at least 60 days, as opposed to the typical two-week repayment period of payday loans.
Options for those in need of quick cash in Surprise, Arizona
While payday loans are not available, those in need of quick cash can explore other options in the state of Arizona. One potential solution is a title loan, which is a loan secured by the title of a car. This type of loan works similar to a payday loan—the borrower can receive quick cash in exchange for title of the vehicle and agrees to a repayment date.
Borrowers’ Rights in Surprise, Arizona
The Office of the Attorney General for the state of Arizona is responsible for handling any and all complaints related to payday loans. In the event of a dispute, it is important that borrowers reach out to the office for assistance. All complaints must be filed as soon as possible to ensure that the borrower’s rights are protected.
Is a payday loan right for me?
Payday loans can be a good option for those in need of quick cash in a pinch. However, due to the fact that they have shorter repayment periods and higher charges and interest, it is important to consider other options first. There are a variety of other loan options available in Surprise, Arizona, such as title loans and online personal loans, that may be more suitable for an individual’s needs.
F.A.Q.
- Do payday loans exist in Arizona? No. Payday loans are illegal in the state of Arizona.
- What are my options for quick cash? There are a variety of loan options available in Arizona, such as title loans, online personal loans, and installment loans.
- Can I file a complaint in the event of a dispute? Yes, the Office of the Attorney General for the state of Arizona is responsible for handling any and all complaints related to payday loans.
Apply Now
If you find yourself in a situation needing quick cash, TheGuaranteedLoans can help. We are not a lender, but we connect borrowers with lenders who can provide the funds they need. Visit our website to fill out an online application and get connected with a lender.