Payday Loans in Tonto Basin, Arizona
Payday loans are small, short-term loans that are typically used to cover emergency expenses. These loans are characterized by high interest rates and fees, which can make them difficult to repay for some borrowers. In Arizona, payday loans are prohibited, meaning that lenders cannot legally offer these types of loans to residents of the state.
Why Are Payday Loans Prohibited in Arizona?
The Arizona legislature determined that payday loans are harmful to consumers and passed legislation to prohibit them in 2010. Under Arizona law, any loan with an interest rate over 36% is considered usury, which is illegal. Payday lenders typically charge interest rates that far exceed this limit, making their loans illegal in the state.
Although payday loans are prohibited in Arizona, some lenders may attempt to circumvent the law by offering loans through online or out-of-state lenders. However, it is important to remember that these loans are still illegal and borrowers who take them out can face legal consequences.
Alternatives to Payday Loans in Tonto Basin, Arizona
If you are in need of cash and live in Tonto Basin, Arizona, there are several alternatives to payday loans that you can consider. These include:
- Personal loans from a bank or credit union
- Credit card cash advances
- Loan from a friend or family member
- Government assistance programs
It is important to carefully consider your options before taking out a loan. Make sure you understand the terms and fees associated with any loan you are considering and that you will be able to repay the loan on time.
Interesting Facts and Statistics about Payday Loans in Tonto Basin, Arizona
- In 2019, the average APR for a payday loan in Arizona was 399%.
- Arizona was one of 15 states, along with Washington D.C., to prohibit payday lending.
- In 2016, the average payday borrower in Arizona took out 10 loans, with an average loan amount of $422.
- The Center for Responsible Lending estimates that payday lending has cost Arizona families more than $1 billion in fees since payday lending was legalized in the state in 2000.
Apply Now
Despite the prohibition of payday loans in Arizona, TheGuaranteedLoans provides a lending connector service that can help connect you with potential lenders. If you are in need of cash, we encourage you to fill out an online application on our website today.
It is important to note that TheGuaranteedLoans is not a direct lender and does not provide loans directly to borrowers. Instead, we work with a network of trusted lenders who will review your application and determine whether to offer you a loan or not.
By filling out an application with TheGuaranteedLoans, you can access a network of lenders who may be able to offer you the cash you need to cover unexpected expenses. Apply now and get started on your loan application today!