Payday Loan 
Title Loan 
Personal Loan 
Business Loan While a payday loan is a payday advance, there is a difference in how you apply for one. When you need cash more than once in a year, typically more than $1000 at any given time, then the best option would be to get an installment loan from your bank or credit union.
If you’re still looking for cash and don’t mind risking the consequences of taking on debt for more than $1000, then payday loans could allow you to get cash quickly while avoiding hefty fees and penalties.
Can You Get A Payday Loan In Arizona?
No, you can’t. According to the Arizona Department of Economic Security, a payday loan is a short-term, high-interest loan that cannot exceed a maximum of $1000.
If you have any questions about the rules and regulations to apply for a payday loan, contact your bank or credit union before you apply to see if they have other options for you, such as an alternate form of payment.
How Else Can I Get A Loan If I Need Extra Cash In Arizona?
If you’re currently living in Arizona and need a small amount of money, you could ask your employer if they will fund a loan from your paycheck. Some employers may offer loans from their own funds either to new employees or to existing employees that need to get by temporarily if a medical emergency arises.
You could check your bank or credit union to see if there are other forms of loans that you can apply for, such as installment loans. In some cases, these loans may have lower interest rates and may be easier to qualify for.
What Are Other Short-Term Options Available In Arizona?
If you need cash fast, then consider some of these other options that can help you out momentarily:
- Some employers will allow you to convert money from your paycheck as it is directly deposited into your bank account as a loan payment, as long as they have the authorization to do so.
- A cash advance on a credit card can be another option if you already have one established for emergencies like this. The interest rate may be higher than other forms of loans, and more fees and penalties may be attached, but sometimes this will suffice until you can get a payday loan from your employer or from your bank or credit union.
- If you have a family member or friend that will lend you the money, then this may be an option for you. You’ll want to make sure you get the cash loan in writing, detailing how much they are giving you, the interest rate they will apply to the loan, and when it needs to be paid back. Most importantly, make sure that your finances are in order before asking for a loan from someone else. They may be willing to help you out of a bind if they know that paying themselves back is one of your top priorities.
- You could consider putting some major purchases on hold until your next paycheck comes through. This will keep you from running to the nearest payday loan shop and help you to save your money rather than spend it.
What Are The Typical Costs Of A Loan In Arizona?
Payday loans are short-term loans that are meant to be paid back in one lump sum on the day the loan is due. The repayment terms for payday loans can range from 14 days to 31 days, but most payday loans are paid back within 2-4 weeks.
The interest rates for cash advanced in Arizona range from 200%-700% APR, depending on the lender or financial institution that you’re working with. Many lenders will require you to pay fees upfront before you take out a loan, especially if it is your first payday loan. These fees will increase the total cost of your loan and may make it impossible for you to repay it on time.
FAQ
In 2012, payday loans were made illegal in Arizona. The idea behind the law was to help lower-income individuals and families that we’re struggling to afford all their bills and debts on a regular basis.
However, if you already have a payday loan in Arizona and need to get it paid back by the terms you originally agreed upon, then everything should be fine. You can still pay your loan off in full on time without having to worry about it being illegal.
The Arizona state legislature passed the Arizona Consumer Loan Act in 2012, making payday lending illegal in the state. The law was designed to protect consumers by limiting annual interest rates on payday loans to no more than 60%, along with loan repayments being limited to 30 days after being received.
As of July 2017, the interest rate on payday loans is capped at 36%, making them more affordable, but they are still limited to just 60 days. If you have a loan that has expired since then, then you are now able to ask your financial institution about getting a new one.
If you have tried to work with a short-term loan provider in the past and encountered problems, then consider reaching out to an organization that can help you. The Office of the Attorney General works specifically to help residents in Arizona who are having issues with predatory lending, whether it is an employee of a payday lender or another kind of financial institution.
The Attorney General’s office will contact lenders on your behalf if they are not willing to reach an agreement with you about how much money is due, when it needs to be paid, and when the terms of repayment were broken. Their main goal is to help protect Arizona residents from others taking advantage of them in this kind of situation.