Arizona payday loans
We prepare a guide with critical advice on how to best take advantage of Arizona payday loans. We think there is a lot of misinformation out there and we decided to the the record straight. If you are looking for Arizona payday loans, here is what you need to do. Maybe you need a little extra cash until your next paycheck. Maybe you have been hit with an emergency situation that requires you to act fast. We think a payday loan is a useful financial tool but there are caveats. In other words, we recommend that you be careful and pay it back on time.
Are Arizona payday loans legal?
Payday loans are not legal in Arizona. The law that permitted the practice is no longer valid since June of 2010. In fact, all consumer loans with APR's above 36% a year are illegal since. With that said, payday loan companies simply changed their practice and continued to operate under the law laws and are now offering a different set of products (such as installment loans). It is also illegal to advertise short term loans of any kind in the state of Arizona, with an exception made for tribal lenders. We advise that you read the fine print when signing any contract, specially when it comes to loans. The same due diligence applies for having a plan: you must be prepared to pay it back and have an understanding of the changes that need to be made if you are to afford the loan.
Arizona Installment loans that are available
Since installment loans are legal in Arizona, you can try to get one. These are loans with equal payments over a fixed period. These are also possible to get even if you credit is less than stellar. Remember to consider the risks! LIST Opploans Blue trust loans Netcredit Cashcentral Rise credit installment loans Slam dunk loans
Options besides Arizona installment loans
Just because arizona payday loans are illegal, it does not mean you do not have other options
- Tribal loans If you reside in a state like Arizona where it is illegal to provide payday loans, it is still possible to get one with a tribal lender such as SWIFT and Blue Trust. Because these are companies established in tribal lands they are considered sovereign and therefore have their own set of laws and regulations.
- Short term loans from other states If you are temporarily residing in Arizona but is a legal resident of another state where payday loans are legal, you can still think about a payday loan. Do not try this if you do not have residence proof in another state.
- Side work It is possible to get out of a financial quagmire if you get a side job. Look for work being an Uber driver for example.
Costs of Arizona loans
Regardless of the type of loan you get, you will be paying interest and fees. You can be certain that interest will never exceed 36% in Arizona but you may pay fees that are within the legal boundaries created by the state to protect companies. For example, if your check bounces, a company will charge you a non-sufficient funds fees (NSF fee). Late payments also incur fees. If your loan end up with a collection agency, you could be paying fees too.