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Payday Loans in Arizona
The lending landscape in Arizona is not as simple as in other states due to the position oflegislators. Payday loans are regulated by each state individually in accordance with thevision of fair financial practices. In Arizona, conditions for the work of payday lendersbecame unprofitable due to an interest rate cap installed in 2010. However, the popularityof payday loans is so high that this type of loan still survived due to a more lenientposition of the legislation towards online loans and the activity of tribal lenders.Find out how to get a payday loan in Arizona taking advantage of fast cash butnot violating the law.
All US states can be divided into three main groups in their attitude to payday loans:
A group of 18 states, including Arizona, have established interest rate caps to protect borrowers from high interest rates.
Most states have legalized them, but the terms of providing such loans vary. For example, the state may set an upper limit for a loan. Among the states that have gone the way of legalization are Alabama, Indiana, Louisiana, Nebraska, Oregon, Rhode Island, Utah, and others.
In three states, such as West Virginia, Connecticut, and Georgia, the payday loan industry is restricted by state law.
Until 2010, Arizona residents could take out payday loans of up to $500. This practice became popular among those who may need extra cash shortly before receiving their salary. But after 2010, according to the Arizona Revised Statutes (ARS 6-632), payday lenders were required to comply with a 36% APR cap. This made providing short-term loans unprofitable for lenders. And so, most of them decided to switch their activities to other states where payday loans do not have such restrictions.
Solving the Problem of Payday Loan Ban
Other forms of loans could not compensate for the ban on payday loans. The conditions for their provision are more stringent, and not every individual can meet them. Moreover, it took a long time to wait for the borrower’s application to be approved. Therefore, the residents of Arizona used loopholes in the law to continue to provide and receive payday loans.
Native American tribes can take into consideration state regulations and accept them if they deem appropriate. However, they are not obliged to do so because the inner life of tribes is regulated by tribal law. Therefore, tribal lenders retained immunity in relation to this APR cap. They continued to provide short-term loans on the terms they considered necessary.
If a payday lender provides services online and is not based in Arizona, they are not obliged to follow state regulations. The question of whether state laws can apply to such lenders is still open. Therefore, formally, they do not violate anything and can continue their financial activities.
Another common practice is the replacement of the name ‘payday loans’ with installment loans. Although the conditions of providing money are almost the same, the change of the term helps avoid direct confrontation with the authorities.
Each of these strategies allows the practice of payday lending to continue, which was common from the mid-1900s to 2010. Attempts to return lenders’ rights to payday lending continue even today. The most significant of these were made in 2017, when they tried to rebrand payday lending. These attempts were unsuccessful, but under the influence of lending practices in other states, this situation may change.
How to Get a Payday Loan in Arizona
If you want to comply with the state laws when getting payday loans in Arizona, use the services of online lenders. Our network of legitimate lenders, includes those that provide loans to Arizona residents. We will help you find them in the shortest possible time so that all your extra expenses can be covered. No more than 24 hours will pass from the moment you apply for a loan until you receive it. Here’s what you need to do to get cash on the payday loan terms:
- Fill out a short application on our website, indicating your contact information and the amount you would like to borrow.
- Receive a list of lenders ready to provide you with such a loan.
- Study their terms, comparing APR, penalties in case of a missed payment, extra charges and fees, etc.
- Apply for a loan to the online lender whose terms are more favorable for you. Attach copies of the documents that this lender requests.
- Wait for confirmation from the lender, which can come within a few minutes or a day.
- Carefully read the loan agreement to be sure you know all the obligations you are accepting.
- Sign the agreement and send it by email. The money will be credited to your bank card within a day.
Is It Worth Taking Out a Payday Loan in Arizona?
People usually apply for a payday loan when they are in urgent need of a small amount of extra cash. Since a payday loan is one of the fastest ways to find extra money, it has become so popular in America. But if your demand for a loan is not urgent, you can consider other alternatives.
We also offer our users to find personal loans and installment loans on the most profitable terms. You can use our network of lenders to choose the best option available in Arizona. This way, you will save money by choosing a loan with a lower APR. The advantage of contacting our respectable online lenders is that many of them do not check your credit score and issue loans even to borrowers with a bad credit history. Therefore, without violating the laws of Arizona, you can get a short-term loan on favorable terms.
Many people are interested in softening Arizona’s payday loan laws. These include borrowers who can get a small amount of money without red tape, and the lenders who used to provide them. Perhaps, under their pressure, Arizona legislators will lift restrictions on this type of loan. In the meantime, you can use the services of online lenders. This does not contradict the law and has become an excellent alternative to those types of loans currently permitted by Arizona law.
