Payday loans availability in Arizona

Payday loans can be defined as short-term cash advances that are provided to the customers under a rather high percentage rate. The process of getting this kind of credit is not difficult at all. The borrower just needs to call or go to the office of payday lending company and write out a check. In its turn the lending company gives him the required sum of money. The lender saves the check until there is enough money on it and it can be cashed. Since payday loans are one of the most expensive types of credit, many American states have already banned them.

However, payday loans are still allowed in Arizona. They are regulated by a number of State laws and licenses here.

The Arizona law provides the following regulations of payday lending industry. $500 is the extreme limit of payday loan. The larger sum of money is not allowed. The minimum period of the loan is 5 days. Lenders are prohibited to take more than $17.65 fee for a loan amounting $100. Under the other terms of payday loans the interest rate and all extra fees are to be 15% or less. So it can be calculated that the annual interest rate on a $100 payday loan provided for a fortnight amounts 459%. Every customer can take one loan at a time. It is also allowed to make 3 rollovers of the loan. But each borrower should keep in mind that every other review of repayment plan will result in paying higher fees.

On the other hand, there is one tough restriction put on the payday lending industry according to Arizona legislation. It is called a “repayment plan free of fees”. Under this plan payday borrowers are allowed to extend the loans for 90 days and within this period of time they are to be free of being charged with extra fees. A borrower just needs to pay the interest rate and financial fees. But due to this regulation payday lenders have nothing to do but to increase percentage rates sharply.

There are also limitations, set on the collection procedures in the State. In accordance with financial institutions’ estimations, non-sufficient funds fees are not to exceed $25. Criminal activities against payday loan borrowers are forbidden. The Department of Financial Institutions of the State of Arizona monitors all operations of payday lenders.

Arizona legislative acts make all payday lending companies operate under the established regulations. It means that every payday loan procedure is to be accompanied with a contract including all the data about payday loan sum, annual percentage rate, financial fees and other charges, terms of payment, date of the deal, as well as the name of the lending company. All the transactions are to be implemented in US dollars.

Due to the fact that there 2 state languages in Arizona, English and Spanish, all payday lending information is required to be provided in both languages to the borrowers. Furthermore, the State law requires all payday lending firms to receive a license on their activities in order to work legally in Arizona.

To make a long story short, it is necessary to tell in what cases payday loans can really help their customers. Often financial problems arise unexpectedly and should be eliminated as fast as possible, so as not to let further difficulties appear. If you have faced with the situation described above, you can ask a payday lender for a help. Their services will assure you that you can not only rely on your paycheck, but get fast and convenient financial assistance from the other sources.


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The service is not available in all states. The consumer will not be accepted if this service is prohibited in his state or there are not any lenders from our network there.

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