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Arizona Payday Loans Online

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If you’re short on cash, a payday loan can help. These short-term, small loans are designed to get you through until your next paycheck. But payday loans are regulated by each state. That means the rules and regulations vary from one place to another.

In Arizona, the Department of Financial Institutions regulates payday loans. Here’s a quick overview of what the state allows.

Can You Get a Payday Loan in Arizona?

The laws allowing payday lenders to operate in Arizona expired back in 2010. That means for over a decade, all loans in the state must meet the requirements of Arizona Revised Statute (ARS) 6-632.

This law places limits on small loans. For example, the maximum interest rate allowed is 36% for loans up to $3,000. Since typical payday loans average 400% interest, you can’t get a payday loan in Arizona.

Can You Get an Online Payday Loan in Arizona?

Some consumers have sought payday loans online or through another state to get around state limitations. Unfortunately, this isn’t always legal. The Federal Trade Commission (FTC) warns consumers to beware of illegal online payday loans.

So no, you cannot simply get an online payday loan or seek one out of state to avoid the strict laws in Arizona.

Why Are Payday Loans Prohibited in Arizona?

Many people feel that payday loans are a type of predatory lending. That’s because they often target low-income consumers who may not have the means to repay the loan.

In addition, these loans come with high-interest rates and fees that can trap borrowers in a cycle of debt. Unfortunately, Arizona lawmakers agree with these payday loan critics.

That’s why they placed strict limitations on payday loans back in 2010. The goal was to protect consumers from unfair and abusive lending practices that some unscrupulous lenders used.

What Are Your Options If You Need Cash Now?

Since you can’t get a payday loan in Arizona, you might be brainstorming other ways to get fast cash to help you out of a financial bind. Here are some of the best payday loan alternatives to consider.

Personal Loan

These loans typically have lower interest rates than payday loans. And while the approval process can take longer than a quick payday loan, you’ll usually have a longer time to pay off the debt.

You can use Payday Depot’s regular application process to get an online personal loan. Instead of matching you with a payday loan lender, we’ll find the best small-loans lender for you based on your needs and financial situation. We’ll then connect you with the lender so that you can complete your loan offer if you agree with the loan terms.

Cash Advance from a Credit Card

One option is to get a cash advance from your credit card company. This has a lower interest rate than a traditional payday loan and is legal in Arizona.

But remember that you’ll still be paying interest on the outstanding balance. In addition, some cards charge fees for cash advances. So always read the fine print before you take out the money to ensure it’s the right decision for you.

Title Loan

If you own your car, you might be able to get a title loan using the vehicle as collateral. You can typically get a larger amount of money with this type of loan than you could with a payday loan. And since they’re spread out over time and backed by collateral, the payments are usually smaller and more manageable.

Remember that if you default on the loan, you could lose your car. So make sure you can afford the payments before signing on the dotted line.

Borrowing from Friends or Family

If you have someone in your life who’s able and willing to help you out financially, that’s always the best option. You’ll typically avoid fees and high-interest rates. However, if you don’t pay back the money, you may find the relationship damaged in the process.

Need a Payday Loan? Not in Arizona!

If you need a payday loan and live in Arizona, you’re out of luck. That’s because any loan with more than a 36% interest rate is illegal in the state. But Payday Depot does work with Arizona lenders to offer small personal loans at or below the maximum allowed interest rate. Apply with us today to see how much you can get.