Arizona Payday Loan Laws and Regulations

Find out if short-term Payday Loans are legal in Arizona and what amounts, interest rates and repayment terms are set by the state's Legislation.

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arizona payday loans Rates and Terms

Legal Status

Legal Status

The status of a loan type according to the Federal laws and regulations. What concerns Payday Loans some states consider them legal, some – illegal and some restrict them in terms of amounts and interest rates.

Available (with some restrictions)
Maximum APR

Maximum APR

The maximum percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

36.00%
Legal Payday Loans Online for Arizona residents 

Though you must have heard that traditional Payday Loans are restricted in Arizona, you may find other options to get instant cash advance permitted by Arizona laws. Study the state's rules and regulations concerning short-term loans in Arizona. Find available alternatives.

Compare top legit Payday Lenders in Arizona:

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.

  • Payday Loans
  • Installment Loans
  • Personal Loans
  • be a legal U.S. resident
  • be at least 18 years old
  • have a stable source of income
  • be currently employed
  • have an active bank account
Pros
  • Unrivaled flexibility and accessibility.
  • Predictable monthly payments

  • Quick and simplified borrowing process

  • Any credit is welcome
Cons
  • Not a direct lender.

 

GoGoPaydayLoans offers Payday Loans at affordable rates with convenient repayment terms. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $1000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day

$100 - $1000 Payday Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $100.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Loan By Phone offers Payday Loans, Installment Loans and Line of Credit.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $3000
  • Terms: Varied
  • Rates and fees: Vary by state
  • Turnaround Time: 1 business day
  • Payday Loans
  • Installment Loans
  • Line of Credit
  • 21 years of age
  • Social Security Number
  • Proof of Income (from your job, pension, welfare, or other source)
  • Valid email address
  • Active checking account (open for at least 90 days)
  • Current cell/home and work phone number
Pros
  • All loan applications and requests are guaranteed confidential and all transactions are governed in accordance with the laws of your state of residence.
  • Flexible repayment.
  • Available in most states.
Сons
  • High interest rates.
  • If you don't pay back on time your data may be sold to third parties.

 

Indyloan.com offers Personal Loans online at affordable rates with convenient repayment. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $5000
  • Terms: Vary by state
  • Rates and fees: Varied
  • Turnaround Time: 1 - 2 business day

Personal Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
Pros
  • Quick - no driving, waiting, faxing, paperwork.
  • High approval rate even for bad credit borrowers.
  • Online Payday cash advance with no collateral or co-signer.
  • 24 / 7 online service.
Cons
  • High interest rates.
  • Available not in all the states.
  • Only loans up to $5000 are available.

 

Table of Contents:

Are Payday Loans legal in Arizona?

Why are Payday Loans illegal in Arizona?

Arizona Payday Loans Laws

Arizona Payday Loans online laws

Does Arizona law allow Payday Loans for bad credit borrowers?

Arizona Payday Loans news  - latest changes

Arizona Payday Loans historical background

Arizona Payday Loan alternatives

Are Payday Loans legal in Arizona?

Short-term Payday Loans in Arizona are available but with certain restrictions imposed by Ariz. Rev. Stat. Ann. §§ 6-601 et seq.. The Payday Lending legislation covers all the parts of the process concerning:

  • Payday Loan amounts
  • Payday Loan repayment terms
  • Payday Loan online direct lenders
  • Payday Loan stores near you
  • Payday Loan interest rates and other fees
  • Payday Loan collecting practices
  • Payday Loan default penalties
  • The number of outstanding Payday Loans as well as a cooling-off period in-between etc.

Read more: Payday Loans in Arizona

The main Payday Loan eligibility criteria which the residents of Ariz. Rev. Stat. Ann. §§ 6-601 et seq. must meet are:

  • Arizona resident
  • over 18 years of age
  • an active banking account

Ariz. Rev. Stat. Ann. §§ 6-601 et seq. caps all short-term loans under $3000 at 36% APR. 

For other details  and information on Payday Loans in Arizona contact Arizona Department of Financial Institutions, Financial Enterprises Division, 2910 N. 44th Street, Suite 310 Phoenix AZ 85018, (800) 544-0708.

Why are Payday Loans illegal in Arizona? 

The Government considers Payday Loans too expensive and often associated with lenders' predatory practices. That's why in Arizona Payday Loans were legal only till 2010 when 36% APR cap was set. It caused most lenders to stop issuing short-term small-dollar loans as it became not profitable. Still, there still exist some banks and online companies offering similar types of cash advance suitable to cover any unexpected emergencies.

Arizona Payday Loan laws 

Arizona residents who would like to apply for a Payday Loan online as well as in-store must meet the following eligibility criteria:

  • Arizona resident
  • over 18 years of age
  • an active banking account

Besides, it's necessary to keep in mind that even if you qualify for a loan it doesn't mean you get one. Don't forget about the restrictions on loans under $3000 in Arizona state. 

However, there are no limits on the purpose of loan usage. Any urgent expenses, unforeseen bills, car repair, home repair, etc. may seem a sound reason to apply for an online Payday Loan in Arizona.

If you haven't succeeded in finding the necessary cash advance, there are always other options to receive the necessary funds in Arizona: unsecured Installment Loans, bad credit Personal Loans, Title Loans, Check Cashing, Pawn Shops, etc.

Arizona Payday Loans online laws 

Cash advances (payday loans) from both storefront and online lenders are restricted by 36% APR usuary cap by Ariz. Rev. Stat. Ann. §§ 6-601 et seq.. It also concerns online lenders which must operate in accordance with all relevant state and federal laws. Otherwise, they may be liable to Arizona Department of Financial Institutions, Financial Enterprises Division, 2910 N. 44th Street, Suite 310 Phoenix AZ 85018, (800) 544-0708 for law violations. 

The law obligates Arizona Payday Loan lenders to provide you with a written disclosure of all the rates and fees in the understandable language. You should read them carefully and if you agree acknowledge the notification by signing the contract.

Does Arizona law allow Payday Loans for bad credit borrowers? 

The average credit score in Arizona is 660, placing it in the fair range. But it doesn't mean that those who have a worse credit can't apply for the necessary cash advance in Arizona. 

  • First of all, there're some companies in Arizona providing similar to Payday loans services to borrowers with both good and bad credit score.
  • Secondly, you can always find a cosigner to increase your chances of being approved for a bad credit Payday Loan.
  • Find out how to improve your credit score and do your best to do it fast. 
  • Or consider taking out a bad credit Installment Loan, or bad credit Personal Loan.

Arizona Payday Loans news  - latest changes

The latest attempt to impose changes on Payday Loans laws in Arizona was made in 2017.  There was an attempt to revive Payday Loans, but an unsuccessful one.

Still, some new forms of fast cash advance do exist in Arizona. These are Flex Loans and Consumer Access Lines of Credit which greatly resemble Payday Loans by their high cost. They say, a bill allowing flex loans passed in 2015, which effectively brought payday lending in Arizona back to life.

Arizona Payday Loans historical background 

The history of Payday Loans in Arizona
before 2010 It was legal to take out a Payday Loan for 5 days and more with the maximum loan amount of $500 and 459% APR on a 14-day $100 loan.
2008 The Arizona Payday Loan Reform Act was defeated and payday lending stayed prohibited.
2010 As the APR was strictly limited to 36% and violating lenders were pursued by law, many of them stopped their activity in Arizona.
2017 There was an attempt to revive payday loans by opening up “Consumer Access Lines of Credit“, or “Flex loans”., though unsuccessfully.

Arizona Payday Loan alternatives 

If you're looking for instant cash advance in Arizona but not a Payday Loan, consider other alternative ways to get the necessary funds:

  • Apply for an Arizona Installment Loan - $1000 - $5000 cash advance repaid over several months or years in equal installments.
  • Take out a Car Title Loan if you own a vehicle to use as collateral.
  • Sell some of your valuable stuff online or at a pawn-shop.
  • Apply for Arizona Tribal loans. Tribal lenders can avoid the state's caps and limits as they operate outside the state regulations. 
  • Consider borrowing from a bank or credit union. U.S. Bank, the fifth-largest bank nationally, is lending up to $1,000 to cash-strapped consumers through its Simple Loan program.
  • Qualify for one of Federal or Arizona government assistance programs: Low Income Energy Assistance Program (LIEAP), Arizona Health Care Cost Containment System (AHCCCS), Supplemental Nutrition Assistance Program (SNAP), The Emergency Food Assistance Program (TEFAP), Commodity Senior Food Program (CSFP), Congregate and Home Delivered Meals, Cash Assistance, Child Care Assistance.

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