Phoenix Payday Loan

Getting a Phoenix payday loan is now next to impossible, especially if you plan on using a physical and locally operating establishment in order to do so.  While there are still some companies that continue to offer their services in this region, the selection is much smaller and borrowers have far fewer options.  There are still a number of online and offshore companies that consumers can appeal to, however, there are no regulations placed on these operations and few guarantees that applicants will not be scammed when providing their personal and financial details to unknown entities.

Arizona State Payday Loan Law Overview

In 2010, legislation was issued that prohibited lenders from charging excessive interest rates or engaging in other predatory lending practices.  Although Phoenix payday loan offers were not entirely prohibited, this new legislation mandated that all companies operating within the state of Arizona must charge less than 36% in interest.  In a nearly unanimous response, many lenders opted to close their doors and take their business to more lenient states.

Maximum Loan

It is important to note that although loans of this type have been stringently regulated by the state of Arizona government, they have not been outlawed entirely.  Applicants can request as much as $500 in a single advance, however, the amount that is disbursed will be dependent upon the individual’s own income and the assessed ability to repay.

Loan Terms

Loans can last a maximum of fourteen days and while rollovers continue to be allowed, the tight caps on interest rates make finding these arrangement unlikely when dealing with bricks and mortar institutions.

Extensions

Borrowers can have a maximum of three payday loan extensions, however, the total fees for a single loan must still fall be low the maximum 36% interest rate.  No borrower is allowed to have more than one loan out at a time with any institution within the state.

Fees And APR

The typical finance charges for a $100 14 day loan were once $17.65. The APR for a $100 14 day loan was at one time as high as 459%.  The maximum rate and fees can now only be as much as 15% of the check which is the foremost reason why many lenders have opted to not operate in this state or are now providing alternative means for consumers to obtain funding, such as debit cards that allow for negative limits.

Conclusion

While legislation has had a dramatic impact on predatory lending practices in the state of Arizona, it has also eliminated a very viable and often necessary funding solution for consumers in need.  Many impoverished and even middle class families rely on these services to resolve short term cash flow issues and to cover urgent and essential bills.  This legislation has also done little to deter predatory online lending and car title loan companies that place terms and fees on borrowers that can be markedly more stringent.  More importantly, it does not address the fact that consumers in need will turn to these widely available and wholly unregulated businesses to resolve their short term monetary issues.  Those who are able to find payday loan lenders still willing to operate in this state will usually be subject to lower than average loan limits and shorter repayment plans.

Best Phonex Payday Loans

No
Provider
Review
APR
Visit Site
1
AmeriAdvance
Varied
Go to AmeriAdvance
2
Paydaymax
431.79%-616.85%
Paydaymax
3
Plain Green Loans
59.84% �?378.95%
Go to Plain Green Loans
4
MyCashNow
401.13%-573.05%
MyCashNow
5
Discount Advances
401.13%-573.05%
Discount Advances
6
100 Day Loans
36%�?51.79%
100 Day Loans
7
Check City
Varied
Check City
8
Cash Central
Varied
Cash Central
9
CashAdvance
Varied
Go to CashAdvance.com
10
Great Plains Lending
199.44% �?448.76%
Great Plains Lending
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