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State Of Arizona Payday Loan Laws
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State Of Arizona Payday Loan Laws

The state of Arizona payday loan laws are supposedly set up to protect the borrower but they have many loopholes in them creating a potential payday loan trap setup.

While the payday loan limit is one at a time, people get around it by simply telling the company they do not have any, and lack of follow up by the agency leads to too many loans to handle at once, thus, the trap is set.

What are the laws?

The laws state you can only have one loan at a time, and the loan limit is $500.00 with a 15% loan fee, or interest if you call it what it really is, per roll over.

You may roll over your loan up to 3 times, and this leads to a fee every roll over. While it is better than some states who can charge you a $15.00 fee per $100.00 borrowed, they still add up if you keep rolling the loan over, and three roll overs is actually under the average rate per loan, which is rolling over 4 times before payment in full of the loan.

I am in trouble!

Oh how many times we hear this as a plea for help. A person takes out a payday loan with every intension of paying it back when it becomes due, then come payday the money just is not there to pay it off so they roll it over and the cycle begins.

Something else comes up and now they can't even cover the fees for the next roll over on the loan and the checking account bounces! Now checks are bouncing all over town and there is no money to cover the check charges to the bank, to the loan company, and to the businesses where the checks are still bouncing!

What can I do?

Take a deep breath and know there is help. If you find yourself in trouble in the State of Arizona or any other state, you need to contact a Payday loan debt consolidation company as soon as possible and let them set you up on a low monthly payment plan.you can afford. They can stop all the calls and interest, and get you back on track.

Be aware of the Arizona payday loan laws to help you to see that these laws are really for the businesses, and there is only one way to avoid any kind of payday loan trap, and that is to simply not use them.

If you absolutely have to borrow the money, you must pay it back on the first due date, period!

I hope this information helps you avoid payday loans, and if you are in need of help it is my pleasure to give you some options that can help you find some piece of mind!

Please feel free to share this article and leave any comments and questions below!


Street Talk

Great article Shawn, helpful information.

Reply
  about 9 years ago

Thanks Alfred

Reply
  about 9 years ago

Helpful for Arizonians!

Reply
  about 9 years ago

And any other state!~

Reply
  about 9 years ago

it's too bad our government doesn't impose bans against these 'legal loan sharks' - the interest rates rates, late fees and rollover charges are exorbitant but the ease of access makes them so attractive that no wonder so many people are in trouble

Reply
  about 9 years ago

I could not agree more.

Reply
  about 9 years ago
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