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Payday Loan Laws in Arizona

The state of Arizona allows payday lending and regulates the same through a set
of laws. Payday Loan Laws in Arizona have been formulated keeping the consumer
rights and interests in mind and to protect them from the clutches of predatory
lenders. To begin with, the state law has strict regulations in place that allow
only check cashers to offer this loan program and impose a limit on the number of
payday loans that a borrower can have outstanding in his or her name.

It is important to note that payday loans are not available in every state and laws
and regulations vary by state. Information for
Arizona Payday Loans is provided for your convenience.

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The payday loan laws in the state do little to lower the annual percentage rate
as well as the finance charges applicable to this cash advance. However, under no
circumstances could this rate exceed 579% for a loan that has been provided for
a period of 14 days. In addition to that, the financing charges for such a loan
cannot be more than $22.22. Even though the APR is abnormally high and can in no
way be termed as fair, the state laws do prohibit debt rollover or loan renewal
to protect the rights of the consumers. This is one of the best provisions of payday
loan laws in Arizona and ensures that the outstanding balance on a cash advance
does not keep increasing due to non-payment.

As per payday loan laws in Arizona, the lenders can charge a maximum processing
fee of 10% of the amount on the check and an additional $10. However, the law makes
provision for the lenders to charge another $5 for the ID card. The maximum amount
of cash advance that Arizona payday lenders can extend to a borrower cannot exceed
$400 and the minimum loan term for the same is 6 days while the maximum loan term
is 31 days. In case a borrower is unable to repay the loan and defaults on his or
her payment, the lender can neither file a criminal lawsuit against him or her nor
seize a private property to recover the debt. The borrower can also seek payday loan consolidation.

Payday Loan Laws in Arizona, however, allow lenders to file a civil suit against a
defaulting borrower and in extreme cases, the court may order forced bankruptcy
for the defendant or wage garnishment. In fact, most payday lenders in Arizona include
the clause of wage garnishment in the loan contract, which gives them the legal
right to garnish the wages of the borrower in case he or she fails to repay the
loan timely. Thus, it is extremely important that you read the terms and conditions
of a loan carefully before signing up for it. The state of Arizona has already implemented
the Fair Debt Collection Practices Act and in case you are facing harassment from
a payday lending company in Arizona or believe that it is indulging in unfair practices,
you can complain about the same to the Arkansas State Board of Collection Agencies.

Take a look at the benefits of applying for Online Payday Loans
if available in your state.