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Arizona Payday Loan Laws

Payday loans lenders in Arizona are parasailing innovative techniques to stay in business after the June 30 ban of the payday loan industry in Arizona state .

Payday loan lending businesses are now prohibited from operating in the Arizona state and, as a result, many Arizona payday loan lenders are considering converting to car title or auto-title loans and check cashing operations, which appears to be legal under Arizona law.

Payday loan industry features increased regulations from many states in the USA. Payday loan lenders closely fugitive the financial regulatory reform bill, which would have necessary federal oversight of the payday loan industry. Millions of payday loans customers through out the country greetings this improvement as their facility to select the payday loan product to solve short term financial troubles is a high precedence.

Arizona Payday Loan Laws Arizona Payday Loan License Application and Licensing Arizona Department of Financial Institutions 2910 N. 44th Street, Suite 310 Phoenix, AZ 85018 Legal Status: Effective June 30, 2010 no longer legal Citation: Ariz. Rev. Stat. § 6-1251 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: Min: 5 days Maximum Finance Rate and Fees: 15% of check Finance Charge for 14-day $100 loan: $17.65 APR for 14-day $100 loan: 459% Debt Limits: Maximum Number of Outstanding Loans at One Time: One Rollovers Permitted: Three (extensions) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: $25 NSF fee + actual charges assessed by the financial institution Criminal Action: Prohibited Regulator: Arizona Department of Financial Institutions Address: Financial Enterprises Division, 2910 N. 44th Street, Suite 310 Phoenix AZ 85018 Phone: (800) 544-0708 Fax: (602) 381-1225