Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.

These are the rules, laws and regulations of payday loans in Arizona.

Official Arizona Department of Financial Institutions

The Legal Status of payday loans: Legal

Citation:
Ariz. Rev. Stat. § 6-1251 et seq.

Payday 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 payday loan: $17.65
APR for 14-day $100 payday loan: 459%

Payday Loan Debt Limits:

Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: Three
Cooling-off Period:
Repayment Plan:

Payday Loan 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

Payday Loan Licensing Information

Arizona Payday Loan License Application
Licensing
Arizona Department of Financial Institutions
2910 N. 44th Street, Suite 310
Phoenix, AZ 85018

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I am adding a new payday loan project where I am covering each state and what they allow and not allow in the payday loan /  cash advance industry.  It should be an interesting project on how the different states look at short term loans and how there seems to be issues with government and finance industry that provides a service to consumers. Here the link to the Payday Loans by State

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