Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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You won’t be able to get a payday loan anywhere in Arizona, including Phoenix, but you do have other options that might help you when you find yourself in a tight financial spot.
No, payday loans are prohibited in all of Arizona including Phoenix. If a lender wants to provide a consumer loan in Phoenix, it has to abide by Arizona Revised Statutes 6-601 et seq. The same laws also apply to out-of-state lenders that seek to provide online loans to residents of Phoenix. This comes after the new law that came into effect on July 1, 2010.
No lender can charge more than 36% APR for a loan. Since most payday lenders charge far more than that, they no longer offer their services in Phoenix.
All cities in the state are required to abide by this law. This means payday lenders must either close up shop or start offering loans at this APR.
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