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Compare your loan options in Arizona
With APR capped at 36%, you'll want to explore your options beyond short-term loans.
Payday loans are illegal in Arizona, but there are still other ways to supplement your budget and make everyday expenses more affordable.
Are payday loans legal in Arizona?
No. The law that permitted payday loans in Arizona expired on June 30, 2010 and consumer loans with APRs over 36% became illegal on July 1, 2010. In addition, lenders can no longer advertise the availability of short-term loans.
However, the change in law doesn’t mean every short-term lender had to close. Some businesses continue to offer other products and services, such as installment loans.
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How else can I get a loan if I need extra cash in Arizona?
Payday loans may be off the table, but there are still three short-term loan options available to you in Arizona:
- Installment loans. Installment loans are a short-term loan that lasts multiple months. But remember: The longer your loan term is, the more interest you may have to pay.
- Auto title loans. Auto title loans require you to use your car’s title as collateral. These are often considered one of the more risky short-term options, but they can be an option if you need quick funding and know you can afford to repay what you borrow.
- Tribal loans. Tribal lenders operate outside of federal and state regulations, which means you may be able to borrow a payday loan despite Arizona’s APR cap. Just be sure you understand the full cost of your loan before you sign.
What other short-term options are available in Arizona?
Arizona has a few programs that can help provide assistance when you’re in need. Here are a few of the programs available:
- Low Income Energy Assistance Program (LIEAP)
- Arizona Health Care Cost Containment System (AHCCCS)
- Supplemental Nutrition Assistance Program (SNAP)
- The Emergency Food Assistance Program (TEFAP)
- Commodity Senior Food Program (CSFP)
- Congregate and Home Delivered Meals
- Cash Assistance
- Child Care Assistance
We describe some of them in our guide to payday loan alternatives. You can also visit the Arizona Department of Economic Security website for more details on each program.
What are the typical costs of a loan in Arizona?
Lenders in Arizona can’t charge more than 36% APR. However, you need to also consider the possible fees a lender may charge when budgeting for your loan. These include non-sufficient funds (NSF) fees, late charges and possible collection fees if you default.
If you choose to apply for any kind of loan or line of credit, read all the paperwork — including the fine print — before committing. You should have a solid plan to pay back your loan so you don’t find yourself needing to borrow more money to repay debt.
Bottom line
Payday loans may be off the table in Arizona, but there are plenty of other options for you to consider. As with all loans, be sure you have the ability to repay what you borrow. Creating a budget can help you determine how much you can afford.
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