Arizona Short-term Loan Terms and Rules in 2025

Common Capital is a Help Organization dedicated to providing the public with comprehensive, accurate, and accessible online information about payday loans in Arizona.

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Short-term Loan Terms in Arizona

Legal Status Illegal
Interest Rate (APR) 36% usury cap

Top Personal Loan Lenders in Arizona

Lender
User Ratings
Branches
Cities
Category
Guaranteed Rate Affinity
User Raiting:
5.00
Branches: 6
Cities: 4
Category: Financial institution
Cherry Creek Mortgage
User Raiting:
5.00
Branches: 3
Cities: 2
Category: Financial institution
Finance of America Mortgage
User Raiting:
5.00
Branches: 16
Cities: 6
Category: Financial institution
Fairway
User Raiting:
5.00
Branches: 38
Cities: 10
Category: Financial institution
CrossCountry Mortgage (CCM)
User Raiting:
5.00
Branches: 3
Cities: 3
Category: Financial institution
CMG Financial
User Raiting:
5.00
Branches: 8
Cities: 6
Category: Loan agency
Guaranteed Rate
User Raiting:
5.00
Branches: 17
Cities: 6
Category: Financial institution
Pinnacle Bank
User Raiting:
5.00
Branches: 2
Cities: 2
Category: Bank
Castle & Cooke Mortgage
User Raiting:
5.00
Branches: 7
Cities: 3
Category: Financial institution
Gateway First Bank
User Raiting:
5.00
Branches: 9
Cities: 6
Category: Financial institution
New American Funding
User Raiting:
4.95
Branches: 14
Cities: 7
Category: Financial institution
NFM Lending
User Raiting:
4.95
Branches: 3
Cities: 1
Category: Financial institution
Caliber Home Loans
User Raiting:
4.94
Branches: 8
Cities: 6
Category: Bank
Bay Equity
User Raiting:
4.93
Branches: 8
Cities: 6
Category: Financial institution
SecurityNational
User Raiting:
4.93
Branches: 17
Cities: 6
Category: Financial institution
TitleMax
User Raiting:
4.93
Branches: 77
Cities: 17
Category: Bank
LoanStar
User Raiting:
4.91
Branches: 15
Cities: 9
Category: Loan agency
Money Mart
User Raiting:
4.90
Branches: 4
Cities: 4
Category: Check cash
Oportun
User Raiting:
4.90
Branches: 2
Cities: 1
Category: Loan agency
Allied Cash Advance
User Raiting:
4.90
Branches: 28
Cities: 20
Category: Loan agency
loanDepot
User Raiting:
4.89
Branches: 13
Cities: 9
Category: Financial institution
Academy Mortgage Corporation
User Raiting:
4.86
Branches: 10
Cities: 4
Category: Financial institution
Cardinal Financial
User Raiting:
4.86
Branches: 10
Cities: 5
Category: Financial institution
Bell Bank Mortgage
User Raiting:
4.83
Branches: 7
Cities: 2
Category: Financial institution
V.I.P. Mortgage, Inc.
User Raiting:
4.82
Branches: 38
Cities: 6
Category: Financial institution
Evergreen Home Loans
User Raiting:
4.80
Branches: 4
Cities: 4
Category: Loan agency
ACE Cash Express
User Raiting:
4.80
Branches: 10
Cities: 8
Category: Loan agency
Speedy Cash
User Raiting:
4.77
Branches: 12
Cities: 5
Category: Loan agency
Churchill Mortgage
User Raiting:
4.70
Branches: 3
Cities: 1
Category: Financial institution
Stewart
User Raiting:
4.68
Branches: 5
Cities: 4
Category: Financial institution
Mariner Finance
User Raiting:
4.65
Branches: 3
Cities: 3
Category: Loan agency
Check Into Cash
User Raiting:
4.59
Branches: 10
Cities: 10
Category: Financial institution
Primary Residential Mortgage, Inc
User Raiting:
4.53
Branches: 6
Cities: 5
Category: Financial institution
Guild Mortgage
User Raiting:
4.35
Branches: 57
Cities: 16
Category: Financial institution
Mountain America Credit Union
User Raiting:
4.33
Branches: 3
Cities: 3
Category: Credit union
Navy Federal Credit Union
User Raiting:
4.17
Branches: 6
Cities: 5
Category: Credit union
WaFd Bank
User Raiting:
3.82
Branches: 13
Cities: 13
Category: Bank
First Interstate Bank
User Raiting:
3.80
Branches: 5
Cities: 5
Category: Bank
OneMain Financial
User Raiting:
3.66
Branches: 15
Cities: 12
Category: Loan agency
Community Choice Financial
User Raiting:
3.61
Branches: 18
Cities: 8
Category: Loan agency
BMO Harris Bank
User Raiting:
3.51
Branches: 30
Cities: 16
Category: Financial institution
JPMorgan Chase
User Raiting:
3.24
Branches: 80
Cities: 40
Category: Financial institution
U.S. Bank
User Raiting:
3.21
Branches: 36
Cities: 16
Category: Financial institution
Wells Fargo
User Raiting:
3.19
Branches: 38
Cities: 27
Category: Loan agency
PNC
User Raiting:
3.18
Branches: 11
Cities: 10
Category: Bank
Bank of the West
User Raiting:
3.04
Branches: 15
Cities: 12
Category: Bank
Lendmark Financial Services
User Raiting:
2.67
Branches: 3
Cities: 3
Category: Loan agency
Bank of America
User Raiting:
2.40
Branches: 44
Cities: 21
Category: Financial institution

Arizona Short-term Loan Regulations

Payday loans in Arizona have undergone significant regulatory changes, reflecting the state's commitment to protecting consumers from high-interest debt. As of July 2010, payday loans with high-interest rates are no longer permissible under Arizona state law.

The expiration of the law that allowed payday lending in Arizona occurred on June 30, 2010, due to the Arizona legislature's decision not to extend the payday lending exemption in the state's usury laws. This change is codified in the Arizona Revised Statutes - Banks and Financial Institutions, which governs the operation of all loans in the state. As a result, lenders are now required to adhere to the state's 36% APR cap (as per the Arizona Constitution), effectively making traditional, high-interest payday loans illegal.

Additionally, federal laws like the Truth in Lending Act (TILA), which mandates clear disclosure of loan costs and terms, apply in Arizona. This act ensures that borrowers are informed about the interest and fees they will incur before agreeing to a loan. For more comprehensive information on lending laws and consumer protections in Arizona, residents can visit the Arizona Department of Financial Institutions and the Consumer Financial Protection Bureau.

What Are the Alternatives for Short-term Loans in Arizona?

Alternatives to payday loans include personal loans from banks, installment and title loans, debt consolidation loans and other budgeting tools, and building an emergency savings fund.

Guaranteed Installment Loans

Guaranteed installment loans offer a structured repayment plan over a fixed period, often with lower APRs compared to payday loans. These loans are ideal for those Arizona residents who require a predictable repayment schedule. Applicants typically need to demonstrate a stable income and undergo a credit check. Unlike payday loans, installment loans are designed for longer-term financial planning and can be more manageable for borrowers.

Fast Title Loans

Fast title loans are secured loans where the borrower's vehicle title is used as collateral. They provide quick access to cash, often on the same day, but come with the risk of losing your vehicle if you default. Unlike payday loans, title loans require collateral and can offer larger loan amounts, though they still carry high-interest rates.

Emergency Loan Without a Bank Account

For individuals in Arizona without a bank account, emergency loan options may include certain emergency loans from lenders who accommodate this situation. These loans offer quick cash but often come with high fees and interest rates. It's crucial to review the terms carefully and consider alternatives such as community assistance programs.

Debt Consolidation Loan

Debt consolidation loans allow individuals to combine multiple debts into a single loan, typically with a lower interest rate than payday loans. This can be an effective way to manage and pay off debts over a longer period, offering a more favorable financial solution compared to the high-interest, short-term nature of payday loans.

Instant Personal Loans

Instant personal loans in Arizona offer a quick financial solution for unexpected expenses. These loans are processed rapidly, often within 24 hours, providing immediate relief. Applicants typically need proof of income, a valid ID, and a bank account. Credit history may be considered. Unlike payday loans, these often have lower interest rates and longer repayment terms.

Cash Loans with No Credit

Cash loans for individuals with no credit in Arizona are more accessible than traditional loans but typically come with higher interest rates. Unlike payday loans, some of these loans might offer the chance to build or improve credit scores when repaid responsibly, although they should be approached with caution due to their cost.

Bad Credit Loans

Bad credit loans cater to borrowers in Arizona with poor credit histories. These loans are more accessible than conventional loans but often come with higher interest rates. They differ from payday loans in that they can offer larger amounts and longer repayment periods, providing a practical option for those seeking to improve their credit status.

Quick P2P Loans

Quick P2P (peer-to-peer) loans are facilitated through online platforms connecting borrowers with individual lenders. These loans often offer more flexibility and competitive rates compared to traditional payday loans. P2P lending provides an alternative for borrowers with various credit histories, potentially offering more favorable terms than conventional lending options.

Basic Information about Arizona State

Metrics
Value
State Capital
Phoenix
Population
Approximately 7.2 million
Location
Arizona is located in the southwestern region of the United States, known for its desert climate, the Grand Canyon, and rich Native American history.
Largest City by Population
Phoenix
Biggest National Parks
Grand Canyon National Park, Saguaro National Park, Petrified Forest National Park

Submit a Complaint Against a Lender in Arizona

If you need to submit a complaint against a payday lender, the Arizona Department of Financial Institutions is the regulatory authority that can assist. This department oversees the operation of financial entities within the state, including issues related to payday loans.

  • 100 N 15th Ave Suite 261, Phoenix, AZ 85007
  • (602) 771-2800
Submit a Complaint

FAQ

Are Payday Loans Legal in Arizona?

No, payday loans are not legal in Arizona. The state legislation made payday loans illegal in 2010 due to their high interest rates and predatory lending practices. This ban is in place to protect consumers from potentially harmful financial products.

What Alternatives are Available Since Payday Loans are Banned?

In Arizona, alternatives to payday loans include small personal loans from banks or credit unions, credit counseling services, credit cards, and even borrowing from friends or family. These options are generally safer and have more favorable terms for borrowers.

How Can I Improve My Credit to Access Better Loan Options?

Improving your credit score involves paying bills on time, reducing debt levels, and correcting any inaccuracies on your credit report. A higher credit score can give you access to loans with better terms.

What is a Title Loan and Is It a Safe Alternative to Payday Loans?

A title loan is a short-term loan where your vehicle title is used as collateral. While legal in Arizona, they can be risky due to high interest rates and the possibility of losing your vehicle if you cannot repay the loan.

Can I Use a Credit Card Instead of a Payday Loan for Emergency Expenses?

Yes, a credit card, especially one with a low-interest rate, can be a better option for emergency expenses. It's important to manage credit card use responsibly to avoid high debt.

What Should I Consider Before Taking Out a Short-Term Loan?

Before taking out a short-term loan, consider the interest rate, fees, repayment terms, and whether you can realistically afford to repay the loan on time. Also, explore all other less expensive options.