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The Arizona Cash Advance Law and Legislation

Wednesday, August 5th, 2020

The Arizona Cash Advance Law and Legislation

Within the state of Arizona, payday lending is forbidden.

Traditional payday loans became extinct in Arizona in July 2010, if the legislation which had allowed payday lender procedure within the state, expired. Now, most of the lenders desperate to run when you look at the state should abide by 36% APR small loan limit.

Arizona Payday Lending Statutes

In accordance with Ariz. Rev. Stat. 6-632., there clearly was a ban on payday loan providers restricting organizations procedure within the territory associated with the state unless they conform to the 36% usury limit.

Prices, Costs as well as other Costs in Arizona

“A licensee may contract for and get finance costs on customer loans which are not a lot more than the next quantities:

  1. On a consumer loan within an original principal quantity of three thousand bucks or less ( $3,000), either:
  • A customer loan price of thirty-six % (36%) from the initial three thousand bucks for the principal that is original, and a customer loan price of twenty-four percent (24%) on that area of the principal quantity higher than three thousand bucks. (more…)