Arizona Payday Loans
The state of Arizona has banned the payday loan industry from the state as of June 30, 2010. Payday loan companies, like lenders in Phoenix and Tucson, are no longer allowed to offer short-term loans to potential borrowers. Over the past few years, other short-term lending operations have begun, including auto title loans or check cashing companies. Smaller companies that used to offer payday loans are turning to other options, such as prepaid debit-type cards that allow the user to over draw the card, essentially turning it into a short term loan. The ending of the payday loan industry in Arizona has left many people without the ability to borrow smaller amounts of money for short periods of time.
Before the ban of the industry, Arizona had similar regulations to those of other states. The maximum amount a borrower could take out was $500. The minimum loan term was 5 days. Borrowers were permitted a maximum of 3 rollovers, or loan extensions. Criminal action against borrowers was not permitted.
For more information regarding the payday loan industry and its ban in the state of Arizona, contact:
Arizona Department of Financial Institutions
Financial Enterprises Division, 2910 N. 44th St. Suite 310, Phoenix, AZ.
Phoenix, AZ 85015
Phoenix, AZ 85031
Phoenix, AZ 85017
Phoenix, AZ 85016
Phoenix, AZ 85023
Tucson, AZ 85719
Phoenix, AZ 85015
Phoenix, AZ 85027
Phoenix, AZ 85028
Tucson, AZ 85716
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