There comes a point in everyone’s life where they may need a little help to finance a new project, purchase, vacation, unexpected expense, or upgrade.
Fortunately, finding personal loans in Arizona has never been easier – if you know where to look.
What is the economic climate in Arizona?
Arizona has a population of about 7 million and a median income of about $26,600.
The state has a nearly 15 percent poverty rate which far exceeds the national average which is closer to 12 percent.
This means that for many people, personal loans in AZ can be helpful if there are any unexpected expenses.
Payday Loans in Arizona
Borrowers with bad credit often think they won’t be eligible for personal loans in AZ.
However, there are potential choices for those borrowers with less-than-perfect credit, but you should know the details.
Lenders in Arizona have to comply with strict lending regulations regarding short-term loans, including a rate cap of 36 percent a year and a 5 percent lending fee cap.
Additionally, these loans cannot exceed $1,000.
Arizona is one of the few states that has aggressively protected citizens from predatory lending practices but that doesn’t mean there are necessarily fewer options for personal loans in AZ.
Where can I get a personal loan in Arizona?
Many people begin looking in their own neighborhood when they need to take out a personal loan in Arizona.
While this is certainly a viable option, it may not give you the best rates or installment terms.
By expanding your search to online portals, you may find a better solution for your financial needs.
What are the different types of personal loans in Arizona?
The type of loan you need depends primarily on your personal needs and financial situation.
What should I watch out for when requesting a personal loan in Arizona?
Because of the strict laws regulating personal loans in AZ, consumers are largely protected from predatory lending practices.
However, it is important that borrowers be aware of their rights and the legal limitations of lenders to prevent the possibility of being taken advantage of.
The Arizona Department of Financial Institutions has a comprehensive website filled with valuable consumer resources.
Some of these include consumer education, the ability to look up the license of various lending institutions, and the ability to file complaints online.
If you are interested in learning more about personal loans in AZ, take the time to look at different types of loans in order to make sure you are receiving a decent offer for your financial situation.
Disclaimer: This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.