Arizona Cash Advances On the Rise Again
Arizona state law has had an interesting ride with online cash advances. Although they have almost been obliterated in the state due to the 36 percent capping rate, a new type of consumer loan, very similar to a cash advance, is being proposed. A payday loan is a short term cash advance for a small sum of cash. The money is generally paid back in two weeks or when the next paycheck arrives. The entire loan amount plus loan interest accumulated is paid back on this day. In most cases it is electronically withdrawn with the borrowers consent. In 2008, payday lending was "killed" in Arizona but this left many people without a resource to receive fast cash. The convenience of cash advances and payday lending was the fact that the requirements for one are minimal which means even people with bad credit could still take advantage of them. In an emergency situation, payday loans were some people's only option. Residents of Arizona are now searching for a new resource which will help them to achieve fast cash in minimal time. Even though the interest rate for online cash advances can be hefty they are normally much better than the fees and consequences associated with banks and credit unions. In Arizona, the state law outlawed triple digit interest rates. For example, taking out $100 in Arizona before the capping rate, one would pay back $17.85 in interest. This interest accumulated in only two weeks results in an annual percentage rate of 400 percent. Although this may seem outrageous let's see some ways that this loan is beneficial. Most people take out cash advances for emergency situations. If this $100 loan was taken out in order to pay off a credit card bill then your credit would be saved and you would pay your card back on time. Without this loan, you would pay at least a $29 late fee plus interest on your credit card. If you paid with a check and overdraw from your account then you are looking at an additional overdraft fee and if you bounce a check then you are looking at an additional fee. This makes an online cash advance a very desirable short term financial resource for many people. This makes it feasible for this new consumer loan to be popular regardless of the cash advances' past in the state of Arizona.Fill in the online loan application
We will be able to give you access of up to $500 and your credit does not mean a thing to us. You will receive instant approval with an active bank account, a steady job and proof of your age. You must be 18 or older to qualify. Learn more about payday loans on our site before applying.
Cash advance and consumer payday loans information
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