Best Loans In Arizona, Payday, Auto Title Laws 2019 - Elite Personal Finance
loader
Loans By State

Best Loans In Arizona, Payday, Auto Title Laws 2019

EPF July 25, 2019
View All Studies

Subject to Arizona’s Consumer Lenders Act, licensed financiers are required to follow a tiered interest rate structure for all installment loans:

  • For loans ≤ $3,000, the maximum APR is 36%
  • For loans > $3,000, the lender can charge 36% on the first $3,000 and 24% on anything above

Repayment terms are also regulated:

  • For loans < $1,000, the maximum repayment term is 24 months and 15 days
  • For loans $1,001 to $2,500, the maximum repayment term is 36 months and 15 days
  • For loans $2,501 to $4,000, the maximum repayment term is 48 months and 15 days
  • For loans $4,001 to $6,000, the maximum repayment term is 60 months and 15 days
  • For loans > $6,000, repayment terms are determined by the borrower and the issuer

Loan origination fees are capped at 5% and lenders cannot charge another origination fee if you refinance your loan. Late payment fees are also capped at 5% and can only be charged once the loan is seven days past due.

To operate legally in the state, lenders must be licensed by Arizona’s Department of Financial Institutions. Each application incurs a non-refundable fee of $1,500, plus an additional $500 fee for each branch the lender operates.

Best Bad Credit Loans In Arizona

Lender:Min Credit Score:Loan Amount:APR:Licensed in Arizona:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
Opploans0$1,000 – $4,00099% – 199%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

If you have a problem getting a loan, please read our complete guide on bad credit loans.

Best Personal Loans for Good Credit In Arizona

Lender:Min Credit Score:Loan Amount:APR:Licensed in Arizona:
Prosper640$2,000 – $40,0006.95% – 35.99%Yes
Payoff640$5,000 – $35,0005.99% – 24.99%Yes
Upstart620$1,000 – $50,0007.46% – 35.99%Yes
Upgrade620$1,000 – $50,0007.99% – 35.97%No, but complies with law
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

To find the best loan in Arizona – regardless of your credit score – check out our list of recommended lenders.

We also recommend SuperMoney. They are one of the best loan comparison sites. Once you register, they will instantly show you all options instead of sending your personal information to thousand of lenders.

Shop Around

Our Loan Calculator Will Help You!

Loan Payment Calculator

$

Or

Monthly Payments

$0

Total Principal Paid$0

Total Interest Paid$0

Want this calculator on Your Site? Get it free from us copy the code below

(adsbygoogle = window.adsbygoogle || []).push({});

Payday Loans in Arizona

Payday loans are illegal in Arizona.

After the original legislation expired in 2010, the law was not reenacted. As a result, lenders are required to follow the Consumer Lenders Act referenced above and cap their APRs at 36%.

What If I Don’t Qualify For A Loan?

If you’ve exhausted all of your resources and still can’t obtain a loan, today’s digital economy offers ways to supplement your income and get you through the rough patch. You can moonlight as an Uber driver, spend an afternoon taking paid surveys or find online work through one of several freelancing websites. For tips on the best free and easy ways to make money, see our detailed guide.

Car Title Loans in Arizona

Car title loans are legal in Arizona and are regulated by both state and federal laws. Within Arizona statutes, title lenders are referred to as “secondary motor finance companies.”

Finance rates are regulated like this:

  • For loans $500 or less, finance rates cannot exceed 17% per month
  • For loans > $500 but ≤ $2,000, finance rates cannot exceed 15% per month
  • For loans > $2,000 but ≤ $5,000, finance rates cannot exceed 13% per month
  • For loans > $5,000, finance rates cannot exceed 10% per month

If you default on your loan, the lender has the right to seize your car. They are not required to contact you before the repossession takes place, but they do need a court order. Without it, you can refuse to surrender the vehicle.

If the sale of your car earns more money than your loan amount – plus any additional fees — the surplus is returned to you. But, if the sale doesn’t yield enough to cover the loan balance plus any additional fees, you can be billed for the remaining amount. As well, the lender needs to notify you after a sale has occurred.

Auto Loans In Arizona

In case you’re confused by the terminology, auto loans are slightly different than car title loans. Car title loans allow you to borrow against an existing car you already own. You use the car as collateral, and if you fail to repay the proceeds, the lender can seize your car.

With auto loans, the proceeds are used to finance the purchase of a new or used vehicle that you don’t own. Loans are still secured against the vehicle and the lender will repossess the vehicle if you fail to pay. But, because you didn’t own the car originally, it’s not a car title loan.

LendingTree

LendingTree offers four financing options that vary in size and APR depending on whether you’re purchasing a new or used car:

New Car Purchases:

  • 36 Month Refinance: You can borrow upwards of $24,000 and APRs are as low as 3.99%
  • 48 Month Refinance: You can borrow upwards of $25,000 and APRs are as low as 3.69%
  • 60 Month Refinance: You can borrow upwards of $25,000 and APRs are as low as 3.69%
  • 72 Month Refinance: You can borrow upwards of $50,000 and APRs are as low as 3.70%

Used Car Purchases:

  • 36 Month Refinance: You can borrow upwards of $10,000 and APRs are as low as 3.70%
  • 48 Month Refinance: You can borrow upwards of $33,000 and APRs are as low as 3.19%
  • 60 Month Refinance: You can borrow upwards of $33,000 and APRs are as low as 3.19%
  • 72 Month Refinance: You can borrow upwards of $120,000 and APRs are as low as 3.70%

Alternative Payday Loans In Arizona

If you have bad credit and don’t qualify for a personal loan, alternative payday loans are your next best option. APRs range from 35.99% to roughly 200%, and while rates are high, they’re still much less than traditional payday loans.

In Arizona, Opploans is a reputable alternative lender.

The company is licensed in the state and its APRs range from 99% to 199%. Financing is offered through FinWise Bank, which is regulated by the Federal Deposit Insurance Corporation (FDIC). FinWise approves, underwrites and provides funding for all loans granted in Arizona, while Opploans services the loans.

On its website, Opploans cites examples in Arizona of loans that range from $500 to $4,000. APRs are estimated at 160%, while repayment terms range from 9 to 18 months.

For more information on how alternative lenders can help, see our detailed guide.

Credit Unions In Arizona

Name:APR:Amount:
Desert Financial Credit Union12.25% – 18%$5,000 – $10,000
Arizona Central Credit Union7.99% – 18%$500 – $15,000+

 

Desert Financial Credit Union

A Desert Financial Signature Loan allows you to borrow anywhere from $5,000 to $10,000 and offers APRs that range from 12.25% to 18%. Repayment terms reach upwards of 48 months and loans are unsecured, which means you never need any collateral.

As well, there are no application fees and Signature Loans have no prepayment penalties.

Desert Financial operates 51 branches across Arizona, with locations in Apache Junction, Buckeye, Glendale, Phoenix as well as many others.

Arizona Central Credit Union

At Arizona Central, you have three loan options to choose from:

  • A You-Name-It Personal Loan allows you to borrow anywhere from $500 to $15,000. APRs range from 7.99% to 18% and repayment terms extend up to 36 months. There are also no application or processing fees.
  • While the amount you can borrow with a Signature Loan varies, APRs range from 10.40% to 18% and repayment terms can extend up to 60 months. Similarly, there are no application or processing fees.
  • A Share-Secured Loan allows you to borrow up to 100% of your collateral deposit and no credit check is required. APRs are as low as the interest rate you earn on your collateral plus 4%.

Arizona Central operates 9 branches across Arizona, with locations in Phoenix, Glendale, Chandler, Tucson and others.

Student Loans In Arizona

Federal student loans – obtained through the U.S. Department of education – have a variety of benefits that aren’t offered with private student loans. You pay zero interest until you graduate, you can apply for debt forgiveness and are allowed to repay your loan as a percentage of your income. For a detailed breakdown, see our guide.

Within the state of Arizona, you also have access to grants and subsidy programs that can help make college more affordable.

Arizona Leveraging Educational Assistance Partnership (AzLEAP)

Providing financial assistance to those in need, The AzLEAP program provides grants to low-income, undergraduate students in Arizona. The maximum grant is $2,500 per year, but on average, students receive around $1,000.

To qualify:

  • You must be a resident of Arizona
  • You must take half-time classes or more
  • You must demonstrate substantial financial need
  • You must maintain academic minimums

37 schools participate in the program, including institutions like the University of Phoenix, the University of Arizona and Arizona State University.

Federal Housing Administration (FHA) Loans In Arizona

FHA loans offer low and middle income borrowers the ability to purchase a home. Your down payment is usually 3.5%, which means you can borrow roughly 96.5% of the total cost. In Arizona though, you need a credit score of at least 620 to qualify; but if your credit score is less than 620, you may qualify with a higher down payment.

The property also needs to be your primary residence. FHA loans are not permitted for rental or investment properties.

In Arizona, FHA loan limits vary depending on size of the property and the area of residence.

Here is a breakdown by county:

County:Lowest FHA Loan Amount:Highest FHA Loan Amount:
Apache County$314,827$605,525
Cochise County$314,827$605,525
Gila County$314,827$605,525
Graham County$314,827$605,525
Greenlee County$314,827$605,525
La Paz County$314,827$605,525
Maricopa County$314,827$605,525
Mohave County$314,827$605,525
Navajo County$314,827$605,525
Pima County$314,827$605,525
Pinal County$314,827$605,525
Santa Cruz County$314,827$605,525
Yavapai County$314,827$605,525
Yuma County$314,827$605,525
Coconino County$362,250$696,650

With only a small number of eligible districts, the data is pretty uniform. The lowest FHA loan amount is $314,827 in 14 counties across Arizona, while the highest is $696,650 in Coconino County.

Business Loans in Arizona

If you’re looking for a business loan in Arizona, the lenders below offer convenient online support and have extremely competitive APRs:

Lender:Min Credit Score:Loan Amount:APR: Licensed in Arizona:
LendingClub630Up to $500,0009.77% – 35.98%Yes
LendingTree500Varies5.99% – 35.99%Yes
Kabbage0Up to $250,00024% – 99%Not a direct lender

However, if you would rather deal with a local lender in Arizona, here are a couple highly reputable names:

Mountain America Credit Union

While APRs vary depending on your cash flow and credit score, Mountain America offers small business loans and equipment financing.

Mountain America SBA Loans are structured as a line of credit, and you can borrow anywhere from $10,000 to $50,000. The funds can be used to purchase supplies, settle accounts payable or to fulfill advertising expenses. For the first two-years, payments are interest-only. Then you pay principle and interest for the next five years. If approved, variable APRs usually range from 6% to 6.5% above the prime rate. There is also a 1% foreign transaction fee.

Its Business Equipment Loans  range from $10,000 to several millions and repayment terms can reach upwards of 10 years. Loans are applicable for all types of equipment– whether its computers, refrigerators, tractors or forklifts, Mountain America has you covered.

The lender operates four branches across Arizona, with locations in Phoenix, Goodyear, Mesa and Gilbert.

Commerce Bank of Arizona

Commerce Bank’s Business Line of Credit allows you to borrow upwards of $500,000 and repayment terms are customized to your business. You only pay interest on the funds you use and as you repay the principal, more funds become available. As well, APRs vary depending on your businesses cash flow and credit rating.

Its Equipment Loans allow you to borrow up to 90% of the purchase price. Loans are secured against the equipment and repayment terms and APRs vary by borrower.

Commerce Bank operates four branches across Arizona, with locations in Tucson, Green Valley and Scottsdale.

Conclusion

If you’re looking for a reliable loan in Arizona, the state has you covered from all angles. It scores major points for its ban on payday loans – which are extremely predatory – and for capping its APRs at 36% for all installment loans. The only dark spot is its stance on car title loans. The product is legal in Arizona and lenders are allowed to charge astronomical interest rates. This can trap borrowers in a cycle of debt. But, unlike some U.S. states, Arizona does require that any surplus proceeds earned by the lender after seizing and selling a delinquent borrower’s car, must be returned to him or her. It’s a small victory, but a victory nonetheless. To obtain the cheapest loan, always start your search with personal loans. If you’re denied, then move on to alternative loans. In all circumstances, please avoid payday loans. They’re extremely expensive and cause more harm than good.

Elite Personal Finance

Recommended Articles

Debt

Best Loans In Iowa, Payday, Auto Title Laws 2019

EPF October 13, 2019

View All Studies [toc] According to Chapter 536 of Iowa’s Code of Commerce, regulated loans are capped at $25,000.  Allowable finance charges include: 3% per month on balances ≤ $150 2% per month on balances > $150 but ≤ $300...

Debt

Best Loans In Indiana, Payday, Auto Title Laws 2019

EPF October 6, 2019

 View All Studies [toc] According to Indiana’s Uniform Consumer Credit Code, supervised lenders can levy the following finance charges for installment loans: 36% per year on the first $2,000 21% per year on amounts > $2,000 but ≤ $4000 15%...

Privacy & Security

Privacy and Security

Elite Personal Finance takes your privacy very seriously.

We always use a secure and up-to-date SSL certificate to provide a private connection to our site.

Learn more

We have a very transparent privacy policy.

Learn more

We help you to be safe online by writing guides on safety, security and identity theft.

Learn more

In addition, we collect only minimum and necessary personal details on our site. In brief, visiting our site is ultimately safe and secure. However, we have to say that no one can be 100% secure online.

AS SEEN ON