With so many residents of Arizona (as well as of other states across the country) living paycheck to paycheck, it’s no surprise that the cash advance/payday loan Industry has erupted with full force, giving individuals a short term alternative to falling behind on bills or late payments when an unexpected financial burden arises.

Let’s say that the exhaust falls off of your car and you use your car payment money to make the appropriate repairs. The only problem is that now your car payment is going to be late. This is a perfect example of getting a cash advance until your next payday.

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Cash advances, also known as payday loans, are very short term loans--usually until the borrower’s next payday--consisting of a small amount of cash, typically $500 or less. These loans aren’t dependent on your credit score but are based on the amount of your paycheck and can vary with whether or not you have direct deposit. All loans are to be paid in full by the agreed upon date (usually two weeks) and may be secured with a post-dated personal check (this varies by state) by the borrower. The borrower would write out a check to the lender for the loan amount, plus any fees that coincide with the agreement.

Arizona State laws give protection to borrowers and lenders alike:

Minimum loan amount of $50.
Fees are not to exceed 15% of the borrowed amount for a two-week period ($15 per $100 borrowed).
A borrower is permitted to have no more than three extensions on one loan.
Only one loan at a time may be out by a borrower.
Non-sufficient fund fees for bounced checks may be no more than $25 + all fees accessed by the lender.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.