Throughout the city of Phoenix, not to mention the rest of the country, more and more consumers are living from paycheck to paycheck. This can create some major issues when even the smallest financial emergency occurs. This is when the payday loan industry and its cash advances come in very handy, with their short terms and almost immediate availability.

Let’s say that the alternator on your car goes without warning and you haven’t any extra cash. Next Thursday you’ll have enough money (when you receive your paycheck), but how are you supposed to get to work until then? Instead of calling out of work due to your new transportation issue and risk losing your means of income, a cash advance would be a simple and easy solution to your problem.

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Even if your credit isn’t great, you can still qualify for one of these short term loans. Instead of checking your credit history to decide your eligible loan amount, cash advance lenders utilize your paycheck information to create a short term loan for you. Some lenders may even suggest that you write a post-dated, personal check, payable to the cash advance lender, for the full amount of the loan plus applicable fees.

State laws of Arizona do grant some protections to borrowers and lenders alike within the payday loan industry:

Minimum loan amount of $50.
Fees are not to exceed 15% of the borrowed amount for a two-week period (or $15 per $100 borrowed).
Borrowers are permitted to have no more than three extensions on one loan (paying off one cash advance with another).
Only one cash advance may be out at a time.
Non-sufficient fund fees for returned 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.