Best Loans in Arizona, Payday, Auto Title Laws of October 2024
Subject to Arizona’s Consumer Lenders Act, licensed financiers are required to follow a tiered interest rate structure for all installment loans:
- For loans ≤ of $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 from $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 of October 2024
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