Arizona small dollar loan laws what you need to know
We are not lawyers or accountants; if you live in Arizona and want legal advice, please seek a lawyer’s advice. If you need financial advice seek an accountant. These are just the facts as of February 2024
Here is information on small dollar loan laws in Arizona from the Arizona Attorney General’s Office website:
https://www.azag.gov/consumer/money-management/payday-and-title-loans
Key details regarding Arizona’s laws for small dollar loans:
- Arizona has specific statutes regulating deferred presentment transactions, often referred to as “payday loans.” These are loans under $500 with terms less than 90 days.
- The maximum charge for deferred presentment loans in Arizona is $15 for each $100 advanced. This equates to an APR of over 400%.
- Title loans secured by a vehicle title are limited to either 1 month terms or the date of the borrower’s next pay period. Interest rates vary.
- There are also statutes regulating other small loans under $10,000. Interest rates and fees on these loans are capped.
The Arizona Attorney General’s office website provides further information on the specific legal statutes governing small dollar lending in the state.
Please note: This is not legal or financial advice. These are just the facts as of February 2024. View our legal disclaimer. Also our Legal Information.
If you want a car title loan visit out Arizona state page for more information.
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