Arizona Installment Loans
Arizona state laws prohibit payday loans after June 30 2010 as per Operation Sunset. Online payday loans are restricted in Arizona and this website should not be used for finding payday loans in Arizona. However, for other short term cash requirements, residents of state of Arizona can apply for installment loans which are available for loan amount up to $10000.Residents of Arizona can apply for installment loans of up to $10000 where interest rate is capped at 36% (plus 5% authorized fees) on a yearly basis. Please note that amount of loan approved depends upon monthly income, employment status, credit score and other factors which are governed by the lending policy of individual lenders.
The maximum interest rate that can be charged for an installment loan varies with the loan amount. Please read below for more information regarding interest rates –
1. For loan amount less than $500, maximum finance rate is 17% on a monthly basis. In this case APR would be 204%.
2. In case, the loan amount is between $500 and $2500, the maximum finance rate is 15% monthly and APR would be 180%.
3. In case of loan amounts between $2500 and $5000, the maximum finance rate is 13% monthly and APR would be 156%.
4. For loan amount more than $5000, a monthly finance rate of 10% can be charged with APR 120%.