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Arizona Payday Loan Laws


Arizona State Flag
Arizona State Flag

Arizona payday loan laws cover several points that were meant to help the borrower.

The interest rates are 15 percent and a borrower may only have one payday loan at a time.

This only one loan at a time law was added for the protection of the borrower but lack of follow up on the lenders part creates a situation where the borrower can easily obtain more than one payday loan.

While the answer may be illegal, when asked if they have any other payday loans taken out, borrowers are just stating they do not, thus the lender goes by the word of the borrower and writes the loan.

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Alaska Payday Loan Laws

October 8th, 2012 By Shawn Martin


Alaska State Flag
Alaska State Flag

Alaska is one of our more friendly Payday Loan states. They have a pretty straight forward outlook on these kinds of loans.

The minimum loan duration is 14 days but there is no cap on how many times it may be extended or rolled over, which really puts the squeeze on borrowers.

They follow an interest rate of 15 percent or the lesser of $15.00 per $100.00 loaned, plus a $5.00 fee.

Alaska does require lenders to be clear and precise in the terms of their loans, and make sure the customer does understand what all is involved in taking out a Payday loan.

Alaska also does not allow any collateral other than a check in exchange for the Payday loan and clearly monitors collection activity.

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Alabama Pay Day Loan Laws

 

 

Alabama State Flag
Alabama State Flag

Alabama like many other states is experiencing the same financial situations as everyone these days.

Alabama Payday loan laws are at the rate of 15.5 percent, and the average loan is 10 to 31 days.

What is interesting is this state offers you the option of paying it all off at once after one roll over, or they can set you up with 4 equal payments over 4 months on any outstanding balance after the one time roll over.

Remember, the interest rates do not drop, and it can be quite costly by the time the loan is finally paid off, and any insufficient funds when checks are presented will be subject to additional fees.

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