Installment Loans in Arizona
Taking out an installment loan often makes sense if you have a large expenditure coming up like purchasing new furniture or appliances. You'll get the money upfront from Arizona installment loans, which pay out borrowers fast. In addition, nobody will ask you to declare how the loan funds will be spent for an online installment loan. You can use the money for whatever you want and pay it off later. Lots of folks take out Arizona installment loans for home improvements like renovating the kitchen, adding a sunroom or purchasing a greenhouse. Many installment loans are actually used for large purchases rather than small emergencies because loan amounts can be spread out over time, which keeps payments smaller. The application process is generally quick and easy, and payment schedules are usually worked around your income for your convenience.
Looking at the Application Requirements for Installment Loans in Arizona
- Applications for Arizona online installment loans require you to fill in your zip code, so we can confirm you're living in the state of Arizona.
- We also need your phone number and email address, so we'll have a couple of ways to contact you about your loan.
- Lastly, we also need your full legal name to complete the legal paperwork associated with an online loan.
Where You Can Apply for a Flexible Installment Loan
Completing an application for an installment loan online is simple with our online application. The secure application is available whenever you have a few minutes. Applications can also be taken over the phone or at any local store for your convenience.
Discovering the Many Benefits That Come With an Online Installment Loan
- Short or long-term repayment plans.
- Quick loan approval and payment processing.
- Affordable monthly payments designed around your needs and budget.
- Customers receive an installment loan estimate upfront.
- Local loan stores for customer convenience.
- Government regulations cap interest rates on installment loans Arizona to protect consumers.
- Easier qualifying compared to other types of loans with rigid loan restrictions.
Checking out Other Loan Options
Before considering any kind of loan, you'll need to think about your loan needs. For instance, do you need a large sum of money upfront, a line of credit or an extended loan period to give you more time to repay the loan? Once you've determined your personal needs, you'll be able to focus on the best loan and repayment plan.
- If you only need to borrow a small amount of money and feel confident you can easily repay the loan within a few weeks, a payday loan might work for you. However, you should keep in mind that you'll be paying a higher interest rate for the convenience.
- If you have an automobile and a clear title, you might want to check out an auto title loan. Most of these loans have a minimum repayment period of a month or longer. Loan amounts are usually based on the value of the vehicle used as collateral.
- If you are interested in taking out a substantial amount of money, you might want to look at an installment loan. Loan amounts are typically larger, and in most instances, interest rates are fixed, which helps to assure you of a consistent monthly payment.
If you're looking for a loan with a fixed interest rate, professional services and a quick payout, consider installment loans Arizona today.
Requirements to Apply
- Age requirement: You have to be 18 years or older to be apply.
- A checking account: You must have an active checking account.
- Living in the USA: Only permanent residents and/or citizens of the USA can be approved for a loan.
- Documented income: Evidence of a documented income will be needed to be approved.
State Regulatory Agency
Arizona Regulatory Agency Contact Information:
- Arizona Department of Financial Institutions
- 100 N 15th Ave Suite 261
- Phoenix, AZ 85007
- Phone: 602-771-2800
- Fax: 602-381-1225
Legal Regulations for Arizona Installment Loans
- Statute Citation: Consumer Lenders Act 6-601 through 6-638
- Regulator: Department of Financial Institutions
- Interest and Permissible Fees: 36% APR on loans of $3,000 or less; on loans more than $3,000, 36% on first $3,000 and 24% on principal greater than $3,000; delinquency fee of 5%; loan origination fee of 5%.
- Arizona Average APR: 225%
- Maximum Loan Amount: $10,000
Credit Counseling Information
Personal installment loans should not be used as a long-term financial solution. They are geared for short-term financial needs only. A customer with credit difficulties should look into credit counseling. For more information, please see below:
- National Foundation for Credit Counseling: www.nfcc.org
- Consumer Credit Counseling Services: www.credit.org/credit/
- The Credit Counseling Professionals: www.consumercredit.com
- Credit Counseling Services: www.consolidatedcredit.org
Example of Installment Loans Terms and Repayment
- Loan Amount - $500
- Biweekly Payment - $85
- Duration in weeks - 26
- Total Due - $1,105
- APR - 360%
- Loan Amount - $1,000
- Biweekly Payment - $132
- Duration in weeks - 52
- Total Due - $3,432
- APR - 328%
- Loan Amount - $2,000
- Biweekly Payment - $258.29
- Duration in weeks - 34
- Total Due - $4,390.93
- APR - 275%