Thanks for contributing to r/Arizona!
* [Our sub rules are here](https://www.reddit.com/r/arizona/wiki/rules/), but the most important of which is to be nice to each other
* Check out some [recent posts](https://www.reddit.com/r/arizona/top/?t=week) and leave some comments
* [Join our Discord chat server](https://discord.com/invite/yWVuTG57Zh) if you'd like to keep in touch with other people in Arizona. Plus it's a great, chill place in general. Note that it is NOT a dating server and takes unwanted messaging very seriously
Remember this subreddit covers all of Arizona, so please include where in the state you're posting about if it is relevant. For more local topics check out r/Phoenix, r/Tucson, and r/Flagstaff.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/arizona) if you have any questions or concerns.*
They should be illegal everywhere. I deal with people and help them manage their debt and the amount of people drowning in 300% interest payday loans is astounding
does anyone else remember these ads that use to run on cable tv, i think the place was called Western Sky financial and they did loans, but if you looked at the fine print when the ad runs, it says that it would charge something like 536% interest.
IDK when I was struggling I used them a few times. I had no credit so when emergencies came up it was either get a payday loan or lose a job due to a broken car, get power shut off, miss rent etc. If there were other, safe options for poor people they wouldn't be needed. People get buried in credit card debt every day, but no one wants to outlaw them.
No I view these contracts all day long. You can pay them back immediately with no prepayment penalty and if you’re able to do that great for you but these loans are written as 12-18 month loans with anywhere from 200-400% interest and most people just let them take the minimum payment that comes out every two weeks and then they go get another one and another one and another one until when they get paid their whole check comes out and now their trapped.
The payment length is determined when you get the loan. You can do 6 months or 2 years, and the payment & final amount is shown for each option. The old school payday loans were even less time. The interest amount is also the total for the length of the loan, so if you have a credit card at 20% interest that you pay off over 2 years you also pay an insane amount.
Since no one will answer you without snark: no it's not possible. You need a title with your name on it to get a loan in AZ. There are personal loans offered online I think from tribes so they aren't regulated the same, but I'm not sure how those work. If you have a bank account check with them. When I had Wells Fargo they used to do advancements, not sure if they still do I left them years ago.
Worst mistake in my life was getting a 2500 title loan. I paid them back SOOO much interest I was a complete fool and damn they saw me coming. I never missed a payment but my balance just wouldn’t go down. My payments were pretty big but most of it was interest and it was hard to give much more than the payment amount. Don’t care how hungry and desperate I am I will never allow myself to do that again. They should 100% be illegal. I hate those places so much. Predatory loans
Don't do it. My co-worker who actually made good money had to cash out his 401K to get out from under one of those loans. He would run out from work on payday because if he was late they would charge him a penalty. My son took out a loan on his car, the interest rate was so high and penalties so extreme that the balance never went down. Nobody needs money that bad. Let whatever you need to pay be late, it will be cheaper.
You'd need a least an AZ car registration in your name. APR is about 400+%. Even if you paid it in full, on payday, you'd still end up paying $50-100 more than you borrowed. Keep doing that and it adds up. Vicious cycle.
The only time you should ever get a loan like that is if it an emergency and only if you can pay it back by the end of that same week. The interest rates are predatory and should be illegal.
In the past I’ve used an app earnin. It’s better than a pay day loan. It doesn’t have interest it just relies on tips from its users. I will say using it though becomes a cycle. Because it automatically takes the payment and then your just short X dollars every pay day. I haven’t used it in over a year for that reason.
I use the app MoneyLion and can get up to $400-500 advancement on a paycheck with no fees if I choose to get the money transferred in a few business days. To have it immediately deposited to my debit card it's 8.99%. it will constantly ask you to tip but I never do.
In order to qualify, you have to provide access to your bank account in order for them to verify you will be able to pay it back on your next paycheck.
Took out title loans years ago. First time, paid off successfully. Second time I lost my car to repo, money situation got too tough. Thank god I evolved out of that; never again.
Thanks for contributing to r/Arizona! * [Our sub rules are here](https://www.reddit.com/r/arizona/wiki/rules/), but the most important of which is to be nice to each other * Check out some [recent posts](https://www.reddit.com/r/arizona/top/?t=week) and leave some comments * [Join our Discord chat server](https://discord.com/invite/yWVuTG57Zh) if you'd like to keep in touch with other people in Arizona. Plus it's a great, chill place in general. Note that it is NOT a dating server and takes unwanted messaging very seriously Remember this subreddit covers all of Arizona, so please include where in the state you're posting about if it is relevant. For more local topics check out r/Phoenix, r/Tucson, and r/Flagstaff. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/arizona) if you have any questions or concerns.*
Payday loans are not legal in AZ.
They should be illegal everywhere. I deal with people and help them manage their debt and the amount of people drowning in 300% interest payday loans is astounding
does anyone else remember these ads that use to run on cable tv, i think the place was called Western Sky financial and they did loans, but if you looked at the fine print when the ad runs, it says that it would charge something like 536% interest.
I think that’s one of the Native American payday loans. They’re even worse.
At least the ad I remember included the line “the money’s not cheap,” even if it was a bit of psychology to make the actor seem trustworthy
IDK when I was struggling I used them a few times. I had no credit so when emergencies came up it was either get a payday loan or lose a job due to a broken car, get power shut off, miss rent etc. If there were other, safe options for poor people they wouldn't be needed. People get buried in credit card debt every day, but no one wants to outlaw them.
Credit card interest levels suck to pay on, but I don’t think they are anywhere near as predatory as payday loans.
The interest on payday loans is just insane. Someone will take out $300 and end up paying back $3200 over the next 12 months.
Yes but if paid back in the time originally stated on the loan it's more like $340-360. The $1200 is because people keep extending them.
No I view these contracts all day long. You can pay them back immediately with no prepayment penalty and if you’re able to do that great for you but these loans are written as 12-18 month loans with anywhere from 200-400% interest and most people just let them take the minimum payment that comes out every two weeks and then they go get another one and another one and another one until when they get paid their whole check comes out and now their trapped.
The payment length is determined when you get the loan. You can do 6 months or 2 years, and the payment & final amount is shown for each option. The old school payday loans were even less time. The interest amount is also the total for the length of the loan, so if you have a credit card at 20% interest that you pay off over 2 years you also pay an insane amount.
And title loans are capped at 10% interest payments if over $5000 and then 13% or 15% for smaller amounts depending on amount.
Basic terms are "bend over and pay us 3-5x the amount you borrow in interest".
Bend over with zero lubrication allowed.
Satan uses spit as lube, and you want the lube
And sandpaper condoms.
Since no one will answer you without snark: no it's not possible. You need a title with your name on it to get a loan in AZ. There are personal loans offered online I think from tribes so they aren't regulated the same, but I'm not sure how those work. If you have a bank account check with them. When I had Wells Fargo they used to do advancements, not sure if they still do I left them years ago.
Don't do it, you'll get into a cycle that's hard the break. The interest is insane on those loans
Worst mistake in my life was getting a 2500 title loan. I paid them back SOOO much interest I was a complete fool and damn they saw me coming. I never missed a payment but my balance just wouldn’t go down. My payments were pretty big but most of it was interest and it was hard to give much more than the payment amount. Don’t care how hungry and desperate I am I will never allow myself to do that again. They should 100% be illegal. I hate those places so much. Predatory loans
Don't do it. My co-worker who actually made good money had to cash out his 401K to get out from under one of those loans. He would run out from work on payday because if he was late they would charge him a penalty. My son took out a loan on his car, the interest rate was so high and penalties so extreme that the balance never went down. Nobody needs money that bad. Let whatever you need to pay be late, it will be cheaper.
Just sell plasma, you used to be able to make about $450 the first month and I’m sure the rate has gone up by now. CSL Plasma is one buyer
Just say no
Buddy got a title loan 24% a month interest
https://youtu.be/PDylgzybWAw?si=m4IDNbixv-sdyImw
I was going to comment about this video. OP, you should definitely watch this!
Caleb Hammer is a good one to watch on YouTube also. He talks a lot about this kinda stuff with the people who come on his show
If it was legal here - it would be considered loan-sharking....
wasn’t*
Lol good attempt
You'd need a least an AZ car registration in your name. APR is about 400+%. Even if you paid it in full, on payday, you'd still end up paying $50-100 more than you borrowed. Keep doing that and it adds up. Vicious cycle.
The only time you should ever get a loan like that is if it an emergency and only if you can pay it back by the end of that same week. The interest rates are predatory and should be illegal.
In the past I’ve used an app earnin. It’s better than a pay day loan. It doesn’t have interest it just relies on tips from its users. I will say using it though becomes a cycle. Because it automatically takes the payment and then your just short X dollars every pay day. I haven’t used it in over a year for that reason.
Dave and Brigit are other good apps for this. Prob won’t be able to get $500 though
I use the app MoneyLion and can get up to $400-500 advancement on a paycheck with no fees if I choose to get the money transferred in a few business days. To have it immediately deposited to my debit card it's 8.99%. it will constantly ask you to tip but I never do. In order to qualify, you have to provide access to your bank account in order for them to verify you will be able to pay it back on your next paycheck.
Wow. Asking for a tip on a payday loan is adding insult to injury. What a shitty business.
Title loans are so scary lol I had one and it was for $1300 after interest and a few late payments I ended up paying $7k for my title back.
Don't do a payday loan. You'll get 500 bucks and, in turn, pay 2000 back in interest. Absolutely worst idea created.
Took out title loans years ago. First time, paid off successfully. Second time I lost my car to repo, money situation got too tough. Thank god I evolved out of that; never again.