Payday Loans and Fast Cash Guide | No More Payday Loans In Arizona? What To Do Now

No More Payday Loans In Arizona? What To Do Now

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It looks like payday loans are going “no mas” in Arizona after 6/30.  I spent half of my life in Phoenix, and know that almost every major intersection has at least one or two payday loan lenders on it, so this is going to be a huge kick in the teeth to an already struggling state economy.  So what are you going to do now that loans are no longer an option?  This article from Sierra Vista offers up some options, but the choice there aren’t exactly “fast”.

Here’s what I think is going to happen.  Fast cash lenders are resourceful, mobile, and have a lot of money behind them.  They are either going to get the law repealed, or find a loophole that they can operate under.  Most of them are already working on switching over to auto title loans (which are still legal) and will probably change up their terms on those to provide a payday loan-like offer.  Or maybe they’ll just keep operating as usual and do their best to fly under the radar.

What I don’t yet know is whether or not you can still get a payday advance online in Arizona.  I know that some online lenders loan money to states that they aren’t supposed to, so this may very well be a viable option.

So what do you do if 7/1 rolls around and you need a loan?  You can certainly try and go to your local payday loan store and see what happens (let me know how that goes!), you can apply for a loan online, get a title loan, or use the tips from the Sierra Vista article discussed above.

I definitely don’t want to fall into the chicken little mindset with these new laws.  When there is strong demand for something, the free market will always come up with a solution.  For now we have to live with the short sighted decision that was handed to us.

This makes me think of why Arizona doesn’t shut down bars and liquor stores when they have one of the highest DUI rates in the country.  That’s because it’s the drinker’s fault, not the vendor.  Borrowing money irresponsibly is on the shoulders of the applicant, not the company that cuts the check.

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