Payday Loan Consolidation Arizona | Pay Back Debt At Low Rate

Arizona Debt Consolidation Options: How can you benefit?

You get these benefits from Arizona consolidation programs:

1. Repay bills at negotiable interest rates Consolidating your debts at low-interest rates can help you make monthly payments more manageable.

2. Monthly payment consolidated: Consolidation programs in Arizona combine all of your bills into one affordable monthly payment. The consolidation company receives your payments and then splits them among your creditors. You will need a budget to allow you to pay the consolidation company.

3. Stop collection calls: The collection agencies won’t harass you if you pay your bills on time. The consolidation company will respond if the collection agency calls.

Are there any Arizona consolidation options that can be used for payday loans?

Payday loans in Arizona can be consolidated using debt consolidation options. Before we explain how debt consolidation can help merge payday loans in Arizona, let’s first discuss the Arizona payday loan law.

On June 30, 2010, the law that permitted payday loans was repealed in Arizona. All loans with an interest rate of more than 36% were deemed invalid as of July 1, 2010. The state law does not prohibit short-term loans. A few lenders offer installment loans, which are permitted by state law.

Tribal lenders offer payday loans to borrowers. The problem is those tribal lenders aren’t legal in the country. The loan agreements are therefore not valid in the state. This is a fact that most borrowers don’t know.

They continue to borrow payday loans at tribal lenders, and they pay a staggering interest rate for the payday loans.

During this time, you may have a few questions. You might ask,

  • Why are people willing to pay so much interest?
  • Are you unable to repay tribal payday loans in Arizona?
  • Are there any Arizona consolidation options that can be used for payday loans?

All questions are valid. Let me answer each one.

Why are people willing to pay so much interest?

Payday loans are often viewed as a short-term loan option, and people agree to pay high interest rates. Payday loans are a great option for people who need cash to pay their bills.

They don’t realize that there are other options for short-term financing. Personal loans or short-term loans through credit unions are two options. They pay 400% to 500% APR for payday loans.

Are you unable to repay tribal payday loans in Arizona?

Legally, tribal lenders cannot file a lawsuit against you. Arizona does not recognize the loan agreement. However, tribal lenders will not hesitate to threaten you. You can be robbed of a large sum every month by tribal lenders until your loan is paid.

Payday loans taken out by tribal lenders are your moral obligation to repay the principal amount. Due to many reasons, most borrowers are unable to afford the principal amount.

Are there any Arizona consolidation options that can be used for payday loans?

Payday loans in Arizona are made easy by Arizona consolidation options. To pay off high-interest loans immediately, you can get a payday consolidation loan.

You can repay the principal amount and get rid of the loan. Tribal lenders may not allow you to leave. You can at least point out that Arizona does not allow payday loans.

To repay the principal amount, you can also choose a consolidation payday loan program. The interest rates are not something to worry about. That will be taken care of by the consolidation company.

You can choose to settle your payday loans if you don’t wish to consolidate them. This will help you to reduce your total payoff.