What are two cheaper alternatives to getting a payday loan?

Let’s explore your alternatives further below.

  • Choose An Installment Loan Or Personal Loan.
  • Credit Cards And Cash Advances.
  • Secured Loans.
  • Try A Credit Union.
  • Borrow From Friends And Family.
  • Use Your Emergency Fund.
  • Ask Your Employer For An Advance Or Extra Hours.
  • Do You Need More Drastic Debt Relief?

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In this regard, does Arizona regulate payday loans?

Payday lending is prohibited in the state of Arizona. However, there are other ways to get short term loans – some options are consumer-friendly, and others can mean bad news for your finances.

Also to know is, what is the easiest payday loan to get online? Best Online Payday Loans

  • MoneyMutual – Instant Online Payday Loans with Guaranteed Approval.
  • BadCreditLoans – Best Direct Lender Payday Loan.
  • CashUSA – Best Payday Loans Application Process.

Correspondingly, what is the highest legal interest rate on a payday loan?

Payday loans are banned in 12 states, and 18 states cap interest at 36% on a $300 loan. For $500 loans, 45 states and Washington D.C. have caps, but some are pretty high.

What states are payday loans illegal?

Illegal. The states that currently prohibit payday lending are Arizona, Arkansas, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont, West Virginia, and the District of Columbia.

What three things can you do to prevent having to get a payday loan?

  • Why Payday Loans Should be Avoided if Possible. …
  • How to Avoid Payday Loans? …
  • Get Loan from Bank or Credit Unions. …
  • Discuss with Creditors. …
  • Employer Advances. …
  • Borrow from Your Retirement Account. …
  • Credit Card Cash Advance. …
  • Use One of The Programs Designed for Emergency Assistance.

Which of the following is the best alternatives to payday loans?

Here are 10 better alternatives.

  • Consider a Payday Alternative Loan (PAL) …
  • Apply for a “Bad Credit” Personal Loan. …
  • Borrow From Family or Friends. …
  • Ask Your Creditor About a Payment Plan. …
  • Seek Help From a Credit Counselor. …
  • Get a Side Hustle. …
  • Consider a Low-Interest Credit Card. …
  • Explore Lending Circles.

Which state has the highest payday loan usage rate?

Texas has the highest payday loan rates in the U.S. The typical APR for a loan, 664%, is more than 40 times the average credit card interest rate of 16.12%. Texas’ standing is a change from three years ago when Ohio had the highest payday loan rates at 677%.

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