Interest rates for payday loans are extremely high and due to their rates, payday loans have been banned in the state of Arizona starting . Due to payday loans being illegal in Arizona, people have been getting other bad credit loans, not payday loans, for their short term financing needs.
Payday loans are personal bad credit loans that are short term, unsecured high interest loans that provide fast cash for people who need the money to cover expenses until their next payday or paycheck. Payday loans are also known as paycheck advances or cash advances.
When someone goes in to get a payday loan, the borrower usually must bring in some type of verification of employment or income, which can be shown with pay stubs or bank statements. When someone brings that verification in, the lender provides a personal bad credit loan that is to be repaid at the borrower’s next payday.Continue reading