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 Posted: Mon Apr 07, 2008 3:21 am Subject: Arizona Pay Day Loans
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Hello.... I am originally from New Mexico and just moved to AZ. Feb 11, 2008 and just graduated with my degree. But in the last month with my little boy and wife thinking of a positive outlook we got caught up in a tangle of Pay Day Loans. In only one month and a half we got 9 pay day loans...equal to about 3500? We just stop paying them all together. But they calling me non-stop was wondering if I end up going to jail or something? My job is good inless I am clear of any felonies. Advice Please.
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donnjone01
Joined: 07 Apr 2008
Posts: 1
Debtcc Points: 35
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Posted: Mon Apr 07, 2008 3:52 am Subject:
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If your only concern is whether you'll go to jail for non-repayment of loans or not, then be rest assured that you'll not.
However, it doesn't guarantee that the lenders will stop harassing you altogether. Receiving calls from the lenders and collection agencies are quite annoying in itself.
Please let us know if you need any more help to get out of the debt mess.
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tweetyturner
Joined: 11 Mar 2008
Posts: 279
Debtcc Points: 3264
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Posted: Mon Apr 07, 2008 4:30 am Subject:
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Arizona State Information
Legal Status: Legal
Citation:
Ariz. Rev. Stat. § 6-1251 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 5 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: Three (extensions)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: $25 NSF fee + actual charges assessed by the financial institution
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Arizona Department of Financial Institutions
Address: Financial Enterprises Division, 2910 N. 44th Street, Suite 310 Phoenix AZ 85018
Phone: (800) 544-0708
Fax: (602) 381-1225
Regulatory Contact: Robert Charlton,, Assistant Superintendent of Banks
Regulator Website
Licensee Database
Complaint Instructions
Complaint Form Link
Online Resources:
Formulario De Queja
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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Posted: Mon Apr 07, 2008 4:31 am Subject:
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Please list for us who your lenders are, how much borrowed, how much already repaid, are they internet or store front. As soon as we get this info we can help you.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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