Seeking guidance on AZ laws and my 9 PDLs

The law change in Arizona has not eliminated payday loans in Arizona but has capped the interest rate to 36%. This has resulted in the closure of many payday companies in the state. So, first check out if your lenders have stopped their business in Arizona.

If the lenders are not licensed for PDL lending in your state, you are not legally bound to pay a dime more than the actual amount borrowed. So, you can actually ask for a refund.

Mustang, you are correct, and a copy of a letter from your Attorney General is at the link below:
http://azdfi.gov/news/AG_Letter_to_Payday_Lenders_060910.pdf

Payday loans are prohibited in the state of AZ. See the link below:
paydayloaninfo.org/stateinfo/AZ.asp
CLICK HERE to find out how to deal with illegal lenders.

Thank you, Paul. And I find it cool that I got a response from Shazzers herself--thanks! Thank you very much for sending the letter from the Attny General, and I will include that in my communications to the lenders.

I calculated the following for my PDLs. These numbers are real--and it is heartbreaking to admit it. I feel like I have honored the agreements to the best of my ability. Essentially, for my $4,870 in current outstanding principal I have paid $28,827.97 just in interest payments over the last 3 years! I wish I had found your forum sooner, but now that I am here I am really hoping to make a break that was long overdue.:

PayDayMax: Current Principal=$500, interest since 7/1/2010=$442.06; total interest paid=$9,211.06 since Mar 2007
Discount Advances: Current Principal=$770, interest since 7/1/2010=$164.50; total interest paid=$4,222.37 since Aug 2008
PayDayLoan Today: Current Principal=$500, interest paid=$3,675 since Mar 2008
OneClickCash: Current Principal=$450, interest paid=$4,040 since Oct 2008
United Cash Loans: Current Principal=$450, interest paid=$4,085 since Oct 2008
VIP Cash: Current Principal=$900, interest paid=$1,470
NationwideCash: Current Principal=$400, interest paid=$635
SureAdvance: Current Principal=$400, interest paid=$530
CheckCity: Current Principal=$500, total interest paid=$959

At this point, I have closed my account and am finishing crafting the revocation letters. I am not sure how to look up which of these were actually licensed in Arizona up until July 1, 2010, but I expect that PayDayMax, Discount Advances and PayDayLoan today probably were--perhaps Check City? Do you know where I could find out who was licensed and when? It is tricky to know how to treat loans made before or after the July 1 date.

Thank you again for any guidance you can offer. I really appreciate the help.

Best regards,

Mustang44

I just dealt with discount advance...call them and stay calm and tell them the principle is paid and you owe them nomore...this is what I did and paid principle only to them..nationwide was a pain to work with and they will call you at work.

Hi Mustang,

Check this link and click on 'Consumer Lenders' from the right-hand side of the page. You'll get the list of all licensees. Hope it will help you. The link is: http://azdfi.gov/Lists/Lists.htm