Funds are low and trying to figure out how to get by until payday. Someone might have recommended looking into Phoenix payday loans, but they are illegal in this state. Still, some unscrupulous lenders offer these loans both in-person and online, running afoul of the law.
Phoenix payday loans are illegal because of the high-interest rates that often go up to 400% APR. Because of the predatory lending practices and the fact that they’re illegal in the state, Phoenix payday loans are a bad choice. Instead, consider one of the safe payday advance options.
How to Get a Cash Advance in Phoenix
You can get an instant cash advance without paying interest with Instacash.
Instacash
Max Advance Amount: $250
APR: 0%
Credit Affects: None
Phoenix payday loans might be illegal, but you still have access to Instacash. With a 0% APR and no hidden fees, you can get the money you need without getting in over your head. You even have two options for depositing your funds. You can send the money to your RoarMoney Account, or you can have MoneyLion deposit it into an external account.
You can even choose the delivery speed. Pay a small fee to get the money right away or go with regular delivery. With regular delivery, the money will hit your RoarMoney account within 48 hours or your external bank account within five business days.
How to Qualify:
Be at least 18 years of age.
Have a steady income or make regular deposits into an active bank account.
Have a bank account with a positive balance that’s been open for at least 60 days.
Have an account that’s been open for a minimum of 60 days.
In-Person Lender
Even though payday loans are illegal in Phoenix, there are still lenders that can offer you title loans or payday advances. These loans are not recommended – but here are some aspects you can expect if you are thinking of going this route.
Max Payday Loan Amount: 20% of the monthly gross income
APR: 400% or higher
Credit Affects: Payday lenders don’t report your on-time payments to credit bureaus. Some lenders report missed payments.
Since Phoenix payday loans are illegal, most lenders don’t offer them. However, some payday lenders operate outside of the law and offer the loans in-person and online. Because these lenders aren’t following the law, they can charge outrageous interest and have extremely short repayment periods. You might notice that your loan has a 1,000% APR and has to be repaid in a week. This is just one example of the predatory terms these lenders offer.
If a title loan or registration loan is offered to you, this means that if you are late on your loan the lender can take possession of your property.
Instant Online Loan Options in Phoenix
You can legally take out an instant online loan and build your credit at the same time.
Credit Builder Loan
Loan Amount: You could qualify for up to $1,000.
Credit Affects: The average Credit Builder Loan user can boost their credit score by 60 points in 60 days!
Monthly Membership: $19.99/month
Did you know you can solve your short-term cash problem while also building your credit when you get a Credit Builder Loan from MoneyLion? You can borrow up to $1,000, and MoneyLion reports your on-time payments to the credit bureaus.
Some of the funds will go directly into your account for you to use, and the rest will go into a Credit Reserve Account to earn interest while you pay off the loan. You’ll get access to the funds in your savings account after you finish paying off the loan, and then you can use them to invest, pay bills, continue earning interest, and more.
How to Qualify:
Be at least 18 years of age.
Live in the United States as a citizen or legal permanent resident.
Be a U.S. citizen or legal permanent resident.
Have a United States social security number.
Have an active bank account you can use to repay the loan.
What’s Included?
A loan of up to $1,000 paid off in 12 monthly installments.
Weekly credit monitoring that includes updates.
A Cash Reserve Account that builds interest while you repay the loan.
Payments are reported to the credit bureaus, so you can increase your score by 60 points in 60 days.
Get additional Instacash benefits.
Comparing Your Cash Advance Loan Options in Phoenix
See how the three cash advance loan options in Phoenix stack up.
Instacash | Credit Builder Loan | In-Person Payday Lender | |
|---|---|---|---|
How Much Can You Borrow? | $250 | $1,000 | Generally, up to $350 |
Fees & Interest | – Free– 0% APR | Competitive APR, $19.99/month fee | 400% APR or higher |
Impacts Your Credit? | No | Yes, it builds your credit score | Lenders usually report late payments |
Availability | – Mobile device– Apply any time | – Mobile device- Apply any time | Payday loans are illegal in Phoenix, but in-person and online options are still available |
Wait Time | Instantly* | Instantly | Instant or next-day access to funds is possible |
Next Steps | Sign Up | Sign Up |
Choose a Safe Alternative to Phoenix Pay Day Loans
Phoenix payday loans are illegal for a good reason. They put borrowers in challenging financial situations that are nearly impossible to overcome. You can safeguard your finances while getting the money you need with help from MoneyLion. Choose from a Credit Builder Loan or Instacash. You can also open a RoarMoney mobile bank account to unlock additional options. Use it to access weekly spend reports that show you where your money is going.
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Disclosures
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Credit score improvement is not guaranteed. A soft credit pull will be conducted which has no impact to your credit score. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.
With direct deposit. Faster and easier access to funds is based on comparison of traditional banking policies and deposit of paper checks versus deposits made electronically and the additional methods available to access funds via a card as opposed to a paper check.
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.