Arizona Online Loans
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Online loans have become a go-to for most Americans in this digital era due to the ease of loan application processes. Additionally, the 'online' aspect offers a level of discretion and convenience you would not expect with conventional lending platforms. The residents of Arizona can take out different types of loans online. Here is an overview of everything you need to know about online loans in Arizona.
Are Online Loans Legal in Arizona?
Most online loans are legal in Arizona, except payday loans. The state regulates online lending through the Department of Insurance and Financial Institutions (DIFI). On the other hand, designated Federal agencies like the United States Consumer Financial Protection Bureau are mandated to oversee consumer lending activities.
What types of online loans are offered in Arizona?
Netword of lenders partnered with Slick Cash Loan offer different types of loans tailored to your needs. The packages and terms depend on the lender's policy and may be divided into distinct categories, including loans for salaried and self-employed individuals.
If you are employed, you can apply for the following loan options:
- Personal loan - Money borrowed to cater to personal needs, such as investing in a company.
- Home loan - The money you borrow to buy, build or renovate a home.
- Loan Against Property - An individual pledges an asset they own, like a parcel of land or a house, as collateral for a loan. The lender holds on to the property until the whole amount is repaid.
- Loan Against Security -A high-value loan usually offered against securities.
- Home Loan Balance Transfer - Taking out a loan equal to the outstanding balance of your home loan from one lender to pay it off.
On the other hand, self-employed persons have access to the following loans:
- Business loans
- Loans Against Property
- Loans for professionals like doctors, engineers, and chartered accountants
- Loans against Security
Why are Online Payday Loans Prohibited in Arizona?
Arizona's law protecting payday lenders expired over a decade ago -on 1st July 2010. The matter spurs a lot of controversies in Arizona and across the US, with different states taking opposing stances on the issue. While there are about 32 states that allow payday loans to operate. The primary reason for the push and pull is the incredibly high-interest rates, sometimes in triple digits.
What is the Most Popular Online Loan in Arizona?
Personal loans without credit checks are the most popular and one of the most competitive types of loans offered in Arizona. Most online platforms do not run a thorough credit check; thus, individuals with a bad credit score can qualify. Typically, most online lenders will not perform a hard credit score review but instead go for an alternative way of checking your creditworthiness.
The perk of a no-credit-check is that your credit score remains untouched, and the application and approval process is faster. That makes online lenders top contenders for those seeking emergency loans or those seeking to improve their financial health.
However, it is not always rosy on this side. Most direct online lenders may guarantee approvals but at insanely expensive interest rates. Additionally, it is easier to fall into the hands of fraudsters and scammers or sometimes terrible customer service. Therefore, performing your due diligence before signing up on any online lending platform is always wise.
How to Apply for an Online Loan in Arizona?
Online loans are straightforward, as little to no paperwork is required. The first option would be to contact your bank or a financial institution via their website to check for eligibility, interest rates, and the equated monthly installments. You can apply for the loan online and wait for approval if you meet all the requirements.
Alternatively, you can apply for an online loan here at Slick Cash Loan. By using our lending platform, you are guaranteed to be connected to a reliable online lender that best suits your needs. Lenders partnered with Slick Cash loan will follow the following steps:
- Complete the online application - The loan application is simple, and you need to fill in your personal information, including date of birth, mobile number, address, net monthly income, etc.
- Submit your application - Online lenders linked with Slick Cash Loan will review your information and approve the loan application.
- Sign the loan agreement - You will receive a prompt to agree to the lender's terms and conditions.
- Receive the loan amount - Our lenders will deposit the approved loan amount directly to your bank account within 24 business hours.
While online loans are quick and convenient, they are also risky. Remember to preserve your financial health by only borrowing what you need and can afford after evaluating interest rates and other charges.