Arizona bad credit interest rates are currently set at 10%, but allow consumers to waive this protection and agree to higher interest rates. Payday loans are not available in Arizona while tribal loans within the state are accessible. We researched a few of these Tribal lenders and the interest rates were over 400%. We recommend that you consider credit repair or debt settlement before applying for this service from Tribal lenders.
Opploans Loans offers installment loans from $500-$4000 in Arizona with a repayment term from 9-18 months and the interest rate is 160%. In comparison to payday loans, is this a good deal? The difference is that the installment loan has a term set with fixed payments where payday loans are structured to keep the consumer trapped.
Cashusa.com offer an installment loan program in Arizona for loans from $500 to $10,000 and the following conditions apply:
- At least 18 years of age
- A U.S. citizen or permanent resident
- You will need to earn at least $1,000/mo. after taxes to apply
- Have a checking account in your name
- Have a valid email address and valid phone number(s)
- Interest rates vary from 5.99% to 35.99%
- Loan duration is from 3 months to 6 years
- All credit types are able to apply
- Cash is deposited in one day if all required information is received
- Soft Credit Inquiry and will not show up on our credit file
LendingPoint offer loans in Arizona starting at $2000 to 25,000 with a credit score starting at 590. Interest rates range from 15.49% to 34.99%
- Loan Amounts: $2000 to $25,000
- Credit Score: 590+
- APR: 15.49% to 34.99%
- Terms: 2 to 5 years
- Fees: Origination fees range from 0 to 6%
- LendingPoint Stands Out
- The company specializes in fair credit loans starting at 590+.
- Soft Credit Pull only to start
- Was established in 2014 offering personal loans throughout America. The company is based in Kennesaw Georgia and has an A+ rating with the BBB.
- Lending Point combines data and technology to create a proprietary risk model that adds new, multivariate dimensions to credit analytics that go beyond the traditional FICO scoring process. This model allows Lending Point to get a complete financial story of the consumer in order to approve more people who would otherwise be overlooked by traditional credit models.
- If all criteria are met, applicants can qualify for more than one loan
- Lending Point now offers AccessPoint - which allows existing customers to refinance their loans once they have reached 25% of their principal to ask for an additional increase in their loan
Consolidating Debt With Bad Credit
The credit card dilemma many consumers end up in is paying the minimum monthly payment for months and sometimes years without the debt amount ever changing. Consumers traditionally apply for debt consolidation to pay off high-interest credit card debt and find it very difficult to convert to pay high interest for a personal loan.
A Personal Loan May Not Be The Solution
If your current credit card interest is below 20% and your credit score is fair to poor, you may not be offered a better interest rate with a personal loan.
Discipline Is The Key
If you are in this position with credit card debt and your monthly payment is frozen, chose the credit card with the highest interest rate and start paying it off monthly with a lump sum payment.
We recommend that you set up pre-authorized payments for the minimum payment and a second preset payment for the principal only. Make this payment as high as you possibly can manage. You may have to stop eating out for a few months, but it is worth it to get this debt off your back. After you finish paying off one card, start on the next highest interest rate credit card. Make sure to keep your oldest credit card because credit history makes up a large portion of your credit score. If you plan on getting rid of any of the cards, cancel the newest card.
If you are unable to control yourself and need to take a loan to pay off your credit cards, you will now have a much higher payment because you are paying off the debt every month. When you do take out the loan, we recommend that you cancel the credit card you paid off. If you start creating debt on this credit card again, you could end up worse off then when you started.
Improve Your Credit Score
America Loan Service recommends Novita for credit counseling. With most credit repair services charging from $50 to $99/month, Novita is offering their services at no charge while they develop their platform. There is no guarantee it will always be a free service, so jump in now and take advantage of this offer.