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Nicknamed "The Old Pueblo," Tucson, Arizona is a desert jewel. With just over half a million residents, it is the second largest city in the state, behind only Phoenix. Home to the University of Arizona, the city also plays host to a number of popular festivals each year including the annual Tucson Gem and Mineral Show, the Tucson Folk Festival, and the Tucson Rodeo (Fiesta de los Vaqueros).
Old Tucson, the setting for many Western movies and TV shows is another attraction that draws tourists who want to experience the Old West. Tucson is also a popular locale for ‘snowbirds,' or winter residents attracted by the mild winters who own second homes in and around the city.
In the Tucson area, household incomes are lower than the national average and also fall below the state average. The 2015 median household income was $46,162, 14.3 percent lower than the national average and 8.1 percent below the state of Arizona. However, the cost of living in Tucson is also lower than the national and state averages making it more affordable than Phoenix and other cities in the southwest.
According to Area Vibes, the cost of living in Tucson is 5percent below than the Arizona average and 8percent lower than the national average. Cost of living includes things like transportation, utilities, goods and services, housing, groceries, and health care. In addition, the cost of housing is 22 percent lower than the national average.
Taking out personal loans in Tucson is possible for those who find themselves short on cash. In the state of Arizona, the legal interest rate is capped at 10 percent. Lenders who charge more than this rate could face penalties. At the same time, higher rates can be charged if a different rate is agreed upon in writing. In this case, the lender and borrower can agree to a higher interest rate. And while personal loans are allowed, payday loans are no longer an option in Arizona having been outlawed in 2010.
Tucson residents who need cash have a number of options for personal loans. Below are a few lenders:
Taking out a personal loan is a good option for some people, especially those who need the money fast, can’t wait until payday and can’t wait for a bank or credit union to approve a loan application.
Although personal loans may be easy to get, there are some things to be aware of before taking out a personal loan in Tucson. The Arizona Attorney General offers the following advice for Tucson residents who are considering a personal loan:
In addition to of Arizona’s lending regulations, Federal regulations also protect consumers. Specifically, the Federal Truth in Lending Act requires lenders to disclose all terms when extending loans and offering credit. Before borrowing money from a lender, read the loan agreement completely and ask questions before signing the agreement to be sure you understand the terms of your loan.