Arizona: Payday Lenders Skirted State Law by Changing to Title Loans — Often Without needing a name

Arizona: Payday Lenders Skirted State Law by Changing to Title Loans — Often Without needing a name

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After Arizona Instituted An Online Payday Loan Law, Over 200 Payday Organizations In The continuing State Transformed Into Title Loans That Could Charge Up To 204% APR.

“Beginning in 2008, if the clock started winding straight down on payday financing in Arizona, Griffith’s Tucson-based team, the middle for Economic Integrity, viewed as a lot more than 200 cash advance companies obtained licenses as car name loan providers. A few of the storefronts that are same had promoted “Payday Loans” now have prominent signs for “Car Title Loans.” Arizona guidelines enable as much as a 204 per cent yearly interest if an automobile is included as security.” AARP Bulletin, 12/1/10

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