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Payday Loans Officially Illegal in Arizona

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AlFromLA
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Payday Loans Officially Illegal in Arizona  Reply with quote  

If you live in Arizona and occasionally take payday loans, end of this month will be the last day you can take a payday loan.

All payday loan stores have been ordered to either close or change business model.

Source
Post Wed Jun 09, 2010 11:07 pm
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coaster
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Sounds like a good idea to me.

That proposal failed in Wisconsin.

I wouldn't have a problem if they were restricted on the amount of interest they could charge, say maybe prime plus five.

~Tim~
Post Thu Jun 10, 2010 6:44 am
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AlFromLA
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Payday loans are expensive but they are at times the only options for some of working class people specially in these economic times.

Banks aren't lending to those with even good credit so if you have bad credit good luck getting a loan...and if you have no assets you can't get a title loan either so payday advance loans have traditionally been option for some people.
Post Thu Jun 10, 2010 10:47 pm
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coaster
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Ya, I've heard those arguments before and they're pretty weak. Most of these loans are made to people who don't really need them, but they're not given that advice. "At times the only options" are situations few and far between. Most of the time it's people who aren't fiscally responsible, who don't know how to manage their finances, and they're just being taken advantage of. These "working class" people typically work at jobs where they get paid every two weeks. There's something not right if they can't wait a couple weeks for whatever it is they need their money for. I think it's more a case of they just don't want to wait and don't have the financial discipline. For the people who truly are in such desparate straits that they need the money right away and can't wait until the next paycheck, and have no other options, are these payday lenders not

taking advantage of and preying upon the suffering of those who can least afford it?

Bah, humbug. They're a bunch of vultures IMO. They could still make a pretty decent return on investment at prime plus five.

~Tim~
Post Thu Jun 10, 2010 11:06 pm
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C9Consulting
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Good, I hate how payday loans ruin the lives of people that didn't take the time to read the fine print. Then again....you have to ask, "why didn't you read the fine print?"
Post Fri Jun 11, 2010 2:39 am
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swim
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i would have thought tighter controls would be a better option, but better to be on the safe side of things. i know a couple people who have got themselves into some debt via this sort of thing Smile
Post Fri Jun 11, 2010 3:26 am
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AlFromLA
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quote:
Originally posted by coaster
Ya, I've heard those arguments before and they're pretty weak. Most of these loans are made to people who don't really need them, but they're not given that advice. "At times the only options" are situations few and far between. Most of the time it's people who aren't fiscally responsible, who don't know how to manage their finances, and they're just being taken advantage of. These "working class" people typically work at jobs where they get paid every two weeks. There's something not right if they can't wait a couple weeks for whatever it is they need their money for. I think it's more a case of they just don't want to wait and don't have the financial discipline. For the people who truly are in such desparate straits that they need the money right away and can't wait until the next paycheck, and have no other options, are these payday lenders not

taking advantage of and preying upon the suffering of those who can least afford it?

Bah, humbug. They're a bunch of vultures IMO. They could still make a pretty decent return on investment at prime plus five.


yes i agree some lenders do that but not all...also you must know that payday loan lenders kind of have to charge that kind of fee because they are taking a lot of risk...


also check out this article about how much Banks charge for overdraft fees and how they end up being if you apply APR rules to them...kinda mind blowing makes payday loan interest rates like walk in the park

http://www.aboutpaydayloan.com/2010/05/28/aprs-applied-to-overdraftsnsf-fees/
Post Fri Jun 11, 2010 5:15 pm
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littleroc02us
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What great news. Arizona sure seems to be a leader in making decisions.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Fri Jun 11, 2010 6:58 pm
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iwillguide
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hi  Reply with quote  

Yes Payday Loans are not available in few states of America.They are banned payday service because most payday loan charges high interest fee but they can be helpful in emergencies.

loan places | loans near me |payday loans near me
Post Tue Jun 15, 2010 5:25 am
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vpdebts
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We offers the best debt settlement services including credit  Reply with quote  

Payday loan ruins the life it should only be used for emergency.
Its interest is high but if you are really desperate and in need of immediate cash, payday loan would be a option. For more about debt settlement services including credit card debt settlement, financial debt solutions, business debt settlement and many more at Valueplacedebtsolutions.co.uk.
Post Tue Jun 15, 2010 8:39 am
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Adria.John
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well, thats rude on part of payday loans. They are quite handy loans if people know how to use them and drive maximum benefit through it.The recovery is quite rigorous just because you make default in paying back, if you pay back in time, these loans serves great benefit.

Loan Expert!
Post Mon Oct 11, 2010 6:09 am
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alimanzoor35
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Its really great and sounds good to me a lot.
Post Tue Oct 12, 2010 10:00 am
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jason_simpson
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From July 1, 2010, payday lending has become illegal in Arizona. This is the outcome of one of the many popular votes taken on presidential election day, November 4, 2008. The residents of Arizona voted “no” on Proposition 200, which sought to extend the legal right of licensed lenders to grant payday loans in the state. Despite heavy campaign spending, the “yes” faction gained only 40% of the vote.
Post Thu Oct 21, 2010 9:00 am
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badcredit09
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where to find the best payday loan  Reply with quote  

The typical amount of time that you’ve to pay off your mortgage is around a month. Avoid loans which are requiring you to pay back within days or simply half a month. These businesses are hoping that you default for them to charge you even higher interest levels and possibly take some of your home.
Post Wed May 23, 2012 2:55 am
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badcredit09
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best payday loans onlin  Reply with quote  

The typical amount of time that you’ve to pay off your mortgage is around a month. Avoid loans which are requiring you to pay back within days or simply half a month. These businesses are hoping that you default for them to charge you even higher interest levels and possibly take some of your home.
Post Wed May 23, 2012 2:56 am
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