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Lawmaker wants to keep payday loans

A state lawmaker has introduced a bill that would allow payday lenders to continue operating indefinitely in Arizona.

The law authorizing payday loans expires June 30. The measure sponsored by Republican Rep. Andy Tobin of Paulden would repeal the termination date and change some regulations.

Payday loans allow people to borrow money against their future earnings. Arizona voters in 2008 rejected a ballot measure that would have indefinitely authorized payday loans, often at high interest rates.

Opponents of that measure said the loans pray on borrowers, who sometimes get trapped in a circle of debt, taking new loans to pay off old ones. Supporters say the loans are an important tool for people who otherwise wouldn’t be able to borrow money.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

4 comments

  1. “pray on borrowers” haha, not so sure that is a typo, now that I think about it!

  2. Payday loans are a last resort to legally get money for an emergency. If there were no payday loans companies, the borrower would have to resort to illegal means to meet an emergency …. like NSF checks, or worse. People don’t use Payday Loan companies because they love the rates and generous terms, they use these companies to cover an emergency of one degree or another.

  3. Sadly, the payday (last resort) loan industry is nothing more than authorized loan sharking. However, now that they have become so firmly entrenched and operate on nearly every block in Phoenix, these eyesores and check cashing depots for illegals will be difficult to eradicate (certainly these “institutions” have lawyers). These should have been terminated before they were allowed to spread.

  4. For the immediate need, payday loan is a strategic way to go. Payday loan is a type of loan that is also known as paperless loans. There are number of lenders in streets providing Payday Loans but the best idea is to get Payday Loans through online resources which allow you no paper loan but make sure you can afford to pay back your payday loan on time because there will be sturdy late fees if you don’t.

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