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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 With In The continuing State Transformed Into Title Loans That May Charge Up To 204% APR.

“Beginning in 2008, as soon as the clock started winding straight down on payday financing in Arizona, Griffith’s Tucson-based team, the guts for Economic Integrity, viewed as significantly more than 200 pay day loan businesses obtained licenses as automobile name loan providers. A number of the storefronts that are same had marketed “Payday Loans” now have actually prominent signs for “Car Title Loans.” Arizona rules enable as much as a 204 % yearly interest if an automobile is included as security.” AARP Bulletin, 12/1/10

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