Arizona Proposition 200

Over 700 payday lenders across the state of Arizona charge up to 459 percent annual interest on loans that trap their customers in long-term debt, finds a new report from the Center for Responsible Lending. A ballot measure on which the payday lending industry has spent $9 million so far to market in the state as “reform” would only reduce the interest rate to 391 percent, and cancel the 2010 expiration of an exemption for payday lenders from the 36 percent cap that covers other lenders.

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This entry was posted on Tuesday, September 16th, 2008 at 10:27 pm and is filed under Arizona proposition 200. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.