As a follow up to our recent posting regarding Arizona Payday loans, the Senate Appropriations Committee voted 5-3 against the bill that would have allowed lenders to continue offering the high-interest short-term loans with the proposed adjustments to the rules.
In Arizona there are currently 596 Payday Loan businesses that provide employment for 2,500 people. The risk of these people losing their jobs is high, as well as loan customers will have to turn to most likely more expensive options to receive quick cash short-term loans.
The bill would have allowed fees of $15 per $100 borrowed, restricted the number of loans an individual could take out at one time and allowed a customer to rescind the transaction if the money was returned within two business days.
LeadPile will continue to keep a close eye on this and keep you updated on any new developments or possible hope for the AZ Payday industry!