Sen. Russell Pearce, R-Mesa, has proposed an amendment to House Bill 2370 that would cap rates at $15 per $100 borrowed, limit the number of loans a borrower can take out at one time, and give back 1.5% back to low and moderate income services.
That 1.5% is something new. I’m not sure if it’s a good or bad idea. On one hand, if it works, do it. On the other hand, it perpetuates the stereotype that payday loans prey on low income people; which is not true.
You can read the article in the Arizona Republic titled New hope for payday lenders.
Comments
One response to “Arizona bill gives back to low income services”
It’s frustrating that the people “protecting” those with bad credit, simply want to eliminate ALL of their options, and let the government make their decisions for them. Not ONCE do you hear of any concern for giving them another credit option.
Then, we’re portrayed as “preying” on these low-income families, when in reality we are the only ones offering them any form of a credit option.