Arizona update
November 19, 2010 | Arizona | Comments (0)Some lenders close, some evolve:
Street corners in Glendale and Peoria are marked by a handful of additional vacant stores since Arizona voters cracked down on payday lending.
Several of the national chains that offered easy money at high interest rates to cash-strapped customers have closed. Check ‘n Go shuttered 100 locations across the state. The companies say they can’t do business with tougher new limits. Other stores have turned to auto-title loans, check cashing and similar services, raising new worries among consumer advocates.
———————Industry representatives argue that Peoria and Glendale residents will suffer with fewer ways to get short-term loans during tough times and warn that the state’s economic recovery will be delayed.
Customers turned to payday loans for real needs, lobbyist Lee Miller said, like staving off a foreclosure or making a deposit on a new apartment.
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