Payday Pundit

From the Sierra Vista Herald: 
The prospects for changing the law in Arizona before the deadline are mixed at best.
On one hand, the key Republican lawmaker who fought to rid the state of payday loans is gone. Rep. Marian McClure, R-Tucson, chose instead to run — unsuccessfully — for the Arizona Corporation Commission.
But Sen. Debbie McCune […]

[Read more →]

This AP story suggest that payday lenders will go back to the state legislature.

[Read more →]

That’s what an Arizona industry spokesman told a reporter about looming payday loan job losses in Arizona.

[Read more →]

Doom and gloom story in the Arizona Republic: 
The payday-loan industry, which flourished this past decade on Arizonans’ almost-insatiable need for quick, short-term loans regardless of their high interest rates, may have to close down in Arizona unless state lawmakers can be persuaded to ignore voters’ wishes.
Voters last week overwhelmingly rejected Proposition 200, a ballot initiative […]

[Read more →]

This story has the Payday Pundit’s blood boiling.  How stupid are reporters?:
Some of Alhambra’s 3,600 members do patronize payday lenders for short-term cash needs, McConnell said. That’s why the credit union developed a loan designed to compete head on.
It’s even called the “advance payday loan” and features an interest rate of 12 percent annualized, plus […]

[Read more →]

But they will be changing their service.  According to this story: 
Judy Powers, director of communications for Check Into Cash in Cleveland, Tenn., said Check Into Cash has started making the microloans in Ohio, charging a documentation fee on loans that remain at the new interest rate cap of 28 percent.
“We’re really disappointed in the vote, […]

[Read more →]

Maybe, but PDLindustryblog has some interesting thoughts about Ohio and Arizona. 

[Read more →]

The Arizona Star has a story today about retails stores closing and vacant buildings all over the place.   There are 1000 payday lending stores in the Tucsan area so in a year or so when the payday lending law sunsets, there will be that many more “for rent” signs.

[Read more →]

The Payday Pundit will let you know as soon as he knows, but for now, “mums” the word.

[Read more →]

This article from the Arizona Star is more extensive: 

Industry lobbyists said prior to Tuesday’s vote there is no way to offer short-term, no-collateral loans at that 36 percent annual interest rate. Without a change in the law, they said, the lenders cannot operate in Arizona.
Defeat does not mean the immediate closure of payday- loan stores.  […]

[Read more →]