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Report: High-interest loan providers have actually circumvented Arizona’s ban by moving to auto-title loans

Report: High-interest loan providers have actually circumvented Arizona’s ban by moving to auto-title loans

High prices can cause a financial obligation trap for customers whom find it difficult to settle payments and remove loans that are payday.

High-interest loan providers have actually circumvented an Arizona ban on pay day loans by migrating to loans that are auto-title including those where borrowers do not possess their automobiles, a report critical regarding the training has discovered.

Significantly more than one-third of companies now providing high-cost loans on cars right right right here had been certified as payday lenders significantly more than a decade ago, whenever Arizonans voted to ban lending that is payday stated the Tucson-based Center for Economic Integrity in a written report released Aug. 5.

Dedicated to low-income borrowers

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