Alert
Close

Tell your senator to end the gridlock and renew the Older Americans Act now. Learn more

Arizona

Payday Lenders Morphing Into Auto Title Lenders

Loophole allows interest rates up to 204 percent

Arizona State News December 2010

Kelly Griffith of the Center for Economic Integrity stands in front of a Tucson auto title loan business. Even as they waged a successful campaign to let the exemption on interest rate caps expire for small loans, consumer advocates have watched payday lenders obtain licenses as auto title lenders, which allows them to charge up to a 204 percent annual interest rate. — Matt Slaby/LUCEO

Consumer advocate Kelly Griffith had hoped payday lending in Arizona was dead. As of July 1, the storefront lenders who had been charging up to 460 percent interest on small loans lost an exemption that allowed them to ignore the 36 percent annual rate cap imposed on banks and most other lenders.

Back to Article

Topic Alerts

You can get weekly email alerts on the topics below. Just click “Follow.”

Manage Alerts

Processing

Please wait...

progress bar, please wait

Tell Us WhatYou Think

Please leave your comment below.

Advertisement

The Cheap Life

Jeff Yeager Cheap Life Ultimate Cheapskate AARP YouTube web series save money

Catch the latest episode of The Cheap Life starring Jeff Yeager, AARP's Ultimate Cheapskate. Watch

Discounts & Benefits

From companies that meet the high standards of service and quality set by AARP.

member benefit aarp financial service auto insurance

AARP® Auto Insurance Program from The Hartford offers members no-cost quotes.

AARP Credit card from Chase

Members can get cash back rewards on purchases with the AARP® Credit Card from Chase.

Woman holding smartphone in city, Google map tool

Members can find discounts on the go via the AARP® Member Advantages Offer Finder app.

Member Benefits

Join or renew today! AARP members receive exclusive member benefits & affect social change.

Rewards for Good

Your Points Balance:

Learn More

Earn points for completing free online activities designed to enrich your life.

Find more ways to earn points

Redeem your points to save on merchandise, travel, and more.

Find more ways to redeem points

Advertisement

Advance your skills. Transform your career.

Explore your learning possibilities.