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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.

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