The payday lending industry is seemingly out of control in Arizona: There are more payday lenders than there are Starbucks and McDonald’s combined. From KTAR:
“According to data supplied by the Children’s Action Alliance, there are now more payday loan facilities in Arizona than there are Starbucks and McDonalds combined,” she says.
“In the real world and on a daily basis we meet people who have 5, 6, 7, 8. I met one man who had 10 loans at the same time.”
A new bill up for vote in the Arizona legislature would limit the amount of loans any one person could take out to 2. —MEGHANN MARCO