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Payday Signs: Are They Illegal?

Payday Signs: Are They Illegal

Two month after High interest short-term loans became outlawed in Arizona most lenders have either removed signs advertising payday or replaced them with another options. But  we can still observe payday loan advertisement in some stores, for example in Tucson.

Attorney General Terry Goddard says that all those sign should be removed, because they look rather suspicious, given to payday loans are illegal in Arizona.

The staff of the shop with payday signs state that they no longer offer high interest loans, but they were not able to substantiate why the advertisement is still on.

The law forbidding payday loans was passed on the first of July, so it's self-evident that by the end of August all the advertisements connected with these short-term loans should have been covered up.

Payday loans no hard credit check were foredoomed to be banned, when most of Arizona voters decided against the life extension of payday loan shops in Arizona.

Many companies now offer so-called auto title loans that go with 36% interest rates.

Now Goddard is always on his guard in case there appears something similar to no teletrack payday loans. "We have had some complaints, and I'm very pleased that the borrowing public has been vigilant and they have given us some calls" said Goddard.

Posted on Sat, 2010-09-25 05:35
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