Arizona voters beware! (2010, credit, loans)

[stardust76]

Proposition 20
The Simple Truth
Told to me by my credit union

On November 4th you will be faced with many tough decisions. None tougher than Arizona's many ballot initiatives.
In an effort to provide you with the simple truth about Proposition 200: The Payday Loan Reform Act. Simply said, Proposition 200 is NOT reform! It is a ballot initiative written by payday lenders for the sole purpose of making minor regulatory adjustments to the payday lending industry, benefiting the payday lenders, not the consumers.
The Arizona ballot initiative process ties the hands of our elected lawmakers. Please be educated and informed about the initiatives that you are voting for or against. Advertisements you see on TV do not always tell the whole truth. Proposition 200 is entirely funded by the payday lending industry and has spent more than $11 million dollars to manipulate their message.
Proposition 200 is NOT reform, it IS deception!

[AzDreamer]

Of course, credit unions are totally unbiased concerning other businesses that compete with them.

If someone wants to do business with a payday lender what business is it of ours?

[Ponderosa]

Originally Posted by AzDreamer

Of course, credit unions are totally unbiased concerning other businesses that compete with them.

If someone wants to do business with a payday lender what business is it of ours?

I agree. Payday loans are an important part of "making ends meet" for thousands of Arizonans. They work just fine and don't need the CUs and do-gooders or the nit-wits in the state legislature to tell them how to deal with this unfortunate segment of the population. YES on 200.

[nitram]

It is my understanding that if the measure passes on a yes vote, that is supported by the payday loan companies, they can continue to charge their 396% annual interest rates forever by law. If it is defeated by a no vote the legislature regulates them to a lower % of interest.
They still will be in business no matter what happens.

[cap1717]

Originally Posted by stardust76

Proposition 20
The Simple Truth
Told to me by my credit union

On November 4th you will be faced with many tough decisions. None tougher than Arizona's many ballot initiatives.
In an effort to provide you with the simple truth about Proposition 200: The Payday Loan Reform Act. Simply said, Proposition 200 is NOT reform! It is a ballot initiative written by payday lenders for the sole purpose of making minor regulatory adjustments to the payday lending industry, benefiting the payday lenders, not the consumers.
The Arizona ballot initiative process ties the hands of our elected lawmakers. Please be educated and informed about the initiatives that you are voting for or against. Advertisements you see on TV do not always tell the whole truth. Proposition 200 is entirely funded by the payday lending industry and has spent more than $11 million dollars to manipulate their message.
Proposition 200 is NOT reform, it IS deception!

Yes, this is the absolute truth! Prop 200 is being "supported" by the pay day loan industry itself, and should be "voted down". I would support a short term loan industry with a much more reasonable interst rate. . . even as much at 10 %, perhaps, but NOT the 30 something percent that the payday loan industry wants! This is akin to "highway robbery" of the least financially able citizens!

[azjack]

Yep, the Payday Loan industry paid for this Prop and its ads. The laws permitting this questionable industry to operate expire in 2010. Prop 200 simply extends their right to do business. Advertisements stating that it tames/reforms the industry are basically outright lies. I voted No on 200.

And Prop 202 proponents (funded by Carl's Jr franchisee, Southern AZ Home Builders, and similar interests) are pushing the lie that it will lessen the hiring of illegals. It will actually weaken Arizona's strong laws against hiring illegals that took effect on January 1st, 2008. Prop 202, among other things, removes the requirement of running all new hires through the E-Verify system. I voted No on 202.

[cap1717]

Just play it "safe" and vote NO on all of the propositions. Every one of them is designed to "mislead" the public!

[AzDreamer]

All the do-gooders that think payday loan companies charge too much and make obscene profits can open a competing business that provides paying customers a better choice.

Until you have walked in someone's shoes you might want to respect your lack of insight.

[kdog]

Originally Posted by AzDreamer

Until you have walked in someone's shoes you might want to respect your lack of insight.

Whose shoes are you talking about? The shoes of the person who needs the loan, or the loan company?

These payday-loan companies exist for the sole purpose to make as much money as possible from people who can afford it the least. It's really a despicable business.

[cap1717]

Originally Posted by AzDreamer

All the do-gooders that think payday loan companies charge too much and make obscene profits can open a competing business that provides paying customers a better choice.

Until you have walked in someone's shoes you might want to respect your lack of insight.

I, personally, have made plenty of "loans" to friends, co-workers, etc., in part, at least so that they would not need to resort to "payday" loans. NO INTEREST charged on any of these, and there NEVER WILL BE. NO, I am not in the business of making money from someone else's misfortune!