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Arizona senator notes CUs as payday loan option
PHOENIX (3/16/10)--Credit unions are a viable low-cost alternative to payday loans, according to an Arizona legislator. State Sen. Debbie McCune Davis (D-Phoenix) said no one in Arizona should be able to take on high-interest payday loans--which will not be allowed in the state after June 30 unless a state senate panel approves legislation to keep the industry alive in Arizona (yumasun.com March 11). She cited a New Mexico study, which found that 97% of those who took payday loans had lower cost alternatives. Others are ready to fill the gap if the payday lending law expires, she said. “I’ve talked with a number of credit unions that are ready to work with people to get them through short-term financial crises,” she told the paper. “They have a process in place and are open to it.” To read the article, use the link.
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