Arizona Residents Deserve to Make Own Cash Advance, Payday Loan Choices
By Paul RizzoPayday Loan Writer
Jeff Albin is a regional manager (northern Arizona) at Quik Cash. Below is his paraphrased letter to the editor of The Arizona Republic:
Arizona consumers deserve credit choices.
State Sen. Linda Gray’s bill to limit quick payday loan interest rates to 36 percent would leave no realistic alternatives for reasonable, hard-working people who may not have savings or access to other credit options.
Pretend for a moment that you make a decent salary, enough to pay bills, but haven’t accumulated much in the way of savings or assets. Your car breaks down. You need $300 to fix it so you can get to work.
You’re not comfortable borrowing from friends or family. You don’t want to max out your credit card, wind up paying a slew of costly check-bouncing fees or pawn personal items. What do you do?
The industry of payday advance loans exists because we fill a vacuum that banks created when they stopped offering low-dollar, short-term loans.
Although 100 percent of payday advance customers hold a checking account at a bank or credit union, they turn to no fax cash advance lenders for their short-term credit needs. Traditional lenders simply do not meet the demand.
Let’s give Arizona consumers access to a variety of regulated credit options, and trust them to make financial decisions based on what’s best for them and their families.
The idea is that if they select payday loans, so be it. At least they had the information needed to make such a choice.
