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Payday loan providers are straight right back with “flex loans” in Arizona

Payday loan providers are straight right back with “flex loans” in Arizona

A type that is new of loan has entered the lending scene in Arizona. After payday advances with yearly interest levels significantly more than 36 % became unlawful in Arizona this season, previous payday loan providers needed to have innovative. Their solution? “Flex loans,” designed to use loopholes to have around interest caps. This indicates predatory lending is alive and well, even yet in states which have passed away regulations to prohibit it.

Loan providers in Arizona have the ability to circumvent interest caps by imposing different fees for processing transactions, delivering payment statements, and account information that is even maintaining. Fortsett å lese Payday loan providers are straight right back with “flex loans” in Arizona