Help for payday loan providers grows where cash flows

Help for payday loan providers grows where cash flows

Into the March 5 version associated with the Arizona Capitol occasions, three for the state’s chambers of business went a full-page advertisement on web page 2 giving support to the “short-term customer funding industry,” or in English, the payday lenders.

Within the advertising, they drag out of the old speaking point about “reasonable legislation” and end using the admonishment, “Support Payday Loan Reform!” Where have we heard any particular one before?

Some of us have been around throughout the Proposition 200 battle in 2008 are aware of this industry’s expensive taste to promote and free relationship with all the truth.

What’s interesting may be the messenger.

The more Phoenix Chamber of Commerce is amongst the groups known as into the advertising. When you look at the Prop. 200 debate, the Phoenix Chamber took a position that is clear the payday lenders’ measure, stating that it might have developed a voter-protected special deal for starters industry. Why now will they be arguing for overturning the might regarding the voters to be able to protect a unique deal for only one industry?

Exactly why are they abruptly supporting a measure that undermines the free market by giving unique protected status to payday loan providers?

Just proceed with the cash.

After the payday lenders’ ballot measure ended up being overwhelmingly defeated in 2008, they decided which they should get in on the Greater Phoenix Chamber of Commerce – after almost a decade of running in Maricopa County without getting people. (more…)

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