Report: High-interest lenders have circumvented Arizona’s ban by moving to auto-title loans

By Russ Wiles | Arizona Republic, 

High-interest lenders have circumvented an Arizona ban on payday loans by migrating to auto-title loans, including those where borrowers don’t own their vehicles, a study critical of the practice has found.

More than one-third of companies now providing high-cost loans on vehicles here were licensed as payday lenders more than a decade ago, when Arizonans voted to ban payday lending, said the Tucson-based Center for Economic Integrity in a report released Aug. 5.

…continued…