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azpenguin15 · #1 08-28-2009, 08:44 PM

So in 2010 all payday loan companies will be out of AZ, But I was thinking won't they just call themselves something else instead and still have the same practices? For states in which PDLs are illegal, are there any other sort of high-risk loans that people get instead like lines of credit or something?

PDLOwner · #2 08-29-2009, 06:48 AM

Actually, there is nothing at this point that say that PDL's in your state will be run out of the state. What happened last year was an attempt to avoid having to rewrite the entire set of PDL Regs by extending the current regs that are set to expire in 2010. This date is nothing new as it was set back in 2000 I believe as the expiration.

The anwswer to your question is No and Yes...

No, the stores that choose to switch thier product will remain with the same name.

Yes, there are alternate products that most will be offereing.

Look for a new set of regs that will allow them to continue operation in one form or another. They will not close thier doors.

azpenguin15 · #3 08-29-2009, 08:36 AM

Thanks for setting me straight, PDLOwner. I was under the wrong impression then.
I will be watching to see what those new regs will be then.

PDLOwner · #4 08-29-2009, 09:08 AM

Not a problem. Unfortunately, the anti-PDL crowd used you thought as thier platform to defeat the "sunset bill".

As I have stated many times, the aboloshment of the industry is not the answer. Sensible regulations that allow for legitimate lenders to remain and have oversight from the authorities is that answer. Any bill that caps the APR at 36% will decimate the industry as we now know it and drive the consumer to the unregulated world of IPDL's that everyone complains about on this board. No rules, no regulations, no recourse.

kkreutze · #5 08-29-2009, 12:33 PM

Is the llegitmate PDL's able to regulate themselves and assist with the control of the illegal PDL's? I don't want to see the baby thrown out with the bath water but these criminals seem to blend in pretty well which allows them to perpetrate their fraud.

PDLOwner · #6 08-29-2009, 01:21 PM

Why would they want to abide by regulations? Doing this would only meake it more difficult to make money. If they did follow regulations, they would not be able to lend in many states where they currently do.

azpenguin15 · #7 08-29-2009, 05:39 PM

I kind of agree with you, there is a need for the PDLs, with regulations! I remember my first one for 300$ which was needed for an airline ticket when my husband's father unexpectedly died. We had no money for the ticket and took out a PDL. We paid it back in 3 extensions, putting 100 dollars towards it each payday. There was no other way to get that money.

kkreutze · #8 08-30-2009, 08:44 AM

There is definately a need for an outlet where people in need can get a loan. The problem is the ofshore internet companies that are involved in more than providing people in need with fast cash.

mobrienjr · #9 09-10-2009, 08:38 AM

What did people do before payday loans? I know that my life was a lot better before I got into the payday loan cycle. That is the problem, payday loans are no different than loan sharks back when the mob was around full force.

From what I understand places in AZ will not do payday loans after it expires, but they will continue to do car loans.

bastoops · #10 09-12-2009, 11:58 PM

just a thought. would it be possible to set up one big system kinda like "checksystems" or somthing of that nature that was specifically for payday loans, and once you took out 1 loan you were in the system. so if you tried to take out a 2nd one it would automatically flag you in wich the pdl company would have to deny you another pdl and so on. i've never been against a person taking out a pdl and paying it back and being done with it. but its just too easy, and i know i'm not the only one who has done this, but get wrapped up in multiple pdl to the point where it is uncontrolable. i know a person should just be responsible and not do that, but like i said i am guilty, and it was just too easy to drive down the street and get another pdl. i took them out with the intention of paying them back but before i knew it i was paying 1500.00 every two weeks just in finance fees and i couldnt do it anymore. i'm just saying they have to figure out a way to regulate it alot better. PDLOwner? anyone?

Shazzers · #11 09-13-2009, 08:27 AM

I believe there is already a system in place for pdl's - called teletrac, however, it's up to the pdl's to report it, therefore, only a select few pdl companies report to teletrac when a loan is obtained by a consumer.