Published: 08.03.2005

Reader letters
 

Loan stores worse than Mafia

 
Years ago, the Mafia gained an awful reputation for loan-sharking. Its interest rates ran as high as 20 percent and sometimes more.
 
But, compared to the rates of interest charged by the payday loan establishments opening up in Tucson lately, their rates seem positively benevolent.
 
These places seem to be springing up on every corner and are a deadly trap for financially strapped citizens.
 
This fact seems bad enough, but lately, they have been advertising in large letters "first loan free." Kind of reminds one of the pusher giving free baggies to prospective buyers.
 
How long is Arizona going to tolerate the outlandish interest rates and questionable tactics of these establishments? Probably forever. When will we pass a reasonable usury law? Probably never.
 
Fran Lepree
 
Homemaker, Tucson

Trouble For Service Members - The perils of payday loans
Tucson Citizen Article

AZ Daily Star Article



 

 

 

 

 

 

 

 

 

 

 

 

 

 


Back to the top

FAIR USE NOTICE. These documents contain copyrighted material whose use has not been specifically authorized by the copyright owner. SCEI is making these articles available in our efforts to advance understanding of social and economic justice issues. We believe that this constitutes a `fair use ' of the copyrighted material as provided for in section 107 of the US Copyright Law. If you wish to use this copyrighted material for purposes of your own that go beyond `fair use ', you must obtain permission from the copyright owner.