Thursday, August 28th, 2014

Small Loan Rates May Increase

moneyCommunity groups ranging from AARP Arizona to the Arizona Community Action Association are urging state senators to reject a bill allowing increased interest rates and fees on small consumer loans.  House Bill 2526 would allow loans up to three-thousand dollars to carry an interest rate of 36-percent, and would permit an origination fee of 150-dollars, more than double the current limit.  At the same time, Representative Debbie McCune-Davis says the bill provides no assurance that borrowers would actually be able to repay those loans.

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