Payday Lenders Hope to Head Off Arizona Initiative

Summary

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With a goal of convincing voters not to support a ballot initiative that aims to put payday lenders out of business, the industry has launched a drive to tell its side of the issue.

Arizonans for Financial Reform hopes to teach people about the loans, who uses them and why they are a responsible form of lending, says Lee Miller, who represents the Arizona Consumer Financial Services Association, a payday loan trade group.

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Extract

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Payday Lenders Hope to Head Off Arizona Initiative

"We have come to understand that the biggest challenge the payday industry faces in trying to establish its niche in the marketplace is the vast majority of people out there will never be our customers," he said. "[They] know nothing about us, and what they do...

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