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02/24/07
House bill to regulate stores offering payday loans falters
Filed under: General, Business
Posted by: Lillian Wong @ 11:06 am

Vicky Greathouse needed cash when her mother-in-law passed away, but she said her longtime bank turned her away. The Glendale woman found help at a payday loan store. Last week, Greathouse testified at the state Capitol in defense of the much-criticized quick-cash stores, saying they serve a purpose. “People need a choice and a place to go in case something comes up and they need to make it from one payday to the next,” Greathouse said. The stores, allowed to open in Arizona in 2000, have multiplied in seven years. Glendale has about 40 outlets, most in the southern part of the city.  More…

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