Tomorrow, June 30th, all payday loan stores will shut down in State of Arizona resulting in thousands of jobs being lost. That is because a payday loans will be banned in this State starting July 1st 2010.
But loss of jobs is not the only concern. The major concern is that many Arizona residents who normally rely on these type of loans to get by, will not be able to take payday loans from their local payday loan stores or their online payday loan lender because of this ban. US economy recovery process has been very slow, and in some States such as Arizona too slow that it is almost not noticeable. That is why payday advances are so much in demand but it seems that these type of loans are frowned up with politicians and State legislators despite the fact payday lending industry had nothing to do with downfall of US economy. It was in fact the big banks and lenders who caused the recession and failed Americans people except at the end they were bailed out by tax payer’s money.
And another concern is its impact on Arizona’s economy as a whole. Arizona has been home to hundreds of payday lenders for past ten years that created jobs and paid high taxes and licensing fees to the State. All these revenues will be gone as payday loan lenders are forced to call it quite starting July.