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Arizona ballot effort reframes payday lending debate

Nov 18, 2019 - American Banker

Over the last decade, American voters have proved remarkably receptive to bans on high-cost consumer loans. In Montana, an interest rate cap got the backing of 71% of the electorate. A South Dakota measure passed with 76% support. In Colorado the margin was 77% to 23%.

The blowout results show that payday lending is not an ideological issue for the general public. Voters in red states, purple states and blue states all frown on triple-digit interest rates.

Next year in Arizona, a pro...