CFPB returns millions of dollars to Arizonans
CFPB Saves Arizona Consumers Millions with Final Rule on Overdraft Fees
CFPB Press Release, Dec 12, 2024 | CFPB Fact Sheet, Jan 2024 | CEI Press Release, Dec 13, 2024
CFPB Distributes $384 Million to 191,000 Victims of Think Finance’s Illegal Lending Practices
CFPB Press Release, May 14, 2024 | View the map of distribution dollars by state
Over $40 million dollars returned to Arizonans.
CFPB Returned Over $240M to Harmed Consumers in 10 States Home to Lawmakers Beholden to Financial Industry
Press release from Accountable.US | August 9, 2023 | Download the report
The CFPB returned over $12.2 million in funds to 20,502 Arizonans from 2012 to 2022
The high-cost small-dollar loan market
The Tricks Cash Advance Apps Use to Coerce Borrowers to “Tip”
"A new form of fintech payday loan offered through cash advance apps uses “tips” as a form of disguised interest." Issue Brief | NCLC, April 23, 2025
Large Hidden Costs of Loans Made Through Cash Advance Apps
Not Free: The Large Hidden Costs of Small-Dollar Loans Made Through Cash Advance Apps | CRL, April 3, 2024 | Download the report
The Persistent Harms of High-Cost Installment Loans
Unsafe Harbor: The Persistent Harms of High-Cost Installment Loans | CRL, September 26, 2022 | Download the report
What happens when a state implements a 36% interest rate cap?
Illinois’s Predatory Loan Prevention Act (PLPA)
The Impacts of the State’s 36% Rate Cap | One-pager, Woodstock Institute, January 2024
The Impacts of the State’s 36% Rate Cap | First edition, Woodstock Institute, January 2024
The Sky Doesn't Fall: Life After Payday Lending in South Dakota
Press Release | Center for Responsible Lending, January 13, 2020
CRL Report | Charla Rios, Diane Standaert, Yasmin Farahi, CRL, January 2020
After Payday Loans
Consumers Find Better Ways to Cope with Financial Challenges | NCLC, August 2021
Why Cap Interest Rates at 36%? | NCLC, August 2021
Medical Credit Cards and Financing Plans
Medical credit cards may lead patients to overpay for their health care, Democrats warn
by Ken Sweet, Associated Press | Tucson.com (and elsewhere), July 5, 2023
What should I know about medical credit cards and payment plans for medical bills?
Informational article from the CFPB | May 8, 2023
Summary and research report from the CFPB | May 4, 2023
"This report highlights some of the risks to consumers of using financing products such as medical credit cards and installment loans to pay for medical procedures and services."
Earned/Early Wage Advance (EWA) Programs
2021 Earned Wage Access Data Findings from the California Department of Financial Protection and Innovation | Analysis completed Q1 2023
"The average annual APR was 334% for tip companies and 331% for the non-tip companies."
Early wage access products—which allow workers to access wages they have already earned ahead of the regular payday—another form of payday lending?
Earned Wage Access: States Should Regulate As Credit, Protect Consumers | CRL, Feb. 8, 2022
The Harm Caused by Title Lending
2023 Update to Car Title Lending in Arizona
The Southwest Center for Economic Integrity, a nonprofit organization based in Tucson, has issued an update to their report on title lending in Arizona.
2023 Update to: "Still Wrong: Wrecked by Debt" | CEI, January, 2023
An update was issued in 2022.
2022 Update to: "Still Wrong: Wrecked by Debt" | CEI, March, 2022
The previous report on title lending in Arizona was issued in 2019.
STILL WRONG: Wrecked by Debt | CEI, August 4, 2019
Press Release | CEI, August 5, 2019
Prop 209 : The Predatory Debt Collection Protection Act - PASSES!
The ballot initiative has passed with a majority of 72% of the vote.
As reported by the Associated Press and the New York Times | Nov 10, 2022
Arizona measure could be a model for Democrats nationwide | By Megan Messerly, Politico | Oct 26, 2022
A wonky Arizona ballot measure could unlock a new path to easing medical debt | By Dylan Scott, Vox, Oct 23, 2022
The Predatory Debt Collection Protection Act [ English | Español ] helps Arizonans by protecting more of their assets and belongings from debt collectors, and limiting the interest rate on medical debt.
Prop 209 protects Arizona families with crushing medical debt — like mine | Anna McCallister-Nichols Special to the Arizona Daily Star | Oct 9, 2022
Arizona is trying to take on medical debt with a ballot initiative | The Washington Post, Sep 16, 2022
Payday Loan Debt Trap Tracker
Consumer protections for payday and car-title loans, created by the previous leadership of the CFPB after years of research, were due to take effect on Aug. 19, 2019. Now, these latter-day loan sharks will trap more borrowers in vicious cycles of debt.
Since former Director Kathy Kraninger sided with the sharks and turned her back on consumers, American borrowers caught in this infamous debt trap have paid fees amounting to: (click here to see the amount)
States without Payday and Car‐title Lending Save Over $5 Billion in Fees Annually
Delvin Davies, Susan Lupton, Center for Responsible Lending (CRL) | Updated January 2017
"Research from the Consumer Financial Protection Bureau (CFPB) has found that the average payday consumer takes out 10 loans a year, borrowing one loan immediately after another. Similarly, the Center for Responsible Lending (CRL) found that the typical car title loan consumer will renew their loan 8 times, paying more in fees than they originally borrow. Overall, repeat refinancing is essential to generate fee revenue for both the payday and car title business models. CRL estimates that payday and car title loans cost consumers over $8 billion in fees annually."
Arizonans Oppose Predatory Lending
AZ state legislators on 2/29/2016 revived a bill to allow payday lenders to offer 204% APR "flex loans". Senator Kavanagh’s original flex loan bill, SB1447 failed to pass in Senate finance committee hearing on a 2-3 vote. The payday lender bill was resurrected using a strike-everything tactic that inserted the flex loan bill language into SB 1316.
Christian leaders plead for Arizona legislators to reject usurious lending bill, SB 1316
Colonel Lee Lange
US Marine Corps (Ret.):
"The U.S. Department of Defense found that predatory lending underlines military readiness. SB1447 deliberately puts our military community, including veterans and their families, in harm's way - like sending a soldier to battle without ammunition. This Marine urges our legislators to vote no to the payday lenders' bill, SB1447"
Pastor Dr. Warren Stewart Sr.
President of the Paradise Missionary Baptist State Convention of Arizona:
"A vote in favor of SB 1316 is as deeply immoral. Payday lenders will trap people in modern-day debt slavery. It violates the Bible's teachings against usury and against taking advantage of the poor. The choice before legislators is simple: God or Greed?"
See our ISSUES pages for more information on:
Toolkit for Advocates
Issue Briefs
Comparing APRs on Small Loan Alternatives | NCLC, **updated 01/2025**
AZ Factsheets
Car Title Lending in Arizona [ en | es ] **Updated 04/2022**
Rent-A-Bank Lenders in AZ **Updated 01/2023**
Interest Rate Caps
Predatory Installment Lending in the States (NCLC, **updated** Nov 21, 2024, Report)
State APR Rate Caps for $500, $2,000 and $10,000 Loans (NCLC, ** updated** Nov 12, 2024, PDF)
After Payday Loans: Consumers Find Better Ways to Cope with Financial Challenges (NCLC, August 2021)