The history of cash advance lending in Arizona can be seen up into two key points,one is explosive growth, and second is alarming trend towards “renegade” lending. But now, the lenders of short-term and high-interest personal loans in Arizona outnumber Starbucks coffee shops. It is said by opponents of fast cash loans that they feel as if there is a lender on practically each street corner. There has been a major force to do away with what many call the payday loan “problem” in Arizona, the biggest result of which has been a planned lending “sunset” scheduled for 2010.Actually, ome industry opponents can’t seem to wait that long, and want to see a prohibitive interest rate cap set into effect before next year.

Approximately ninety-three unique lenders provide Arizona’s cash advance loans.They are holding headquarters in the state, with six major, nationwide players dominating the market. The largest among all is Ace Cash Advance, which maintains “at least” eighty-one of the state’s 700-plus storefront locations. Now a days, these payday loan dealers may legally charge 17 dollars and 65 cents per one hundred dollars borrowed on personal loans lasting two weeks. The high profit margin on this loans has sent a number of payday lenders flocking to Arizona disproportionate to the state’s population and size. A trend towards lower wages for state workers has been another factor to the fast cash loan industry’s epic growth. It feels that the industry may be experiencing some effects of saturation, however, as it has lost three company headquarters and near 7% of its storefront locations in current years.