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September 20, 2005

Tucson is to limit number of payday loan stores

We saw the surge of payday loan stores on the Internet a year ago, and right away we knew there will be some actions taken to curb it. But what we didn't expect is such rapid growth of the brick and mortar payday loan shops...

Limiting their activities is seems to be a task of the day for many local governments and jurisdictions today. Tucson is another town to join the trend. "The city has drafted zoning restrictions that would limit where new payday loan stores may locate."

And it's not just Tucson - the same effort is being undertaken by the entire southern Arizona. If approved, payday loan stores would have to keep at least 1,200 feet between themselves, and at least 500 feet from any residential property. It's no wonder that the City Council is concerned - 70 payday loan businesses have opened in Tucson since the beginning of 2001, particularly in lower income areas of the city.

Posted in Payday Loans at September 20, 2005 03:08 PM

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