It has been revealed that at least 5 percent of last year's freshmen at the University of Arizona acquired no fax payday loans, in order to save much of their precious time and to quickly satisfy their financial needs.
Arizona's Norton School of Family and Consumer Sciences carried out the survey, which measured the monetary habits of 2,172 freshmen - about a third of the class - who enrolled in fall 2007.
According to professor Soyeon Shim, the group's director, student use of no fax payday loans more than doubled based on a survey taken a year ago that included freshmen through seniors.
He added that "As customers, students should not be using no fax payday loans, as a resort to tackle monetary pressure."
The survey revealed that the results are being used by opponents of Proposition 200, who say no fax payday loans store prey upon vulnerable consumers, like students, who need a quick cash to meet with their financial requirements. Voters will decide upon the measure Nov. 4.
Payday loans no faxing chain are bankrolling Proposition 200, which would stops the licensing of payday lenders on July1,2010, under state laws. A lender requires a license to operate.
Stan Barnes, chairman of the Yes on 200 campaign stated that he didn't know how to put the university study into context with the ballot measure.
Barnes said he did not know what percentage of Arizonans use no fax payday loans, except the 640 branches in Arizona have "tens of thousands of customers."
Shim, the University of Arizona professor, said she is not obtaining a position on Prop. 200. However, she said no fax payday loans are expensive because the annual percentage rate would be up to 391 percent even if the measure passes.
