Stan Barnes is the campaign chairman for "YES on Proposition 200," the Payday Loan Reform Act and has been a lobbyist for payday lenders.

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Payday loans' true cost is vital information

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A payday loan. If you're like most Arizona voters, you have never had one, don't really know how they work and might even have a less-than-positive feeling about them. And who could blame you?

Every day it seems another self- appointed know-it-all with an ax to grind is in the news, blaming payday lending for all of society's ills and demanding the industry be run out of town before every one of us is beguiled into bankruptcy.

In my 20 years of active civic involvement in Arizona, I have never seen an issue so grossly manipulated by special interests either willfully ignorant of the facts or simply obsessed with their political agenda.

These same people are doing a genuine disservice to the voters of Arizona by demanding a "no" vote on Proposition 200 while telling a one-sided story designed to prey on people's emotions.

If this small but vocal group of angry opponents gets its way, payday loans will be eliminated in Arizona. Thankfully, most voters reject this crazy idea as extreme and would rather reform payday loans than eliminate them.

Here are the facts on Prop 200 — the Payday Loan Reform Act:

● Prop 200 mandates lower fees on payday loans.

● Prop 200 makes it illegal to extend a payday loan and charge another fee.

● Prop 200 creates a flexible repayment plan for customers who can't meet their obligation.

● Prop 200 reins in unregulated, offshore Internet lenders.

● Prop 200 makes it harder to have more than one payday loan at a time (it's already illegal).

● Prop 200 closes payday-loan stores that can't comply with tough reforms.

● Prop 200 preserves payday loans as an option for those who choose it.

These are the facts of Prop 200. See for yourself at www. ReformAZPaydayLoans.com.

Here are a few other important things you might not know about payday loans.

● The average customer earns about $30,000 a year, is married, has some college education and probably owns a home.

● Every payday-loan customer must have a steady job and a bank account.

● Most bounced-check fees are higher than the cost of a payday loan.

● It is usually more expensive to pay over-limit fees on a credit card than to borrow from a payday-loan store.

● Most payday-loan customers use the service for its simplicity, convenience and to avoid other, more costly, credit choices

What hard-working Arizonans need is a reformed payday-loan industry as another credit option during difficult economic times. Removing this option, or any other for that matter, is not going to help anyone.

Every assertion made by opponents of payday lending as an option for people is directly addressed by the reforms of Prop 200. The sad truth is, some people have a political agenda intent on eliminating payday-loan stores entirely, even though economic conditions are extremely tight for many Arizonans.

Former presidential candidate George McGovern recently said, "Anguished at the fact that payday lending isn't perfect, some people would outlaw the service entirely, or cap fees at such low levels that no lender will provide the service. Anyone who's familiar with the law of unintended consequences should be able to guess what happens next."

The Payday Loan Reform Act makes sense. Please join me in voting "yes" on Prop 200.