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Flex loan bill heads back to the Senate

Posted at 5:23 PM, Mar 21, 2016
and last updated 2016-03-21 21:48:54-04

Passionate speeches from members of the Arizona House of Representative against Senate Bill 1316 were not enough to keep the legislation from passing 31 to 26.

The bill would legalize Flexible Credit Loans, which would allow up to 204 APR. Supporters say the loans would provide another option for Arizonans with bad or little credit. 

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Opponents are saying they would be a legalized debt trap that preys on the most financially vulnerable.

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The bill heads back to the Senate for a final vote.