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TUCSON - Starting Thursday, high interest payday loans will no longer be available in the state of Arizona. July 1st marks the expiration date of a 10-year-old law, allowing payday loans in the state.

Loans with interest rates higher than 36 percent, plus an administrative fee, will be illegal. In years past, some rates reached 400 percent interest, or higher.

Years ago, while Diane Lehman was putting herself through school and raising a family, she got desperate and was drawn in by the payday loan stores popping up around town.

"If it looks to good to be true, it is too good to be true," Diane Lehman said.

Before she knew it, Lehman had taken out five separate loans, some to the tune of 391 percent interest.

"What I thought was a quick fix, turned out to be, mushroomed into a financial nightmare," Lehman said.

Lehman eventually filed for bankruptcy. Since, she is back on her feet and has an MBA.

As the sun sets on payday loans, some stores have already shut their doors. All Check 'n Go locations in the state are set to close, meaning some jobs will also have to go.

Stores that do stay open are finding other ways to stay afloat. They may shift to selling more auto title loans or pre-paid debit cards at the approved 36 percent interest rate.

For people in the industry, it is disappointing.

"Nobody paid any attention to, what's a better alternative to payday loans," Lee Miller, General Counsel for the Community Financial Services Association said.

"Rest assured that while payday loans may be going away tomorrow, that the need doesn't go away tomorrow and we're going to have to find a way to fill that need," Miller said.

Lehman says there are other places to go, like family and church.

"There are many places in your community if you turn for the help," Lehman said.

Still lenders say, they too, fill a necessary void.

Any outstanding payday loans will still be due after the law changes on Thursday, but another payday loan cannot be taken out to pay the initial loan.