One of every 6 Utah payday loan stores closed last year
“Utah has 50 separate payday loan companies, plus another 32 registered to offer such loans online. The state also has 61 registered title loan companies, which offer high-interest loans that use customers’ cars as collateral. . . Data show that some payday lenders in Utah last year charged as much as 1,407.86 percent annual interest a year, or $27 a week on a $100 loan. Gibson said that happens “because some lenders charge a flat fee regardless of loan duration.” So if customers pay back the loan quickly, that saves no money and the effective interest rate is higher.”
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Comments - No Responses to “One of every 6 Utah payday loan stores closed last year”
Sure is empty down here...