Utah’s payday lenders hit hard times — 25% of shops near in three years

Utah’s payday lenders hit hard times — 25% of shops near in three years

Occasions are unexpectedly tough for Utah’s payday loan industry — which makes cash on the a down economy of other people by charging you astronomical interest levels to cash-strapped people who have dismal credit and few other choices.

• One of each 4 loan that is payday in Utah shut in the previous 36 months.

• To attract company in slow times, payday loan providers dropped their normal interest levels a little. Nonetheless they still average a sky high 522.26% yearly, or $10.02 for a $100 loan for a week.

But customer beware: The rate that is highest charged by way of a Utah payday loan provider a year ago was 2,607% APR, or $50 for a $100 loan for a week. […]