Half or maybe more of Utah’s payday lenders charge rates therefore high they might be prohibited in lots of states.

Half or maybe more of Utah’s payday lenders charge rates therefore high they might be prohibited in lots of states.

Utah failed to manage payday loan providers at all until 1998. Laws adopted then had been fairly minor: loan providers must make an application for a permit; they could expand loans limited to 12 days (meaning these are typically interest-free from then on, nevertheless the loan provider can impose a number of collection charges); and so they must definitely provide written agreements detailing interest that is annual. Continue reading “Half or maybe more of Utah’s payday lenders charge rates therefore high they might be prohibited in lots of states.”