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

certainly one of every 4 cash advance shops in Utah closed into the previous 36 months.

To attract company in sluggish times, payday loan providers dropped their typical interest levels a little. However they still average a sky high 522.26% yearly, or $10.02 for the $100 loan for 7 days.

But buyer beware: The rate that is highest charged by a Utah payday loan provider a year ago was 2,607% APR, or $50 for a $100 loan for a week. Continue reading “Utah’s payday lenders hit hard times — 25% of shops near in three years” →