Average Payday Loan in Utah Has Triple-Digit Interest Rate

Al Hartmann | The Tribune’s file photo The Quick Loan from Salt Lake Tribune, a payday lender located at 464 S. 600 East in Salt Lake City. NOT
Lea Hogsten | Photo from Tribune File New state data shows the average interest rate on a payday loan in Utah was close to 500 percent
Tribune File Photo New state data shows Utah’s most expensive payday loan last year carried an interest rate of over 1.00
Steve Griffin | The Salt Lake Tribune A check cashing store located in a mall in West Valley City, Utah, Thursday November
Tribune file photo Utah payday lenders offer loans with an average interest rate of over 400%.
Lea Hosten | Tribune file photo New state data sheds light on the activities of payday lenders in Utah – which have now grown t
Lea Hogsten | Tribune file photo Payday loan companies have grown rapidly in recent years. New status data indicates that there is

Al Hartmann | The Tribune’s file photo The Quick Loan from Salt Lake Tribune, a payday lender located at 464 S. 600 East in Salt Lake City. New state data follows aggregate industry data in Utah. Among the facts: The average loan was $ 358, carried an interest rate of 473.5%, and took 33 days to pay off.
Lea Hogsten | Tribune file photo New state data shows the average interest rate on a payday loan in Utah was close to 500 percent.
Tribune file photo New state data shows Utah’s most expensive payday loan last year carried an interest rate of more than 1,000 percent.
Steve Griffin | The Salt Lake Tribune A check cashing store located in a shopping center in West Valley City, Utah on Thursday November 14, 2013.
Tribune file photo Utah payday lenders offer loans with an average interest rate of over 400%.
Lea Hosten | Tribune file photo New state data has shed light on the business of payday lenders in Utah – which has now grown to 565 locations.
Lea Hogsten | Tribune file photo Payday loan companies have grown rapidly in recent years. New state data shows there are 565 statewide – with more stores than McDonald’s, Burger King, Wendy’s, Arctic Circle and Subway combined.

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