Alabama Payday Loans

Payday loan providers sued 7,927 Utahns just last year

Payday loan providers sued 7,927 Utahns just last year

Industry claims many clients can easily repay loans that are high-interest.

The Salt Lake Tribune by Lee Davidson

This can be an article that is archived had been posted on sltrib.com in 2015, and information when you look at the article could be outdated. It really is supplied just for individual research purposes and will never be reprinted.

Herman Diaz of Southern Salt Lake borrowed their very first payday loan at about 500 {5f2b9e26a6279c8917ec201dd76dc569ed68ae14669ba9aceb255de17b40c8f0} yearly interest because he required $300 to fix their automobile.

That mushroomed, he claims, into almost $10,000 of debt, eventually forcing him into bankruptcy.

Mostly, he took away more and larger loans to spend down early in the day ones while they came due. Some loan providers charged as much as 750 per cent interest. (the common payday loan in Utah year that is last a 482 …