Payday loan providers sued 7,927 Utahns year that is last

Payday loan providers sued 7,927 Utahns year that is last

Industry claims many clients can easily pay off high-interest loans.

The Salt Lake Tribune by Lee Davidson

This really is an article that is archived had been posted on sltrib.com in 2015, and information into the article might be outdated. Its supplied just for individual research purposes that will never be reprinted.

Herman Diaz of Southern Salt Lake borrowed their very first cash advance at about 500 per cent interest that is annual he required $300 to correct their vehicle.

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

Mostly, he took away many bigger loans to earlier pay off ones while they arrived due. Some loan providers charged as much as 750 % interest. (the common payday loan in Utah this past year carried a 482 % price.) He as soon as had eight loans out at the time that is same wanting to purchase time against standard.Continue reading