Summary
An advocacy group and the state commissioner of financial institutions are at loggerheads over Utah's regulation of payday lenders.
Payday lending companies give loans, usually until the next payday, with borrowers paying by post-dated checks. The average percentage interest rate can range between 400 percent and 1,000 percent, but the loans can't be for a year.See the full content of this document
Extract
Do Most Payday Lenders Break Law?
Instead, they are generally for one or two weeks. If the borrower's check isn't good at the end of the time, the loan can be rolled over,...
See the full content of this document
Sponsored links
