Local News KNRS

 

Are Payday Loan Makers Legalized 'Loan Sharks?'

NEW NUMBERS -- RELEASED BY UTAH PAYDAY LOAN COMPANIES -- SHOW, PEOPLE ARE PAYING ASTRONOMICAL INTEREST RATES FOR THE SHORT-TERM LOANS.

ONE COMPANY REQUIRES BORROWERS TO PAY 30% INTEREST, PER WEEK.

THAT'S AN ANNUAL RATE OF MORE THAN 1500%!

LOAN COMPANIES AREN'T THRILLED TO HAVE THOSE NUMBERS MADE PUBLIC; BUT A 3-YEAR-OLD STATE LAW REQUIRES IT.

OPPONENTS ARE ASKING STATE LAWMAKERS TO PUT A CAP ON PAYDAY LOAN INTEREST RATES.

BUT A LOBBYIST FOR THE INDUSTRY SAYS, VERY FEW CONSUMER COMPLAINTS HAVE BEEN FILED...AND ALL HAVE BEEN RESOLVED.

 

More Articles