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Payday loan providers sued 7,927 Utahns a year ago. The Salt Lake Tribune by Lee Davidson

Payday loan providers sued 7,927 Utahns a year ago. The Salt Lake Tribune by Lee Davidson

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

It is an archived article that ended up being posted on sltrib.com in 2015, and information into the article are outdated. It really is supplied limited to personal research purposes and may even never be reprinted.

Herman Diaz of Southern Salt Lake borrowed their very very first pay day loan ? at about 500 per cent interest that is annual because he needed $300 to repair their automobile.

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

Mostly, he took away many larger loans to earlier pay off ones while they came due. Some loan providers charged as much as 750 per cent interest. (the common payday loan in Utah a year ago carried a 482 % price. ) He as soon as had eight loans out at the time that is same wanting to buy time against standard.

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