Idaho Charges the Most Interest on Payday Loans
SALT LAKE CITY (AP) — A report says Idaho, Nevada and Utah have among the nation’s highest interest rates for payday loans.
The study, released this week by the Pew Charitable Trusts, found their rates are so high mainly because they’re among only seven states that impose no legal limits on them.
The Salt Lake Tribune reports that Idaho payday lenders charge an average 582 percent annual interest on their loans to lead the nation. That’s followed by South Dakota and Wisconsin, both 574 percent; Nevada, 521 percent; Delaware, 517 percent; and Utah, 474 percent.