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Payday loan providers sued 7,927 Utahns year that is last. The Salt Lake Tribune by Lee Davidson

Payday loan providers sued 7,927 Utahns year that is last. The Salt Lake Tribune by Lee Davidson

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

This really is an article that is archived ended up being published on sltrib.com in 2015, and information within the article can be outdated. It really is supplied limited to personal research purposes and will not be reprinted.

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

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