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Quick growth of payday shops in Utah cools

Quick growth of payday shops in Utah cools

As more Utah towns restrict the variety of “payday loan” shops — which provide two-week loans, or before the next payday, for around 500 % yearly interest — the once-explosive development in that industry has cooled right here.

The amount of such brick-and-mortar shops expanded by 5 per cent in Utah this year, from 380 to 399, based on Deseret Information analysis of enrollment information given by the Utah Department of banking institutions.

Also, another 65 payday loan providers based away from state are registered to work in Utah through the Web or mail.