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Utah’s payday loan rates are 2nd highest in America Lee Davidson © Provided by Salt Lake Tribune (Leah Hogsten | Tribune file photo) A new study says payday loan rates in Utah are the second-highest in America. Only Texas is higher. Utah consumers now face the nation’s second-highest typical rate for payday loans: 652% annual interest, a new study says. The only state where the average rate is higher is Texas at 664%, while Utah’s rate is tied with neighboring Nevada and Idaho, according to the nonprofit Center for Responsible Lending (CRL). Charla Rios, a researcher at CRL, said the reason for Utah’s high rates is that it has no cap on the interest that lenders may charge. She found that in most states, their average payday loan rates essentially match their cap on interest but the sky is the limit in Utah.

United statesDistrict of columbiaCharla riosLauren saundersNational consumer law centerSalt lake tribune centerHouse financial services committeeIllinois legislatureUtah department of financial institutionsCapital community bankLeah hogstenOnly texasSalt lake tribuneResponsible lendingUtah departmentFinancial institutions