(Leah Hogsten | Tribune document image) A new study claims payday loan costs in Utah include second-highest in America. Best Texas try greater.

The only real condition where in fact the typical price is higher is actually Colorado at 664%, while Utah’s rates was tied up with neighboring Nevada and Idaho, according to the nonprofit heart for accountable Lending (CRL).

Charla Rios, a researcher at CRL, stated the reason for Utah’s high prices is it’s got no cap regarding interest that loan providers may cost. She found that in most states, her average payday loan prices essentially accommodate their particular cover on interest – nevertheless air will be the restrict in Utah.

Utah when got this type of mortgage cover, but it had been got rid of in 1980s. […]